Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-24
ENORMOUS TRANSACTIONS
snecial pispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 24.-During the frst
hour OF business In today's stock market
grayely unsettled conditions prevailed
many active railway securities falling TO
the lowest prices at which they have been
quoted In the current year. TRANSACTIONS
at the time were upon an enormous SCARE
and much liquidation of an apparently urg-
ent character was conducted. Subsequently
there was a marked falling away In activ-
ity. and In a hesitating way prices showed
a disposition TO rally. 1t was plain at the
outset Of the market that supporting orders
had been introduced In the instance OF
many stocks, but they were soon swept
away in the torrent of fresh liquidation
which set In after the opening dealings.
A strong supporting Influence in the mar
ket during the morning was furnished In
the very heavy buying which was con-
Quoted for foreign account. Some esti-
mates of these purchases placed the aggre-
gate at upward of 100000 shares. and ar
bitrage houses reported that the foreign
buying would probably have been upon
even a larger scale had not the cable serv-
Ice been somewhat interrupted.
There was actually very little that was
novel or other than technical to be adduced
In connection with the early Generalization
OF the market or with the frmer tenden-
cies which developed toward midday. There
was, OF course, continuing discussion OF
the various financial aspects of the San
Francisco catastrophe, particularly In so
far as they relate to the position of the
fire Insurance companies.
There was naturally much uneasiness as
10 the status of the latter, although 1t is
not believed that any but the smaller con-
Germs are likely to default upon their poll
Giles. There were further very heavy
transfers of currency made to San Fran
HS;cn TO-DAY both through the SubtrpaSilrY
ard on direct shipments and on the other
hand. additional Withdrawals of gold from
the Bank Of England for shipment to New
York were reported
There was much gratif1cation expressed at
the announcement of the Secretary of the
Treasury that he intended to deposit S13,-
gOl0.0O0 of government funds i'm the national
banks at San Francisco as soon as the
necessary arrangements were provided
In the early part of the day there was no
little uneasness excited by -umors that the
fiotation of the Russian loan in Europe was
threatened with failure. and disagreeabie
impression was created also by this morn
ings accounts of the serious serial disturb
ances in Fdance, but later the fnuence of
both of these matters subsidized! AS has been
the case since last Wednesday morning,
there was Gerry little to be ELECTED In con-
nection with the movements In particular
3 stocks. .-.t-i -..- s,l7',
The United States Steel shares did indeed
show exceptional steadiness, for which the
highly favorable forecasts of the quarterly
statement which the corporation will make
this afternoon were doubtless chiefly respon-
sible Amalgamated Copper, on very large
transactions, also showed good degree OF
rallying power, and, as a matter of fact,
the whole market, even after allowing for
its early unsettleTnent. showed much bet
ter degree of resistance to pressure than 1t
did on yesterday. The trading throughout
the day was, however, as might be expect
ed characterized by nervous and feverish
tone.