Los Angeles herald., 1905-03-30

BY Associated Press
NEW YORK, March 80. - Prices
moved upward again today on the
stock exchange and the advance was
notable in view of the downward swing
which has been in progress since the
first of the. week. The average level
at the low point yesterday was not
lower than before the recovery set in
last week. Such renewed resistance
at similar price level has great sig
nificance ascribed to it, as a demon
stration of fixed level where resis
tance becomes effective.
If q downward movement breaks
through the level of a previous decline
made shortly before it involves the
impairment of margins and the uncov-
ering of stop-loss orders in addition to
those which were reached on the i'm
mediately preceding decline, and is
therefore likely to be sharply extended.
With the power of resistance developed
anew, the professional party of reac-
tion is likely to conclude that their
efforts at depression have been defeated
and to desiSt.
The recovery did not extend very
far at first and the animation died out
of the market to a marked degree. The
speculative demand was restrained by
the immediate outlook in the money
market, which is such as to threaten
inconvenience to borrowers unduly eX-
tended and dependent upon all loans
y The immediate influence on the call
money market was the placing of sub
scriptions for the $75,000,000 instalment
of the Japanese loan. Whatever pre-
cautions may be taken to avoid dis
!. turbar ce in the placing of subscrip-
tions, 1t is obvious that with the books
held open for several days there will
be Il necessary tieing UP of funds tenn
porarily. the subscription requiring
deposit to be held until the awards are
made 1t was believed in the banking
world that at least $7,000,00O or SIS, ,O00,-
900 would thus be involved. The call
loan market today showed the effect of
this preparation in the 4 per cent rate
at which money loaned even early in
the day.
Peace rumors were again influential
in the worlds securities markets and
London was a buyer here as a reflec-
ton of this influence. The same in
fluence served to check the advance in
the exchange market. The question is
canvassed whether the subscriptions to
the Japanese loan will involve the
Withdrawal of gold on the demand of
the Japanese government.
The successful London stock eX-
change settlement was an additional
incentive to buying for London ac-
count. The Canadian Pacific group
although the only news bearing on
them was the very favorable state
ment of the net earnings for February
by the parent company.
Reports from the coal trade indicated
large orders placed for anthracite, with
the reduced prices to go into force in
April, owing, it was said, to the desire
to secure ample reserves against pos
sible mining troubles.
The announcement of the Pennsyl-
Vania bond issue was according to eX-
pectation and the cooperation in the
underwriting of the two great banking
houses which are most representative
OF the rival lines of division in the
railroad world was of decided effect on
sentiment as sign of harmonizing of
interests. This consideration gave re-
newed force to the late suppositions as
to the Northern Securities settlement,
and Its consequent results. Union Pa
cific rebounded strongly as a result,
and this had a notable sympathetic
effect on the whole market
Later in the day the market took on
renewed strength and animation, and
went to the best prices of the day. The
closing was, however, irregular and
rather dull.
The striking advance in the Wabash
debenture bonds on the contention of a
committee of bondholders for an ex-
change into a fixed interest bond was
the feature in the bond market
Total sales (par Value), $3,090,000
United States coupon 3s advanced 4
md L..