Los Angeles herald., 1905-04-29

L Changes from InuTSudy HlBHt were Il
4 mixed again in reaction. Union 4.
I Pacific reached to below Thursday. /.
!. 's'.s'.
BY Associated Press.
NEW YORK, April 2S.-Effective
support today checked the demoralized
tone which threatened the market and
quieted the speculative excitement
with the result of a subsistence of ac-
tivity and a steady tone until sudden
extreme weakness again set in in the
last fifteen minutes.
During the progress of recovery the
average of prices was lifted above
last night and some considerable gains
were established, especially in the
northwestern railroad group and the
trunk lines.
After yesterdays downward plunge
there was a fear that the further
prices declined the more pressure there
would be to sell stocks This appre-
hension was sufficiently justified by
the heavy liquidation which was
caused by the uneasiness throughout
the country, resulting from the heavy
declines of yesterday. With margins
materially impaired and the fear of
still larger losses to be faced, the ur
gent desire to sell is easily understood.
Support was attempted at the opening
and the more cheerful tone of foreign
markets TO-DAY dlueQ CTe effort.
Prices of American stocks in Lon
don were lifted considerably above last
night and there was liberal buying in
New York. for foreign account, after
the trading began, but these gains
quickly disappeared under the flood
Of liquidation which came into the
market from all quarters.
1t was only by the most vigorous
measures of support that the market
was saved from decentralization again
during the first hour. Enormous
amounts of stocks passed through the
market in that period in the course of
the contest between opposing forces.
The trading in the first hour, in fact,
made up the bulk of the transactions
for the whole day. The chief fear of
speculative holders evidently was the
instability of the market, rather than
any actual developments affecting VAL
ues, and when the support had demon
strated its effectiveness, sufficient as
surance was impaired to dissipate the
urgent desire to sell. There was evil
IDENTIFY a large short interest left open
also.
The failure of confirmation of some
of the alarmist rumors which circu-
lated yesterday impressed the sellers
of stocks with the idea that there had
not been good grounds for their ac-
tion and increased the disposition to
buy.
While the resignation of the head
of the Missouri Pacific system from
the Union Pacific board was dis
cussed with seriousness, the effect on
the market was lessened by the relative
firmness of Missouri Pacific and the
good support of Union Pacific. The
forecast of the currency movement for
the week gave promise of consider
able increase in the cash holdings of
the banks to be shown in tomorrows
bank statement. The market continued
to show a nervous and uncertain un-
dertone in spite of the marked falling
off in transactions and there seemed
to be disinclination on the part of
the buyers to follow the advance in
prices.
The persistent strength of the for
eign exchange market, supposed to be
due to preparation for remittances of
Japanese loan subscriptions, is not
liked.
Discounts were firm in London to-
day and the price of sterling at Paris
declined.
Next week is payable one-half of the
subscriptions to the 100000 900 of
Pennsylvania convertible bonds, with
the privilege to subscribers to pay in |
the full amount The nervousness of
the market was easily seen from the |
quick response to the late break in
louisville & Nashville to 144%. Loco |
motive and General Electric also made
disconcerting plunges.
In very few minutes most of the |
gains melted away and the closing was |
very weak again.
Bonds We're heavy. Total sales, par
value. $2,790,000.
United States bonds were all un-
changed on call.