The San Francisco call., 1905-04-16
PRICES TUMBLE
AFTER A EALLT
Movement to Take Profits
Follow Fridays Furious
Speculation in Stocks
MONEYMARKETNOMINAL
Belief i'm Mergers and Whole
sale REIMBURSEMENT of Rail
roads Is Awakened Again

NEW YORK. April 15---After yester-
days furious speculation in stocks
movement to take profits Was indicated
for to-day and it developed according
IL. Prices ended generally lower than
last night and the transcontinental
group and stocks which have moved
in sympathy with that group are not
The least sufferers Notwithstanding the
buoyant upshOt in the first hour. ST.
Paul alone of the group reserved a
meager gain on the day after having
been at one time more than two points
up. Union Pacific, New York Central
and Illinois Central were also lifted a
point in the early market, but closed
at net losses of more than q point
for the two first named and 21z for
the last. In the curb market Northern
Securities itself was rushed UP TO 1855,
but fell back at the last to 1915.
The whole market centered around
these movements and was not in any
degree responsible TO any Of the news
, developments A denial by the heads
Of the Great Northern and the North
ern Securities companies Of yesterdays
rumors Of a stock dividend by the for
mer company had no influence in de-
terring the continuance of the rush TO
buy the stocks concerned at first, nor
did the news favorable to values serve
to hold the later market The trading
represented purely an episode in the
progress OF an unrestrained specula-
tion.
The natural disposition to diminish
outstanding contracts at the close Of
the week probably was emphasized by
the possibility OF a naval engagement
in the East over the Sunday interval.
The money market was nominal as is
usual on a Saturday, but foreign ex-
change moved up several points. The
total sales Of bonds, par value were
81, ,000
Speculative sentiment in stocks dis
played some disquietude at times dur
ing the week. but the power of resist
ance demonstrated by prices to the dis
turbing influences effec1ually neutral
lied the effect and has been a main in
huence in prompting the renewed ad-
vance. The buying back of stocks by
operators who sold short early in the
week during the prevalent doubts over
the market has been a factor in the re-
covery The prosperous condition of
business and industry in all lines has
been the potent underlying support Of
the market. But a revival Of force in
the rumors and mysterious intimations
Of important developments to come has
characterized the restored demand for
stocks as well. Belief in mergers and
wholesale readjustment of the railroad
map OF the country has awakened
again as prices mount upward. The dis
placement from the directorate of the
Northern Securities Company of the
head OF the Union Pacific system was a
shock TO the speculative confidence en-
gendered by the constant rumors OF the
harmonious plans for new projects
jointly contemplated by the two parties
TO the old dispute in the Northern Sc
curities Company. At the same time
the suspicion got abroad that the IN
ion Pacifc's $4,000 600 stock issue was
intended for belligerent purposes. One
OF the new official intimations which
could be secured as to the intended
uses Of this new capital was that it