The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-29
OEMORALIzED TONE
IN STOCKS CHECKED.
Extreme Weakness Set in Dur
ing Last Few Minutes
LIQUIDATION WAS HEAVY
Trading In the First Hour Made Up
Bulk of Transactions for the
Whole Day-Large Short
Interest.
LIQUIDATION WAS HEAVY

New York. April 2s.-Efective support
today checked the demoralized tone
which threatened the market and quoted
the speculative excitement with a result
of a subsistence of activity and a steady
tone until sudden extreme weakness
again set in the last fifteen minutes. Dur
ing the progress of the recovery the aver
age of prices was lifted above last night
and some considerable gains were estab-
lished, especially in the northwestern
group and the trunk lines.
After yesterdays downward plunge
there was a fear that the further prices
declined the more pressure there would
be to sell stocks. This apprehension was
sufficiently confirmed by the heavy liqui-
dalton this morning which was caused by
the uneasiness throughout the country
resulting from the heavy declines of yes
terday. With margins materially impair
ed and the fear of still larger losses to be
faced the urgent desire 10 sell is easily
understood. Support was attempted at
the opening and the more cheerful tone
of foreign markets today aided the effort.
Prices of Americans in London were lift
ed considerably above last night and there
was liberal buying in New York for for
eign account after the trading began, but
these gains quickly disappeared under the
flood Of liquidation which came into the
market from all quarters.
IT was only by the vigorous measures of
support that the market was saved from
disqualification again during the first hour.
Enormous amounts of stocks passed
through the market in that period in the
course of the contest between opposing
forces The trading in the first hour in
fact made up the bulk of the transactions
for the whole day. The chief fear of
speculative holders evidently was the in
stability OF the market rather than any
actual developments affecting values, and
when the support had demonstrated its
effectiveness sufficient assurance was i'm
parted to dissipate the urgent desire to
sell.
There was evidently a large short in
rest left open also. The failure of con-
ffrmation of some of the alarmist rumors
which circulated yesterday impressed the
sellers of stocks with the idea that there
had not been good grounds for their action
and Increased the disposition to rebuy.
While the resignation of the head of the
Missouri Pacific system from the Union
Pacific board was discussed with serious
ness the effect on the market was lessen
ed by the relative flrmness of Missouri
Pacific. The forecast of the currency
movement for the week gave promise of
a considerable increase in the cash hold
ings of the banks to be shown in tomor
rows bank statement. The market con-
tinued to show a nervous and uncertain
under tone in spite of the market falling
off in transaction and there seemed a
dissemination on the part of buyers to
follow the advance in prices. The per-
sistent strength In the foreign exchange
market. supposed to be due to prepara-
ton for remittances of Japanese loan sub
scriptions is not liked. Discounts were
firm In London today and the price OF
sterling at Paris declined.
Next week is payable one-half of the
subscriptions to the s1o0o0,00O of Penn.
sylvania convertible bonos with the priv.
ilege to subscribers to pay in the fun
amount. The nervousness of the market
was easily seen from the quick response
to the late break in Louisville and Nash
Vile to 144si. Locomotive and General