Los Angeles herald., 1905-04-26
SCARE IS OVER
IN WALL STREET
STEADY RECOVERY OF PRICES
AFTER DAYS OF FRIGHT
STOCKS IN METAL GROUP FIRM
London Again Heavy Purchaser OF
American securltles-AlI Exelte-
ment ouleted as Result Of
the Days Deals
STOCKS IN METAL GROUP FIRM
Jy Associated Press.
. WIDE FLUCTUATIONS
IN FAV0RlTE STOCKS

/ IN FAv0RlTE STOCKS +
I Prices rose slightly on the open-s
e ing of the stock exchange yester-4.
I day. Louisville and Nashvilles.
! reached as high as 154A before theI
i weakness developed, and GreatI
4 Northern preferred had also been.s,
i up s, Federal Mining and Atlantic#
\ Coast Line, Northern Pacific, Colo-s'
4 RADIO Fuel and Northern Amercanf'
+ to IN. The market developed at
7 strong tone after prices had reced-I
y ed to near Mondays closing. Ten-4
\ nessee Coal, Lead Preferred and*'
i Locomotive fell 1, and American|'
I Express 5. Northern Securities onI
Tthe curb rose 7, and then fiuctuat- Z
Z ed uncertainty. Prices sold offX
! again, changing some early gainsf
!. to losses and then rallied to aboutJ.
4 the best. Amalgamated Copper y
+ and Chicago Terminal preferredI
Z gained IN and Atchison and On-tst
\ tario and Western a point. I
!. Consolidated Gas lost 215, Wool-I
+ en- preferred 2, Pressed Steel Car.s
T1k and Northern Pacific, st. Louis. I
I. Southwestern preferred, the Steels
/ Foundries stocks, Smelling, Sugar.s
i and Linseed point or more. Therex
+ was a sale of old Rock Island.t
1. stock at $1.7O. a decline of S%::4
= Great Northern preferred reacted.s
/ 6, to / below Monday. I
j. Union Pacific rose to Sl.2513.
I Smelling gained 4, Amalgamatedx I
& Copper, Lead and Tennessee Coal.
+ 21s, and the United States Steel.ss
!. stocks, Colorado Fuel and Federals
I Mining preferred 1 to ~. North-.x Z
{ ern Pacific rallied to $1.6S1s. /
ctr rohnIndp6 !
!. strongly, Louisville and Nashvillet.
i rising 3 over last night and At-3
I lantic Coast Line 11s. st. Pauls
/ gained 3h, Union Pacific 21a, Unit-..s I
& ed States Rubber IL, General Elec- I
]. trio 1R, Wabash preferred andts
\ Kansas and Texas preferred 1A,j
4 and Norfolk and Western, Pacif1cI
I Mail and Linseed preferred a point. I
n Great Northern dropped andy
+ westinghouse Electric 1h. j
s...+s*.*.s.s.s#.t.t.'. + I.
NEW YORK, April 25.-The fright of
speculators in stocks showed evidence
of subsistence today, and as was to be
expected after the violence of the re-
cent downward plunge, there was re-
covery in the prices.
1t was to be expected also that the
stocks which had led the decline
should be especially affected by the
demand from uncovered shorts, which
constituted the principal factor in the
recovery.
Union Pacific, st. Paul and New
York Central were the principal ex-
amples in the railroad list
In the industrial list an aggressive
tone was taken on the recovery In
some of the stocks which have Of
fered comparative good resistance to
the decline, notably in the metal group.
There was a very distinct falling off
in interest in the market, however. and
traces of nervousness and feverishness
were still very noticeable. This was
especially the case early in the day
before the relaxation of the selling
pressure from outside sources was
clearly perceived.
London resumed operations after a
four-day interval of idleness and took
our securities with such freedom as
to make a material aid in supporting
the market. A number Of internation-
al stocks went between / and points
higher during the first hour.
Besides the practical effect of buying
of our stocks, the tone of the London
market dissipated any remaining fears
of a critical state of European politics.
The weight of selling brought out by
the opening bulge in prices had de-
a halting movement followed.
An anxious eye was kept on develop
ments growing out of the Milwaukee
banking scandal and there were some
fears that still further losses would
be involved. More importance was at
tached to the possible effect of the
episode in shaking the existing state
of confidence in the outstanding cred
it's, which is of Importance to the pres
~ tIA
try.
The days events served to quiet ex-
citement to some extent regarding the
Milwaukee incident. The quieter tone
of the wheat market was also an eff
fective influence in turning the stock
market. With the downward tend
ency arrested and the upward turn
esta blished, less was heard of yester-
days rumors of hostilities in the rail-
road world, which pointed to a degree
of bitterness that had prompted con-
test for control of Union Pacific it.
self.
A notable feature of the market on
the recovery was the lessened volume
of activity, the total transactions for
the day falling considerably below
those of yesterday.
The speculation during the afternoon
began to anticipate the action of the
meeting of directors of the United
States Steel corporation, which was
to assemble later in the day and give
out statement of earnings for the
quarter. Expectations that this would
prove remarkable and record figures
were talked of in the course of the late
buying of the u. S. Steel stocks.
Other metal stocks shared full and
even exceeded the strength of the iron
and steel issues, in spite of the weak
ness of the market for crude copper.
The advance in prices did not become
general for some time and was inter-
rupted by number of reactions before
it was established and carried to the
strong closing. Call loans were easier,
but sterling exchange was firm in
spite of the buying of stocks here for
London account.
Bonds were steady. Total sales, par
value. $2665, 900.
United States rs registered declined
ls and rs coupons advanced b per
cent ON call.