The San Francisco call., 1905-04-29
New YORK Stock Marked

NEW YORK April 2S.-Efective SUPPORT
to-day checked the demorallzed tone which
threatened the stock market and quieted the
speculative excitement with the result OF q
subsistence OF activity and steady tone until
sudden extreme weakness again set in in the
last hfteen minutes. During the progress OF
recovery the average Of prices was lifted above
-~sl n-snl ana some considerable gains were
established. especially IN the Northwestern
railroad group and in the trunk lines. After
yesterday 8 downward plunge there was a fear
that The further prices declined the more pres
sure there would be TO sell stocks This ap
prehension was sufficiently justified by the
sheafy Liquidation which was caused by the
pneasiness throughout the country resulting
from the heavy declines Of yesterday. With
margins materially impaired and the fear Of
st.H larger losses 10 be faced the urgent
desire te sell is easily understood Support
Ras attempted at the opening and the more
tho e8Ort. Prices OF Americans in London
were .iiffed considerably above last night and
soseigu ACCOUNT after the trading began but
thfsse gains quickly disappeared under the
looo oi Aquloation which came INTO the mar
ket from all quarters II was only by the
most vigorous measures Of support that the
market saved from Generalization again
during the frst 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
81 in TACT made up the bulk OF the transactions
Iatfpe holders evidently was the instability Of
The market rather than any actual develop
Elents affecting values. and when the sup
port had demonstrated its effectiveness suf-
urgent desire to sell There was evidently a
large. short interest left open also. The failure
Of confirmation OF some OF the alarmi6t runors
which circulated yesterday impressed the sell
ers OF stocks with the idea that there had
not been good grounds for their action and
INCREASED the disposition 10 buy " nile the
resignation OF the head OF the Missouri Pacific
system from the Union Pacific board was dis
cuesed with seriousness the effect on the mar
ket was lessened by the relative frmness or
Missouri Pacific and the good support Of Unien
Pacific. The forecast Of the currency move
rnent Tor the week gave promise OF g con-
siderable increase IN the cash holdings OF the
banks 70 be shown In to-mOrrcw's bank state
rnent. The market continued TO show ner-
xous and uncertain undertone in spite OF the
seemed to be q disinclination the part Of
. the buyers follow the advance in prices
The persistent strength Of the foreign ex-
change market supposed 10 be due TO prepara-
tion for renittances OF japanese loan sub
ecriptions Is not liked. Discounts were firm
IN London to-day and the price OF sterling
exchange a. Paris declined Next week Is
f,avabie one-haif OF the subscriptions TO the
fl00. .OoO. 900 OF Pennsylvania convertible bonds
with the privilege TO subscribers 10 paw IN
kef was easily seen from the quick response
10 the late break IN Louisville and Nashville
- 144a Locomotive and General Electrie
also made disconcerting plunges. In very
few minutes most OF the gains melted away
and the closing was very weak again.
Bonds were heavy. Total sales. par value,
y,htted States bonds were all unchanged on
call
p Hutton & Co. <9o California street.
g. Francisco. members OF the New York
SSsoclt F-xcnanRe, furnish the following official
oUntations Of that Exchange;