Los Angeles herald., 1905-05-20
BY Associated Press.

NEW YORK, May 19,-The stock
market was subjected to considerable
further liquidation today, but 1t showed
evidence of relief from the pressure
and offered some effective resistance
to the depression.
In the course of the decline the low
prices reached in many cases were be-
low those touched on the violent de-
cline in the latter part of April. In no
case was there great extension of the
loss beyond that point and large
proportion of stocks was held above it.
Professional operators In stocks are
accustomed to pay great attention TO
such an evidence of renewed power of
resistance in the neighborhood of the
same level at which a decline. was
checked not long before.
The arrest of the liquidation during
the course of today for this reason
proved very encouraging to the profess
sional element. The early liquidation
was large and quiet and that for for
eign account made up an important
element in the markets weakness.
1t is supposed that the extension of
sensational advertising methods fol-
lowed in a recent campaign against
stock prices in this country to the
columns of foreign advertising me-
diums helps to explain the foreign
selling and some special pressure upon
the market, attributed to Boston or
igin goes to the same source of ex-
planation.
Yesterdays violent declines had the
natural result of including calls for
additional margins and collateral and
the resulting effect of considerable or
ders to sell out.
The first hour proved the most ac-
tive of the day. The sharp break in
the wheat market gave rise to the sur
mise that some of yesterdays alarm
over the crops may have been un
founded or premature. This was a
factor in studying the market for
stocks
There was a disposition to revise
yesterdays estimates of the signifi-
canoe of the withdrawal of the Harri-
man representatives from the board of
directors in the Northern Pacific. More
impression was caused by the fact that
it was already known yesterday, in
deed, that the Hartman stock holdings
had been voted for the new directors.
An effect was produced by the re-
port circulated during the session that
a settlement had been reached of the
Chicago teamsters' grievances and the
strike was ended. There were evil
dences of renewed weakness from time
to time, but good support was en-
countered
A marked feature of the movement
toward recovery, however, was the
almost total dying out of the demand
before the general level of prices had
quite recovered the losses. This was
notably true of the United States Steel
stocks, which continued a conspicuous
center of depression and showed poor
resliency.
There was some disposition late in
the day to discount the bank statement
for tomorrow. Government deposits
has involved a loss to the sub treasury
by the banks of upwards of $S,000 900,
while the offsetting gain on the interior
movement is estimated at only about
$2,O00,000. Some large changes in the
loan and deposits items are probable,
owing to the large financial transac-
tions that have occurred during the
week. The extreme ease of the money
market today, however, precluded any
serious uneasiness over the showing by
the banks.
The persistent weakness of the
United States Steel stocks impaired
the influence of the support in the re-
port of the market and that decline to
the lowest of the day made the closing
weak.
Bonds were weak. Total sales, par
value. $2,370,0 900.
United States bonds were I'M
changed on call.