The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-25
BREAK ~ PRICES
WAS INEVITABLE
Enough Sold in First Hour TO
Cover Requirements
BARGAIN HUNT Frs ON HAND
Prevailing Discussion Was of Danger
of Reopenina of Hostiities and
Competitive Profits In the
Railroad World.
BARGAIN HUNTERS ON HAND

New York, April PA break in the
price of stocks today seemed foregone
conclusion. The promise of such move
ment was so clear that professional oper-
ators sold enough stocks during the first
hour to more than cover the requirements,
and they devoted a period of the day
10 covering their short contracts with the
result of practically repairing the losses.
1t was evident that bargain hunters were
also on hand, and their willingness to take
stocks at the break was a material fac
tor in rallying the market.
The technical situation pointed conclu
sively to considerable liquidation today.
The heavy decline of Thursday last,
since which time trading on the exchange
has been suspended. induced a great many
calls for additional margin on the part of
the brokers and commission houses. 1t
was known before the market opened that
these calls had brought back many re-
sponses ordering the selling out of hold
.ings. Speculative sentiment had been so
far shaken by last weeks development
that no effective support was to be an
ticipated unless at considerable eonces-
sions in prices.
The events on Saturdays wheat market
forced the conclusion that the attempt
10 corner the May option had been aban-
doned. and the obvious conclusions that
heavy speculative losses had been sus-
tanned pointed to further liquidation in
stocks as recuperative measure. The
pressure centered upon the stocks which
have beer favorites In the speculative list
in point of activity and weakness. North
ern Pacifcs re-entry in the market was
the signal for sales down to 1855, compared
with the recently prevailing price of $50
bid.
The prevailing discussion in stock mar
ket circles was of the danger of re-opeh
ing of hostilities and of competitive pro-
jeets in the railroad world in strong con-
trast to the recent abiding faith in the
mutual determination of all the great
powers of the railroad world to come to-
gether and put into force projects for tho
common benefit. Thursdays furry in the
call money market to per cent had
served to overthrow the conviction that
the ease of the money market was in
capable of being disturbed. The bank
statement published on Saturday during
the interval of the trading showed that
loans had continued to expand in spite
of the liquidation in stocks The offering
today of $25, 900. 900 of New York City bonds
made heavy requirements on the money
market Next month the $l00, 900 Penn
sylvania bond subscription. an Install
ment OF all Dul ~ per cent OF lle Jdpdnese
loan, and the withdrawal of an Install
ment of government deposits, are to be
provided for Faith in the ability of the
money market to meet all these require
ments without disturbance is decidedly
less during the period of buoyant advance
In prices of stocks. The news Of the Mil
waukee bank defalcation caused inevitable
unsettlement again, and gave force to the
feeling Of uneasiness as to the effect OF
losses in the wheat collapse. The reaction
In prices carried Union Pacific to the low
est of the day. and made broad inroad
on the recovery which had been estab-
lished during the middle portion of the
day, and made the closing weak. The re-
markable rise in the Louisville and Nash
willie group attracted attention to the
published reports of plans for the forma-
fion of a great through trunk line from
north to south. by a combination of prop
erties Those stocks relapsed equally with
the rest of the market in the late reaction.