Show DISTURBED BY JAPANESE LOAN Stock Market Has Hs an Appearance of Uncertainty PRICES ON DOWN GRADE CALL MONEY TOUCHED FOUR PER CENT New York March 28 stock market maket was an a affair afar of constant flue fluctuations giving an appearance of un uncertainty Uncertainty certainty to the temper of the specula speculation tion but the th fluctuations were mostly mostly below beloW last lat nights level The occasioned occasional rallies rale were poorly held beld and the end en of ofte the te day showed the average of prices considerably below last lat night The The ac activity activity was nearly all al on a a descending scale of pice prices the time occasional rallies leading up to dullness and neglect showing the subsidence from demand from the shorts at the time higher level Call Cal money again agin touched 4 per cent and an the outlook in the money market maket plainly was wa the time most direct factor in inthe inthe inthe the operations of the day da Preparations were being made for the subscriptions to the now new Japanese loan which is to tobe tobe tobe I be offered tomorrow a mm in hi installment instalment being New Yorks portion porton Those in iu charge carge of the offering claim cam that every ever safeguard will wi be adopted to protect the time money market maket from dis disturbance disturbance and that the time operation will wil be he bt largely in the nature nature of a transfer of book bk accounts between banks banks But iut Wall Val street has ha an old experience of such assurances and is iJ well weli wel aware that an operation of that magnitude is im not perfected without a necessary shift ing lag of loans loas on 0 a large lase scale le The Te amount aunt of disturbance resulting in the tIme themon money mon r market is likely to tobe be depend dependent d pend pendent ent on ott the width of the margin surplus above the time legal reserve requirements As the time surplus is just now unusually low for the period of the year there was ras some natural misgiving that the money noney market might not escape the spring pring flurry In addition to the money situation the time market laid had to pass an aim anther another other ther day without any verification of numerous merger or dividend rumors A L Southern Pacific dividend had been definItely set down dO 1 for yesterday and not being forthcoming there was tva as disappointment disappointment on the time part of an element which had l ad bought on that report The report that St Paul I ed d the expenditure of for an extension to the Pacific coast oa t was for formally mally denied by the chairman of the board ward of that company The denial was effective in inducing selling of the time stock sl k although similar denials or in formal have been bC Jr made of nearly all the he recent deal d al rumors There was evi dent dOnt unloading also of Reading on the part of recent large barge speculative buyers of that stock With rith the time speculative e fa favOrit orites including Union Pacific St Paul aul New York Central and Reading thus hus under TInder pressure small influence was vas exerted upon sentiment by the few advances in the time industrial class clas which still manifested themselves them in a scat ered manner London was ivas a heavy seller eller in this market and there were re reports reports reports ports of a violent disturbance on the St Petersburg bourse Paris was wa espe cape especially daily affected in sympathy but the manifestations were ere read as a sign of coming peace which is a development for in ill the securities markets J Sterling exchange was strong and moved noved decisively away from the gold Import point or its immediate prospects Bond were irregular irre lar Total sales par pam value United States bonds were unchanged on call |