Los Angeles herald., 1905-03-28
BY Associated Press.


NEW YORK, March 27.-An extra
ordinary play of quotations In a large
number of low grade industrials and
specialties kept up some appearance
of strength for the greater part of
today's session of the stock exchange
and served to disguise the realizing
that was going on in the more sub
stantial stocks. But the market gave
way late in the day and fell sharply
to a lower level. The early strength
kept alive the hope that the decline
last week was a herald of the strong
resumption of the advance.
There was a generally strong ex-
pectation among professional oper-
ators that the dubious points in the
speculative situation had been forced
into the background by last weeks
demonstration of the resisting power
of the market. The halting tendency
which developed in the course of the
days trading was not clearly trace
able to any change in conditions or
outlook, but the disinclination to fol-
low up last weeks recovery with fur
ther large buying was very clearly de-
fined.
The miscellaneous collection of
stocks which shot up from time to
time while efforts were making to
hold the market were not the sub
ject of any information either special
or general to account for the move
ment. The absence of explanation
and the lack of any common ground
of interest between them were the
causes of some suspicion of the move
ment
might be compiled, many of which
rarely appear in the transactions,
which were lifted from one to nearly
eight points.
Some influence is given to the money
outlook as the factor checking activ :
speculation, and especially now that
the April requirements are near at
hand. Quarterly payments on that
date will add to the normal monthly
requirements.
The renewal of demand for gold on
the part of Paris, which came into
force in London on Saturday, is re-
garded as significant and modifieS
considerably the prospects in the ex-
change market. Any tendency for gold
to move to New York from London
would be restrained by an extended
demand from Paris.
An intimation came from Washing
ton also that further calls for the
withdrawal of government deposits
might be expected to the extent of
SIS, 900 to $20,00O,000 as opportunity
might offer, without likelihood of
harm to the business interests of the
country, this measure being consid-
cred desirable to be completed before
a possible money stringency in the fall.
The tone of foreign markets was
regarded as renewing the doubts of
peace, which was felt to be imminent
last week.
bad effect was produced by the
decidedly weak showing of net earn
ings for February presented by
Atchison, the decline in gross earn
ings being aggravated by rise in
operating expenses so as to induce a
decrease in net earnings for the month
of $814,000, or more than AZ per cent.
Reports of railroad traffic generally
continued highly encouraging on the
part of the railroad officials, offerings
of all classes continuing large, while
favorable weather conditions enable
the handling of the business at the
lowest possible cost of operation.
Stocks, however, showed increasing
signs of weakness as the day
progressed and closed practically at
the lowest point of the day. Union
Pacific's decline ran to points and
many other standard stocks fell from
l to 2 points.
Bonds were irregular. Total sales,
$4,32O0 900.
United States Ss coupon and the
new As coupon declined u and the
new As registered b per cent on call.