Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-20
LARGE VOLUME OF TRADING
Early Liquidation Followed by Ere
quent Reactions.
TRANSFER OF FUNDS WESTWARD
Scant Interest in Tomorrow's Bank
Observation-Disclosures Decline In
Sterling Exchange.

Special Dispatch to The Star.
NEW YORK, April 20.-Irregular price
movements succeeded in today's stock mar
ket the practically uninterrupted declining
tendency of the two preceding days. Trad
ing in very large volume during the
first hour of business. after which there
was a material falling away in activity. AT
the opening of the market the dealings
showed violent cross currents of renewed
liquidation. which were more or less coun-
ter-balanced by the covering of short con-
tracts. the introduction of supporting or
ders in numerous instances and by further
purchases of stocks for foreign account In
consequence the initial quotations showed
small and irregular changes in comparison
with yesterdays closing prices.
The trading at the time was marked by
great feverishness and uncertainty, but be-
fore the close of the first hour an irregular
rallying movement made It's appearance In
all quarters of the market.
The recovery was punctuated by frequent
reactions. and the market at the best ex-
hibited. might be expected, nervous
tone throughout the business session.
Early advices from San Francisco set forth
the situation at that point in as deplorabie
a light any observed since "Wednesday
morning. but with the course Of the day
the dispatches from the stricken city indi-
Gated some Improvement in conditions, and
that. at all events. the worst was not fully
known. Todays developments of impor-
lance were practically all related to money
market affairs. especially as the latter were
influenced by the San Francisco disaster.
Net Bank Gain Expected.
Scant interest appeared to be taken in the
outlook for tomorrow's bank statement. al
though the preliminary estimates of the
general movements IN cash during the week
pointed to a net gain by the banks of about
Slao0O. $50. The transfers OF currency to
San Francisco ought to cut Il small figure
In the averages of the bank statement.
hence II would not be surprising II that
document exhibited even larger gain in
cash than was set forth in todays fore
casts
The sterling exchange market scored a
further sharp decline from yesterdays
levels, and local bankers were actively Oc-
enpied in negotiations in London looking to
the engagement of further sums of gold for
shipment to this country. The amount &C
tually taken there today was comparatively
small but large engagements are likely to
be announced in the early part OF the COM
ing week
The London stock market was generally
heavy. being disturbed BY considerations re-
specting monetary affairs at that point as
affected by the San Francisco catastrophe.
American stocks were, however exception
ally strong there and. already noted,
foreign houses were active on the buying
side In the local market, largely on direct
as distinguished from arbitrage purchases,
As has been the case throughout the week,
there was little to be elected in connection
with the dealings in Individual stocks aside
from comments of a technical nature.
Leading features in respect of activity were
Union and Southern Pacific. Rea ding Anal
gamated Copper and the United STATES Steel
shares.