The San Francisco call., 1904-12-11
READJUSTING
STOCK VALUES
Market Closes Very Strong
Notwithstanding a Heavy
Liquidation During Week
RUMORS STIR BROKERS
Spectators Make a Quick
Recovery From the Crash
Due to Thursdays FURRY

NEW YORK, Dec. 10.-Further prog
ress was made IN to-days two-hour
session toward restoring the impair
ment Of values IN the stock market
caused by the, weeks heavy liquidation.
The largest declines have been very
much reduced There was some evi-
dence of renewed liquidation in some
spots at times, but the whole market
became very strong In the late trading
and closed firm near the best The COW
ering of short contracts by retreating
bear party apparently played q consid-
erable part IN the rise, and the demand
was rather urgent at some points. no.
tably in Amalgamated Copper.
Rumors were revived Of property con-
solidations.. coming dividend surprises,
capital readjustment and other symp-
toms which characterized the market
up to the time OF the crash, and the
speculation took on much the same ap-
pearance as before that event. North
ern Securities touched a new high REQ
ord on the curb, and the settlement ru-
mors regarding that corporation re-
newed their potent effect on specula-
tive sentiment. The bank statement
conformed to calculations in the cash
was reflected in the loan contraction of
$S,513, ,500 resulting in an addition to
the surplus reserve Of $S26, Foreign
exchange turned firm, and Berlin's re-
neWed demand on London for gold at
tracted attention. Total sales of bonds,
par value, $685. ,000
Heavy liquidation has occurred this
week in the stock market, and the in
creasing momentum Of the downward
movement resulted in crash on
Thursday which took on the propor-
tions of a panic during an hour. No
failures resulted, and the market quick
ly showed the relief caused by the clos
ing out of weak accounts and recovered
violently. 1t was not free from feverish
symptoms subsequently, and was en-
tirely natural after the spasmodic un
settlement of values and the readjust-
ments which were made necessary. Dis
cussion of the causes of the break
pointed to one and another fact. and
the combination OF all of them may
have helped to topple the market over.
But the opinion is agreed that the
market has become extremely vulner-
able and topheavy and needs only a
slight impulse to tip it over.
The drop in prices from the extreme
high to the extreme low level of the
week ran between ten and twenty-five
points ICr COnSlQeTdDle nunDSr OF
important properties and proved suffi-
cient to bring into the market an i'm
portant demand Of substantial in
yestment character, which began to
absorb the stream Of liquidation and
take it out of the market The slump
in stocks had some immediate effect
on the markets for other staple COM
modities, especially grain, cotton and
copper, and some further reflex effect
is looked for in other departments. But
confidence in the. general soundness of
the financial and business condition
seems unimpaired in the financial dis
trict and the stock market itself gives
abundant evidence of it's improved
health by reason of the sweeping out
of weak points and its settlement to a
more substantial basis of prices.
Bonds were affected in sympathy
with stocks, but in less degree. United
States 2's and the olds have advanced
y and the new As registered "A per
cent on call during the week