The San Francisco call., 1905-04-20
New YORK Stock NIarlet.

NEW 1Ohh. Aprll lS.-speculatiHe Sentl-
ment on the Stock Exchange turned again on
technical market conditions rather than on
intrinsic conditions Of values and the news
bearing on them. There was another futter
among speculative traders in stocks caused by
the renewed slump in Northern Securities on
the curb. That stock did not touch yester-
course was eIectuaIly checked and a SUBJ
stantiaI recovery effected with corresponding
Stock Exchange. The implication drawn from
the movement had to DO largely with the
market position Of the large speculation com
mitted 70 the high prices for the stocks but
the causes for their advances have been purely
within the realm Of rumor and a great deal
OF doubt and apprehension Of the reliability
Of these rumors is induced by the feverish
downward plunges IN the stocks. The I'm
penetrable mystery which has been maintained
contemplation IN the railroads lends its in
fuence 10 sudden fears as well ss buovant
hopes ana 70 4 sudden reversal rom extrsrns
confidence TO ful rejection Of al flying re-
ports This was seen in the tendency OF
the current stock market rumofs 20 face about
from faith in the wholesale harmony in the
competing railroad Interests 10 fears Of a re
newed outbreak Of all the old hostility OF
the period before the Northern Securities
formation. For instance doubts were urged
OF the legal right OF Union Pacific to hold
Northern Pacific or Great Northern stock,
which would come TO Il as the proceeds Of
tne northern SecNfllles olsSoiOIlon- lne opll-
son OF the supreme Court, pronounced inca
dentslly IN the Northern Securities decision.
that the turning over of control OF the North
ern Paclnc 20 the Union Bacinc would con-
travene the Sherman law was cited au-
thOrity for this view Alleged Intention TO pre-
.clude minority representation IRON Ine dl-
rectorate Of the two railroads was also dis
cussed with the suggestions Of a spirit Of
hostility rather than harmony prevailing in
the railroad world. The so-called mystery
stocks in the market suffered most acutely
from the Liquidation but rallied effectively on
the late renewal OF harmony reports. There
were no dealings in Northern Pacific. but
nominal quotations were made for the stocks
when released, and the bid and asked prices
rfus made showed the price-ranEe well
tanned near the recent high level Great
Northern preferred sold down IL y and rallied
g. This relieved some apprehension that the
stocks were likely TO slump when the re-
distribution replenished the supply in the mar
ket II was evident also that many OF the
brokers and commission houses which were
the largest sellers during the heavy decline
yesterday were busy buying TO recover their
holdings The persistency Of this demand
helped 70 restore confidence and develop
aggressive rise In the Southern group aroused
scme new con3ectures Of important financing
mage OF anthracite helped the coalers Anal
gamated Copper moved up in conjunction with
the speculative rUnors regarding tomorrow
dividend meeting Reports Of the receipt Of
very heavy orders strengthened American Do-
connotfve United States Steel preferred re-
sponded on the recovery % conneence e. IN con con,
tax bill was not 70 become a law Of the
state were made effective upon sentiment.
stocks short were forced to cover at the last
and made the closing the strongest OF the day.
Bonds were irregular. Total sales par
tinted states bonds were au unchanged on
call
Stock Exchange to-day decided TO close the
saturday. April q
New York Stock List.
z. r. Hutton a Co. 4eo California street.
Stock ExcnanEe. furnish the following official
quotations Of that Exchange: