The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1905-05-05
New York Stock. Marker.

NEW YORK May 4-Ldquioation was re-
neNeo On a very IarEe scale IN to1aay 5 stock
itself 70 absorb the large offerings. So much
was obvious from the volume OF the dealings
and the movement Of prices. AS TO the sources
Of this liquidation and the motive for IT. the
IS Indications not SC clear, and the elements
Of mystery were made the most OF in the active
con5ectures Of stock market operators, accord
ing the habit Of that class. II was a fair
inference that the liquidation was Of q concen
trated character and represented the closing
cut OF some large and important accounts held
by few individuals. presumably also OF
power and resources in the financial world
The fact Of Liquidation Of this character TAX
ing place was OF decisive effect on sentiment.
II vas supposed that very large holdings.
which had been withheld from the market
during the Generalization OF Saturday land
Monday, were now being pressed for sale. to
take advantage OF the revived strength OF
prices This very evident liquidation oisap-
pointed the hope that the most important sell
ing had been completed and that the worst TO
be looked for was a dull and sluggish market
Confidence in the general situation rs stin pro-
fessed IN large degree. but the renewed
weakness in stocks to-day caused some cues
ton OF possible developments in the general
situation still TO be revealed TO the general
public.
Iron and steel trade reports disclose
the fact that the rate Of production in that
trade is at length overtsking the steel ex-
banding consumption. and price conditions
consequence are not as nrm. Railroad traffic
officials admit falling OF from the high level
of the March activity, and the rate of expan-
sion after railroad earnings is therefore not 30
rapid The Northwestern railroad situation
seems 10 be still the most important factor in
The stock market as II has been ever since
the afteen-point break in Northern Securities
stock on the day the Supreme Court issued its
mandate for the dissolution Of the company,
which was the date Of the beginning OF the
present decline in stocks The dread increases
that the Northern Pacific is 70 be a bone Of
contention again and that a failure to COM
promise on its control will precipitate hostil-
ities and reprisals It was evident that special
anxiety was felt regarding to morrow's meet
authorize the proposed sioo 0oo 600 nreferre -
stock issue and many run1ors circulated Of
the danger OF a contest developing IN that
company outgrowth OF the dispute over
Northern Pacific The disclosure in the Lake
fhore annual report that 6 part Of that com
psnys holding 81 Reading stock had been dis
posed Of in the market gave a chill TO the
opinion that community Of interest Of this
among railroads generally. The news from
the Chicago strike had some adverse senff-
mental influence on the market. II will be OBJ
served however. that the largest selling and
would be involved in q conflict growing out ~
the question Of Northern Pacific control ana
the railroad policies concerned in IT Losses
- these stocks and IN a number OF others
including a considerable list OF industrisls
ran 70 three points or upward. while losses
up 70 that hgure were quite general through
out the list. 4 late recovery Of 1 to points
was entirely lost in the last fifteen minutes
when prices generally dropped 70 the low level
Of the day and closed only slightly above
with weak UNDERGONE
Bonds were wesk. Total sales, par value
81. $40, 900.
United ststes bonds we're all unchanged on
call.
New York Stock List.
z. p. Hutton & Co.. 4eO California street.
san Francisco. members Of the New York
Stock Exchange, furnish the following official
quotations OF thai Exchange;