The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-10-25

NEW YORK. Oct 24-The tide of specuIa-
i've enthusiasm proved itself sufficiently strong
iu to-days stock market 10 sweep up the usual
Monday morning realizing sales and to wipe
out the sentimental effect Of the Anglo Rus
san friction growing out OF the damage by the
Russian feet 70 the North Sea fishing feet
rms incident. besides the sentimental effect
- --<-n " Aes0-t-As i-Osl1Aitiees 4ao q
SUBSTANTIAL result In the outpouring here Of
large offerings Of stocks for London account
graFsteo BY the Inviting level OF prices main
tanned by the supporting tactics at the OPEN
Ing here which offered such a profit on ar
bitrage with the depressed London price level
that the cable was kept busy with orders TO
sell here against purchases In London 1t
was accepted as decisive demonstration <eOf
and the powerful interests supporting the mar
ket that the Monday morning movement to
tanning measures against the foreign depres-
sion could be made effective. Il was on the
reaction from the rally BY supporting orders
that the proht-taklng sales were most fOrnid-
abe ana most urgent, and they proved suffi-
GENTLY heavy 70 affect the whole market and
70 cause rather striking breaches IN the price
The SHIFT OF the speculative demand back to
the Pscifos and the substantial advance of
the general level Of prices served TO confirm
the speculative confidence in the inhowing OF
the tide OF the stocks. That the Anglo Rus
sian Incident did not break the demand went
lar 70 resssure speculative sentiment that the
market was not yet in that vulnerable posi-
ton which Inevitably results from the pro-
longeo speculation ana the resulting insta-
bfiity leading & topping OF values.
The dominant influence IN the speculation
the credit given 70 stories Of sales q con-
sequence OF the Ontario and Western incident.
The movement in various low priced railroad
stocks was plainly based on the superstition
that the financial and railroad powers were
committed 70 6 working out OF interchange
Of control and the absorption OF minor rail-
roads. even At prices already above the mar
lzet, Al the same considerations that prompted
the Burlington purchase and the L and n.
settlemeur. The old transcontinentaI settle
nent stories were revived IN the same con-
nsction. Given 30 wide q field for conjecture
and plausible suggestion and II is needless 20
trsverse IN detail the different movements OF
the day growing out Of H. Railroad officials
continue optimistic ever trafhce and reports Of
car shortage az various points. The persist
snt hesFinese Of the United States Steel issues
the eve OF the quarterly meeting OF the d.
rectors and the action on the dividend gives
additional Interest TO the stormy political
outlook abroad but was emphasized by the
large sales OF stOcl1s here for London account
The market closed Irregular. but animated and
generally strong
Bonds were Irregular: total sales So 2ss. 600
United States bonds were unchanged on call.
New York Stock Last
z. T. Hutton & Co.. 400 California street
San Francisco, members OF the New York
stock Exchange. furnish the following official
quotations 81 that Exchange: