The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-10-20
New York stock Market.

NEW YORK. Oct. Is.-Tne reactionarv ten
eency Of stocks which was under restraint
yesterday, broke through the restraint today
and took on precipitancy during the afternoon
The reaction has been long expected and needed
no news 70 explain IL beyond the unwieldy
proportions 10 which the long interest has ex-
tended and the consequent growth Of the bur
Gen q realizing profits, which proved too heavy
tor ne usual supporting tactics 10 sustain
Nnce tne reaction was established the profes-
sionsl bears gained sufficient confidence - faII
1asnlon and thus sharpen the fan, with the re-
suit o. uncoyering stoplOss orders and wiping
out narrow margins, thus shaking out weak
nQlllnEs and bringing stock On the market in a
shower These professional bears showed their
customary aglllfE IN taking quick profits on the
break and their covering movements ana The
opposing tactics OF the room bulls caused con-
fusion IN the late price movement But the
force OF the reaction was not the les clear and
decisive The absence Of any consf iera bIe re-
actions through the long course OF the present
advance has been one OF its principal fea lures
&C IS eo9sa 20 ne suspicion Of its artificial
- a--eI- me movement to-day ought 70
serve a. confirmation Of the wider interest
which has been taken in the market in It's late
s-ae1s e1a ne }laoillty OF II 70 normal infiu-
ences ~ rescti0f with the passing OF holding
from strong 70 weak hands. There was moth
ing 70 to-day 8 dealings 20 show that any effort
vas RELAXED 10 sustain the market and to hold
prices in face Of the selling 10 take profits
-he buvfne "a selected s-ocl-z - 49, :. -,,
sggresslve and spectacular than heretofore. and
the stocks 10 be pushed were herarse5 rafo-e
the market opened from the unto7-1 hotels
me present campaign IN stock in a marked de-
gree Erie, S. Paul. Southern Railway Atrhf-
son Reading and Leather preferred were at
clnereur times churne5 into fury Activity and
long strings n Transactions in blocks OF 1000
- Zoo shares were run through the market on
= rising scale The determined selling Of
nited States steel preferred was the first Incl
Gent - cause uneasiness and was not checked
bv the good tenor ~ the news from the trade
including an allT ance in Tube and Pipe and the
cheerful expressions OF the Iron Age The ~
NOR of new interests il Archis0n took z more
SPECIFIC form again bur without confirmation
The securing OF Z Mexican loan by American
bankers caused good impression. The routine
news % the day was generally favorable TO
values, and money continued easy. Specula-
tive circles have conferred much attention on a
public address b. influential banking repre-
sentative. owing 70 the long anterior discussion
which lad been given for week previous l. its
expected Optimistic tenor For this reason its
acrlQnltorE -nu toward speculative excess and
its pressed opinion against actual conditions for
the height 90 which prices have been lifted
even az their present level may have induced
some counter moves in the market by these
Wno had operated on the forecasts OF the
speech Last prices were considerably above
The lowest, but the rally on short covering at
The last was not wei held and the closing was
irregular.
Bonds were irregular. Total sales par
value, 50 $4,000 United States s. advanced
= on call