The daily morning journal and courier., 1905-04-25
STOCK MARKET FEATURES
WAVE OF LIQUIDATION WITH
 l.. & ". SOARING.

WAVE OF LIQUIDATION WITH
 L. 6 N. SOARING.
 The Smash fin the May Wheat Pool
 More Selling by Uneasy Holders
 Rock IsIand-Mo. P.-st. Paups Plans
 u. P.-Heavy Western Selling.
 The stock market had another bad spell yesterday forenoon. Another wave of liquidation occurred and several stocksa looked decidedly weak Union Pacific, the pivotal stock on the up- turn. was the leader in the slump and fell over IA points, and Northern Se- curities fell off 1-4 on the curb The smash of the May wheat pool was said to be a very potent cause, and it was noticed that the selling by c. G. Gates & Co. was decidedly the most promi- nent, their sales aggregating, it, was said, 100000 shares. The market was again rallied by the showing up of Louisville and Nashville, which finally ascended to 154 S-4. Then it slid back to 152.
 There were calls for more margin again and New York commission houses which called for more margin last Thursday said yesterday that they had instead received orders to sell stock. One firm sold 30,000 shares for such customers. and it was said that this was what happened with other houses. .~$
 On the other hand there was heavy buying said to be by big men, whose opinion was that it was bargain day.
 Louisville and Nashville rose over 6 points yesterday. The old story of it's revived. , asses .r .s .sar. ...
 Rock Islands sharp decline to 30 3-4 in the early trading was easily ex- plained. The stock simply lacked SUD- port of any kind .. sf- Union Pacific seemed to. be on tap continually, but below 124 support ap- peared . E,-.... 2. A bull on Union Pacific said that there could hardly be a better time to buy the stock than now, when senti- ment is so much against it.. If earn ings have shown up poorly there is no reason to believe recovery impossible, while no one has questioned the integ- rity of the dividend.
 The total sales yesterday were 1705,- sos shares. ~. It is reported from good sources that the plans of the St. Paul for building to the Pacific coast are further ad- vanced than is generally realized.
 It was estimated on the floor that Charles G. Gates & Co. alone sold 100,- GOO shares most of it being long stock according to the room gossips. Half a dozen other houses having Chicago wires sold from 10000 to, 30,0OO shares each, and the larger room traders help ed the decline. They didn't begin to cover until after the first hour.
 The news that the Minnie HeaIy case had been decided in Heinze's favor and that the price of copper had been re- duced 1-8th of a cent, was made much of by some of the traders in Amalga- mated. 's@ }%.g '...:f
 The London market was closed for Easter, hence the first prices on Amer ican stock were made in New York
 It is said that recently block of 100000 shares of Union Pacific common stock changed hands at private sale. As a result of this transaction it is es- timated that no part of the $100, ,00O, 900 Union Pacific pfd will be issued, but that it will be authorized at the coming stockholders special meeting.
 There was no renewal of the money market squeeze yesterday, the rate rul- ing around or below per cent.
 It is openly asserted that the van- derbi1ts as we'll as the Union Pacific in- terests will aid the St. Paul as to f. nancing the cost of the new Pacific line It is also held that the Union Pacifics new preferred stock, to be authorized this week, will be an important factor in the plan.
 The principal topic of the street was the position of the Gates clique" in May wheat: what it's losses both in wheat and stocks may be. The gener- al assumption was that somebody took heavy loss on both.
 The street generally, early in the af- ternoon, was expecting strong closing when the news of the Milwaukee bank falcation came, with the announcement of a run on that institution. Immediate Iy there was 8 rush to sell, and prices declined as much in a few minutes as they had rallied in two hours.
 The bidding up of Louisville and At~ Iantic Coast line to new high prices for this movement were regarded pure ly as attempts to support the market The heaviest buying of these shares seemed to reveal the names of the in- dividuals who had most at stake. They were members of the so-called western clique or brokers representing them.
 Gates & Co. were heavy sellers of Steel pfd., which acted better than the average of the list. 1t opened at 101 3-4 and the market seemed full of selling orders in the stock. Liouidation of