The Saint Paul globe., 1905-04-29
CLOSING WITH A
FIRMER UNDFRTONF
The Early Weakness Soon Dis.
PEELED Under the Leader.
ship of Illinois Central

NEW YORK, April 2S.-Effective sur-
port today checked the demoraliZed tone
Whlch threatened the market and ouietU
eu the speculative excitement with n re-
SUIT OF subsistence of activity and q
steady tone until sudden extreme weakness
again set In the last fifteen minutes Dur
ing the progress of the recovery the aver
age OF prices was lifted above last njob+
and some considerable gains were est9h
Ilshed, especially in the northwestern
rallfoad group and the trunk lines Aftar
yesterdays downward plunge there xras q
tSdr thdt the further prices declined to
tne more pressure there would be 10 sell
STOCKS: This apprehension was sufficient
JuStlhed by the heavy liquidation this
morning, which was caused by the mn
eaSlheSS throughout the country resulting
IT9m u3;I the heavy declines of yesterday
WIN margins materially impaired and the
Tear OF still larger losses to be faced the
urgent desire to sell is easily understood.
Foreign Markets Firm
support was attempted at the openjne
dhu lne more cheerful tone of foreign
markets today aided the effort. Prices
Oh Americans in London were lifted CON
Sldelably above last night and there was
liberal buying in New York for foreign
account after the trading began. but the.
gains quickly disappeared under the flood
of liquidation which came into the mar
ket Irom all quarters 1t was only by the
most vigorous measures of support that
the market was saved from demoraliza-
lIoll again during the first hour Enor-
nous amounts of stocks passed through
the market in that period in the course
SI the contest between opposing forces
Inc trading In the first hour i'm 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 deveI-
opmentS affecting values and when the
support had demonstrated its effectiveness
Sufhclent assurance was impaired to diSsi-
pate the urgent desire to sell. There was
evidently large short interest left open
also The failure of confirmation of some
OF the alarmlSt rumOrS which Circula ted
yesterday impressed the sellers of stocks
with the idea that there had not been
good grounds for their action and increaS-
ed the disposition to rebuy. While the
resignation of the head of the Missouri
Pacific system from the Union Pacific
board was discussed with seriousness. the
effect on the market was leSsened by the
relative tirmness of Missouri Pacific and
the good support of Union Pacific.
Larger Bank Holdings
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 tomorrow's bank
statement. The market continued to show
nervous and uncertain undertone i'm
spite of the marked falling off in tran
sactions. and there seemed a disinclina-
ton on the part of buyers to follow the ad-
vance In prices. The persistent strength
IN the foreign exchange market, supposed
TO be due to preparations for remittance
OF Japanese loan subscriptions. is not
llked. Discounts were firm in London to-
day and the price of sterling at Paris de-
clined. Next week is payable one-half of
the subscriptions to the 500 900. 600 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 l44A Locomotive and General Electric
also made diSconcertng plunges In a
very few minutes most of the gains melt
ed away and the closing was very weak
~ IN.,NaaI
par value, 81, 49,. 900. United States bonds
were all unchanged on call