The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-30
FINANCIAL AND COMMERCIAL



stock market into . more dernoralized state
than has been witnessed on any occasion
in the present year, No attention vas pala
10 a higher range Of prices rom LONDON
and the urgent desire 20 sell stocks ana the
poor support extended 70 the market we're
noticeable from the outset. The volume
II transactions amounted 70 over llOO'oOo
thares which was, Of course. a very large
quantity Of business for saturday two
hour session Of the Stock Exchange The
extreme low price, were reached about
half an hour before the close Of the market.
and normally II would have been expected
that In The remaining time before the epd
of the session the market would have rallied
n by reason Of no other cause than move
ment TO secure profits by operators for the
fall There was. indeed, large profit taking
Of this order, and yet the pressure 70 sell
vvas 60 strong that final prices we're In
fact but little IL any above the lowest OF
the day Declines varying from ! TO q
roints occurred throughout the list, and
tIe recession involved not only stocks
like Union Pacific, St. Paul, Louisville
and Nashville and others in which the
ira ding recently has been largest and the
advances greatest, but the Amalgamated
Copper Erie Reading, Manhattan Ele-
vatea, Pennsylvania, Southern Ia
oifo. Texa Pacific and the shares OF
many other companies on which specua-
ton has not extraordinarily converged
snd which have during the last few days
resisted with notable frrnness the declining
tendency Of the market As whole In
euch a drop as to-day's Thny stop loss
o, ders we're maniiestly reached, and the
selling Of stocks on this account and by
reason Of exhausted margins contributed
largely to the sensational breaks that
occurred But even in the so-called law
son .panic early last December there were
not as 81 one time to-day, such wide
fluctuations in the prices Of active and lead
ing shares, nor was the excitement on the
floor Of the Stock Exchange so great on
tie former occasion as 10 make the stock
quotation instruments 90 late as they we're
to-day in recording the prices made. No
doubt fair proportion Of the selling to-day
came from bear speculators. and yet all
trustworthy indications we're that the
course Of prices represented IN the main
either necessary OF frightened and doubtless
hitherto long delayed liquidation. 1t is
Inevitable that after 90 great decline In
90 short a space Of time as the market has
experienced large losses have been dis
psEsod throughout the widely scattered
community known as Wall Street and II
Is natural, therefore, that rumors should
have circulated, as they did to-day, con-
corning the credit Of firms and individuals.
But none Of these stories materialized and
they were Of the same unsubstantial sort,
probably, as those which went the rounds
earlier in the week.
Not the slightest heed was paid to-day
to the weekly bank statement, which, In
It's showing Of a decrease in loans Of So
ao1, 500 and gain in cash Of nearly g. OO0, 900,
resulting In an increase in surplus reserve
Of over 100000, was favorable, although
the bank surplus is still somewhat below
the average for the season The bank
statement however, derives lie only in
tsrost from the indications IL affords as
to the probable course Of rates for the use
Of money, and this il a matter which is
not at the moment and has not for a long
time been a source OF any concern. Neither
was there any other news to-day which
appeared to influence the market in the
least Consolidated Gas stock reflected
but little the supposedly adverse force OF
the report which IL is known will be made
20 the Legislature by the committee which
has recently been investigating the COM
pany's affairs and which will recommend
a large cut in the price OF both gas and
electricity On the other hand the an
nouncement that President Ramsey Of
the Wabash had reconsidered his determi-
nation to retire from the mana cement Of
the company was likewise without any
favorable effect upon the Gould stocks:
nor did the wea l1ness IN wheat. nor the
fall Of sterling exchange in Paris and the
frmness Of sterling here excite any com
Tnent whatever. All that the market took
notice Of was the desire Of people who had
stocks to dispose Of them
Speaking generally, the weakness which
the market has displayed during the week
hss sheen considerably NOR pronounced than
the majority Of expert judges thought at
the close Of the market last week would
be the case. There have been many acute
Developments initiating against values in
q speculative sense, such a. the breaking
up Of the wheat oornsr. the Milwaukee defal-
cation, the evidences Of lack Of harmony
between great railroad interests and the
disturbance Of the European political
situation caused by the imminence Of a
naval battle In the Far East and by the
diplomatic trouble over Morocco. Con
srariwiss, there has been no letup In the
business Of the country, the excellent crop
prospect has been only slightly modified
bv the prevail snce Of cooler weather, re-
ported railroad earnings have shown in
creases over- those Of a month ago and
controversies between laboTinG men and
their employers the country over are At
the lowest ebb for ears. What appears
on lie face TO be the strongest arrangement
yet made for peace IN the building trade In
sthis city has been accomplished, and save
for the teamsters' strike IN Chicago there
q no labor trouble TO speak Of anywhere
There was some disappointment expressed
over the low prices obtained by the city in
the earlier part Of the week for its SIS 900 0OO
ISSUE Of ~ per cent, bonds; low, that 10,
a. compared with the prices paid for issuee
Immediately preceding; but the fact is that
our city has sold good many bonds lately
and has pretty well filed up the market
for the time being for these securities.
50, too, the Steel corporations report Of
earnings for the March quarter fell several
million dollars short Of Wall Streets ex-
pectations, although the report was mani
testify a good one, however considered.
IA -.,,sf - nopfraaaA y.-tNk,,,N 49, - III