The Montgomery advertiser., 1905-04-29
WALL STREET REVIEW
THREATENING DEMORALIZED TONE i CHECKED.
SteadIness Ruled on Stock Exchange Until the Last Fifteen Minutes, When @ Sudden Extreme Weak
 ness Set HH.

New York. April 2s.-Effective support today checked the demoralized tone which threatened the market and quieted the ex-- citement, with a result of subsistence or activity and a steady tone, until sudden ex- treme weakness again set in the last fifteen minutes.
 During the progress of the recovery the average of prices was lifted apoVe last night and some considerable gains Were established. especially in the Northwestern railroad group and the trunk lines- Alter 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 Justl- fled by the heavy liquidation this morning. which was caused by the uneasiness heavy declines of yesterday. With margins materially impaired and the fear of still larger losses to be faced, the urgent desire to sell Is easily understood.
 Support was attempted at the opening and the more cheerful tone of foreign mar kets today aided the effort. Prices oi Americans in London were lifted consider ably above last night and there was lib- eral buying in New York for foreign ac- count after the trading began, but these gains quickly disappeared under the Hood of liquidation which came into the market from all quarters. .
 1t was only by the vigorous measures Of support that the market was saved from decentralization again during the first hour; Enormous amounts in of that s'oeE oeEoa n tSe course of the contest between opposing forces. The trading in the first hour, in
 fact made up the eTs 5 51 of the ssa o intive holders evidently was the instability of the market rather than any actual de- Velopments affecting values, and when the support had ~demohstrated it's effectiveness sufficient assurance was imparted to dis sipate the urgent desire to sell There was evidently a large short interest left open also.
 The failure of confirmation of some oi the alarmist rumors which circulated yes terday impressed sellers of stocks with the idea that there had not been good grounds for their actions and increased the disposE ton to rebuy. While the resignation Of the head of the Missouri Pacific system Iron the Union Pacific board was discussed wlth
 seriousness. the effect on the market was lessened by the relative firmness Of Mls-
 souri Pacific and the good support Of unior Pacific.
 for the week gave promise of 0 considerable Increase in the cash holdings of the banks to be shown in tomorrows bank statement The market continued to show nervous ant uncertain undertone in spite or the marked falling off in transactions and there seem ed Q disinclination of buyers to Follow tht advance in prices The persistent strengti in the foreign exchange market supposed to be due to preparation for remittances oi Japanese loan subscriptions, Is not liked Discounts firm in London touay. ano the price of sterling at Paris declined Next week Is payable one-haf of the sub scriptions to the $10,O00, 900 of Pennsylvania
 convertible bonds. with the privilege to SUD- scribers to pay in the full amount ,- The nervousness of the market was easily seen from the quick response to the latt break in Louisville NaIhVilie to l44% Ioc omotive and General Electric also mad' disconcerting plunges- In very rev mn utes most of the gains melted away and the closing was very weak again.
 Bonds were heavy. Total sales, pail Value S2790, 900. United States bonds were al unchanged on call.
 NEW YORK STOCK LIST.