The San Francisco call., 1905-05-06
New york stock Market.

NEW YORK, May 5.-The stock nns,ke.
was free to-day from the pressure OF urgent
recovered vigorously something more than the
losses Of the day before. There was decided
snrlnkaes IN the volume OF business showing
II Z the bidding up Of prices had 70 be carried
further TO recover a less amount OF stocks
tnsn was sold yesterday. This constitutes an
excellent showing OF the reduced yoirnoe ~
stock Offering for sale and is an indicatton ~
technical strength and relief afforded by the
liquidation go far completed, but there was n
very marked falling of in the demand at the
niener ievet or prices, the duilness of the
trading showing q progressive increase The
ln.erenos a. ls r1at me buying was 10 large
extent forced in the same way that yester-
days selling was. The bear traders who Fol
lowed the decline yesterday with free short
sales felt obliged 70 cover their short oon
tracts in the face OF the evidence that the
most urgent liquidation was conpIete6 sorne
OF the fears caused yesterday by the signs az
weakness IN the market or which were given
currency by the industry Of the bears lost
their force to-day, and the relief thus afforded
helped On the rally There was no important
change II the news bearing values but
there was decided change in the teulner
shown IN it's Interpretation. The attitude
towards Reading affords illustration The
stock was sold on account OF the news Of The
distribution OF part OF Lake Shores treasury
holdings. as this was supposed 10 be q we'll
Informed view that the price had advanced
unwarrantedly. To-day II was urged that the
fact that this considerable supply had been
marketed without preventing the great rise
in the stock was evidence Of the absorptive
power OF the market for IL and its intrinsic
strength. Yesterdays fears Of a conriict a.
the Union Pacific special stockholders' meet
ing over the proposed issue of 500 600 600 Of
preferred stock were converted to-day fnfo
professeo hopes of some extraction al that
meeting Of special benefit 70 stockholders. The
street was without news from the meeting nm
70 the close OF the market. The Northwestern
ano Pacific stocks. however were the aegress-
i've leaders OF the rebound IN prices ae thev
hso been most acutely affected BY the precedfne
crop. The Southern group was also notably
strong. as they also had suffered more than
the average from the violence OF the reaction
from the excessive speculative advance Con-
eolioateo Gas had the benefit OF the fatjuTe
OF the attempt 70 pass a law re-ducEne ths
price OF gas ia this city The eject of fhe
weakness here yesterday had an unseffline
influence IN to-oays early foreign rrarlef anS
same action seemed 70 be given there aiso -
the fears Of international friction. The foreie,n
depression was OF only slight effect on our
opening market and the recovery set IN
promptly. The estimates OF the week. c,,r
rency movement indicated a nominal vst- =.
cash BY the banks The upward rush ~ r.a- -
plee Gas at the end was due to the rer,ort -
the defeat OF a gas bin in the Illinois T-.ess
iatore- The sharp reaction during the frsf
hour and the recovery to the frn, cIo.,-s
were notable for the exceedingly IIstt Sa1
inss o. which they were Effected.