The San Francisco call., 1905-04-25
New \ crL Stock Nfarket.

a1EW YORK. April PA break in the price
o. stocks to-day seemed foregone conclusion.
The promise of such q movement was so clear
that professional operators sold enough stocks
during the first hour to more than cover the
requirements and they devoted q period OF the
day % covering their short contracts with
The result Of practically repairing the losses.
Il was evident that bargain hunters were also
on hand and their willingness 10 take stocks
at the break was a material factor IN rallying
the market The technical situation pointed
conclusively 10 considerable liquidation to-day.
The heavy decline Of Thursday last, since
which gime trading the Exchange has been
suspended. induced a great many calls for
additional margins by the brokers and COM
mission houses. Il was known before the mar
let opened that these calls had brought back
many responses ordering the selling out OF
far shaken by last weeks development that
no ehective support was to be anticipated .un-
less al considerable concessions in prices The
@ events OF Saturdays wheat market forced the
conclusion that the attempt to corner the May
option had been abandoned and the obvious
conclusion that heavy speculative losses had
been sustained pointed TO further liquidation
IN stocks q recuperative measure. The
pressure centerec upon the stocks which have
been favOriteE in the speculation account
Of the merger stories. Union Pacific leading the
Northern Pacifc's re-entry in the market was
the signal for sales down TO 1e5, compared
with the recently prevailing nominal price OF
$50 bid The prevailing discussion IN
stock market circles was OF the danger OF re-
opening hostilities and Of competitive projects
81 the railroad world in strong contrast 70 the
recent abiding faith in the mutual determina-
ton of ali the great powers OF the railroad
5ects for the common benefit Thursday
furry IN the call money market TO per cent
had served TO overthrow the conviction that
the Of the money market was incapable
listed on saturday during the interval of the
trading sho~aea that loans had continued to
expand IN sritss OF the Liquidation In stocks
The offering to-day Of sos. .000. 600 Of New York
City bonds made heavy requirements on the
money market Next month the 800 600 600
Pennsylvania bond subscription, installrnent
Of all but ten per cent Of the japanese loan
and the withdrawal Of an instailnlent Of Gov
eminent gold deposits 10 be provided The
inability OF the money market to meet all these
requirements is decidedly less probable than
the period Of advance in prices of stocks. The
inevitable unsettlement again and gave force
70 the feeling of uneasiness as TO the effect OF
losses n the wheat collapse. The reaction IN
prices carried Union Pacific 10 the lowest of
the day and made broad inroad on the re-
covery OF which had been established during
the middle portion OF the day and made the
closing weak. The remarkable rise IN the
tention 20 the published reports of plans for
the formation Of great trunk line from
North TO South by combination Of existing
properties. These stocks relzpsed equally with
The rest Of the market in the late reaction.
Great Northern preferred late in the day sold
rnsy have helped the late reaction
d. Bonds were irregular Total sales. par
value IS 065. 600
United States bonds were unchanged on
call.
New York Stock List.
z r Hutton & Co.. 40 California street
San Francisco. members OF the New York
cuotations OF that Exchange;