The San Francisco call., 1904-10-28
New York Stock Market.

NEW YORK. Get. 27.-The war scare rapad
with great violence In Wall street for a time
and rayaged the speculative price-leVeI TO
which the market had been lifted but before
the close Of the day ouieter councils prevailed
IN the event OF actual hostllities between Rus
sia and Great Britain. American Investment
properties would be hurt In the proportion indi-
Gated by the Eeadlong plunge Of prices during
tie morning The action Of the market in com
parlscn with that Of other securities markets
looked az though the damage from the threat
enec clash would converge American securf-
tea The inference was plain that weak
technical position made this market entirely
susceptible 70 sudden unfavorabIe develop
ment. This condition Of the market has been
pretty plain 10 careful observers for some time
The unessiness regarding the position which
has grown Up with the evidences OF top
heavinsss for the last few days was aggra-
waited by the warning offered by President Hiil
q the Great Northern In a quoted opinion on
the course OF The speculation that operator
ger bumped" The administered the
bump and Il proved rather A decline
orally through the active list was sufficient
20 throw out many speculative holdings and
70 necessitaie great agility the part OF
holders Of very much larger amounts 10 pre-
vent sacrifice and an increase indefinitely OF
the pressure upon the market; As II was, the
uncOvering OF stop-loss orders Precipitated
large speculative holders on the market and
broke through all the artificial restraints
sought tC be opposed 70 the fall The jump
IN (oreigu exchange and the sharp running up
of wheat were suggestions or the reality OF
tn danger IN the crisis But the exagger-
sfed effect upoa the stock market was a
cernonstratIon Of the artificial conditions which
I'D been tuft up there The thing was
arpareut IN the heaviness OF the declines in
efockf which have been most subjected TO the
booming process although the intrinsic value
OF the properties thus represented would be
no more impaired by AnElo-Russian war
than would any others in the list Of securities.
Illustration OF the losses IN that department
peing almost confined to- coave-rsbles. such
a. heE s-oved IN sympathy with the undue ad-
.ances In their allied 6tockk. Tne most direct
effecf OF the foreign situation upon our affairs
Was the additional engagements Of gold for
error4 70 Paris The crisis in the International
aftsirs cannot be held responsible for this
vfIch Is IN preparation for further Russian
loan ia the regular prosecution OF the with
Jepan The threatened impairment OF bank
,eeources Is an admonltion against excessive
-.~-.i sffor at an unsta bic level OF prices with
tts,,~-~rvre6 money Reassuring advices concern
- fte prospect for an Anglo Russian settle
,aeut were 81 influence for time but the
--,orlxet made a substantial recovery in the
-,-1efer mood Of the later trading and the
,,nse<~ were largely repaired. The bull control
80 srain asserted and the market again
s,nvvci the relief afforded by the shaking out
- -,rvvieidy speculative accounts United
statee steel preferred rallied poorly and
rit~b IA the New Haven control movement
re closing market was generally firm and
fsrnds we're weak with some recovery. Total
sa,ee Dar value. 81 1885. COO
tinted srstes bonds were unchanged on call
New York Stock List
Hutton & Co. 400 California street
san Frsncisoo. members OF the New York