The San Francisco call., 1904-04-10
STOCK MARKET
CLOSES STRONG
Maintains a Considerable
Degree of Activity and
Variety During the Week
ABSORPTION OF SHARES
Bonds Improve in Spite of
Congestion Of Dealings
in the Speculative Issues

NEW YORK, April 9.-The market
was sluggish to-day and trading was,
dull. Prices went off in the early mar
ket, owing to the impression created
by yesterdays trading that a reac-
tion was due and traders inclined to
profits. There was no sustaining force
by the strength of a few stocks sach
as covered the realizing sales of yes
terday and Thursday. With this al
vantage lacking, holders did not seem
disposed to depress the selling and the
decline was very moderate. Before the
closing the market recovered rather
| more than its decline and closed strong
at small net gains. The decline in the
cash holdings in the banks aroused no
| misgiVings owing to the belief that
yesterdays receipts of Japanese gold
did not figure in the statement. Th,
| extension of the loan account was not
unexpected. Although that item was
carried to new high record by the
| amount of the weeks increase and a
| considerable inroad was made on the
| surplus item. the extreme ease in the
money market makes the growth of
the loan item look healthy. The pres
/ ent condition of money in New York
| is fairly plethoric and arouses some
| discomfort among bankers. who are
quite satisfied to see further exports
of gold The weeks bank clearances
| throughout the United States show an
| increase over the corresponding week
of last year for the first time in a long
while. The growth is found in the five
| largest cities outside of New York and
Boston, especially the great cotton CEN
ters. For all other cities the average
is less than last week. Total sales
of bonds (par value), $4,000
ACTIVITY AND VARIETY.
The stock market has maintained q
considerable degree of activity and va
| riety this week Occasional reactions
and constant irregularity have not de-
tracted from the appearance of
strength. The action of the market
in face of the heavy realizing sales has
been an incentive to a more cheerful
speculative sentiment rather than an
obstacle. The proftrtaking has been
achieved at small expense of values
and has rot interfered with the pro-
gress OF the market by the succession
to the new points of strength. Much
behalf of professional operators of a
large class and the occasional large
selling by the same interests argues
considerable distribution of securi-
ties. The feature of the market would
naturally depend on the extent to
which the distribution represents a
real digestion of securities. Where
the secondary stage of spec
ulative advance represents a pass
ing from hands of strong oper-
ators TO those of small spectators of
small resources and timid methods. the
advance is soon followed by reaction
and letting go of holdings.
The belief that there has been an i'm
portant absorption of stocks this week
by inside interests in various proper
ties and of an investment character
has been a strong influence in main
tanning the firm undertone of the mar
ket. The Improvement in the specu-
lative tone of the market was due in
the first place to the small effect pro-
duced by various incidents that seemed
to be unfavorable to values. The sue
cessive advances following these devel-
| opments caused a belief that the bad
news had been already discounted,
leaving no prospect of further declines
and pointing to the long side of the
market as the one of advantage for
professional operations.
BOND MARKET IMPROVES.
The strength which followed the de-
cision of the Supreme Court in the
Northern Securities case was the first
striking demonstration of this tendency
of the market This was followed this
week by the reception accorded to the
announcement of the appeal of the
courts by the Union Pacific interests to
DIR. PIERCE'S REMEDIES.
|