The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-01
] $50 AlslJ1ll'S s1OLA a4.aA
Effective stand Against Oppressive
Forces since San Francisco Disaster.


New York, April 80. 1.-THE stock mar
ket made an effective stand to-day
against the forces that have been
pressing severely upon it ever since the
San Francisco disaster. The markets
bad period was during the first hour,
when heavy liquidation had to be abb
sorbed In continuation of last weeks
movement. Vigorous supporting meas
ures were persisted in, however, and
the large additional offerings that came
on the market were taken without al
lowing prices to break. With the sue
cess Of the Support once established a
considerable buying demand started up
from the uncovered short interest. The
resort to display advertising in behalf
Of the campaign Of the bears was re-
garded as Indicating an extension of
the short interest to proportions which
gave good promise Of potential support
for the market if the attack were re-
sisted. The result justified the suppo-
sition. Buying on large scale was at
tributed to bear account for some of
the stocks that suffered most acutely
in last weeks slump. The success in
arresting the decline in prices also had
the effect Of averting a large amount
OF threatened liquidation. 1t was fear
ed that the forced selling last week Of
Weakened speculative accounts by rea-
son of the exhaustion of margins and
s,,aI1jii41r an al fotd additional ciYrn1fac
would cause other similar accounts to
come tumbling after to-day. 1t was
the perception Of this danger that
prompted the vigorous supporting
measures in the market by powerful
banking interests and capitalists with
vital interests In preventing the market
from falling into decentralization. The
time seemed propitious for supporting
the market, because the liquidation, on
account Of Insurance companies desir-
ing to realize on their assets, tended to
decrease as prices got away from a de-
sirable level.
Calls for additional margins sent out
at the end of last week had the inev-
table consequence of bringing in SELL
ing orders from widely-scattered
sources this morning. But thera were
no such unwieidy individual accounts
to let go as those of some of the great
speculative plungers which were hurled
into the market last week and which
broke prices. BY the end of the first
hour Il was known that all clearing
sheets had passed the stock exchange
clearing house successfully. The vol
ume of business contracted considera-
bly, on the recovery and speculative
sentiment towards a rally showed de-
gree of reserve and of hesitation. The
longer the rally held the more the sus-
picious attitude felt towards it tended
to be dissipated.
The stream of currency movement 10
San Francisco out of New York con-
tinued on a large scale to-day, but is
offset by a still large stream OF incom-
ing gold imports. The upward move
ment gathered force as the absence of
renewed liquidation on the advances
was perceived, and considerable recoV~
cries of last weeks declines were made
before the close Last prices were put
little below the best.
Bonds were irregular. Total sales,
par value, s2,os0,000.
United States bonds were unchanged
on call.
UEWYoRE STOCK MARKET,