The San Francisco call., 1905-04-26

NEW YORK, April 25-The fright of spec
ulators in stocks showed evidence or subsistence
to-day and 10 be expected after the
violence OF the recent downward plunge, there
was recovery ia the prices. 4 was to oe
the decline should be especially affected by
the demand from uncovered shorts, which con-
sututeo the principal factor in the recovery.
Union Pacific, ST. Paul and New York Cen
tral were the principal examples in the rail-
road list. In the industrial list an aggressive
tone was taken on the recovery in some or the
stocks which have offered comparatively good
resistance TO the decline. notably in the metal
group. There very distinct falling off
In interest In the market, however. and traces
OF nervousness and feverishness were still very
pcrceptlbie. This was especially the case early
in the day before the relaxation of the sell
ing pressure from outside sources was clearly
perceived London resumed operations after
four-dsy interval of idleness and took our
securities with such freedom as TO make a
material aid in supporting the market. A
number OF International stocks went between
! ana points higher during the nrst hour
Besides the practical effect Of this buying
on other stocks. the tone of the London mar
ket oissioated any remaining fears or crIti-
cal state of European policies. The weight
Of the selling brought out by the opening
bulge IN prices had d decidedly chilling effect
On sentiment and Z halting movement FOL
lowed. 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 i'm
portance was attached to the possible effect
Of the episode i'll shaking the existing state
OF confidence in the outstanding credits, which
IS OF Importance 10 the present prosperous con-
QillCu OF the country. me day S events served
10 quiet excitement TO some extent regarding
the Milwaukee incident. The quieter tone of
the wheat market was also an effective infiu-
ence in turning the stock market. With the
downward tendency arrested and the upward
turn established, less heard Of yester-
days rumors Of hostilities in the railroad
world, which pointed &c a degree, OF bitterness
that had prompted a contest for control of
Union Pacific itself. 4 notable feature of the
market the recovery was the lessened
volume of activity, the total transactions for
the day falling considerably below those Of
yesterday The speculation during the after
noon began to anticipate the action of the
meeting OF directors of the United States Steel
Corporation which to assemble later In
the Cay and give out statement OF earnings
prove remarkable and record figures were
talked Of IN the course of the late buying of
the United States Steel stocks. Other metal
stocks shared fully and even exceeded the
strength OF the iron and steel Issues. in spite
OF the weakness of the market for crude cop
per. The advance in prices did not become
general for time and was interrupted by
a number OF reactions before it estab-
iished and carried TO the strong closing Call
loans We're easier but sterling exchange was
firm ia spite of the buying of stocks here for
LOncon account.
BONDS were steady. Total sales. par value.
81. .665, ,0OO.
United States IS registered declined 4 and
the IS coupon advanced u per cent on call.
New York Stock List.
e r. Hutton & Co., 4S0 California streex.
San Francisco. members OF the New York
Stock Excnange. furnish the following official
EXCHANGE: