The San Francisco call., 1904-10-27
New York stock Marlret.

NEW YORK. Oct. 26-Dealings in stocks
to-day were not up 10 yesterdays record, but
the dimensions and the astonishing breadth
and variety OF the market were well main
tained The list was subjected 70 q pretty
searching liquidation and severe inroads upon
prices resulted, but the benefit 70 the market ;
health BY this process began TO be shown in
The latter part Of the day. when there were
substantial recOveries from the low level The
reacticnary course Of the market was largely
due 10 technical causes. AS much OF the
recent buying has been due wholly TO the fact
tnat prices were moving Up and were ex-
Tected 70 continue 90 So yesterdays dem
onstration that the advance was checked in
cuccd selling. Yesterdays performance in
Union Pacific and the inadequateness OF the
news 10 explain IL awakened uneasiness owing
10 the half hysterical character of the move
rnent and its revelation OF the emotional ma
ture OF very large operations in the market
The psychological state which prompts an in
change Ia the direction Of rrices and consiS-
erations Of intrinsic value have no force to
prevent this change There Is the additional
1actCr of forced sale on the reaction by the
Wiping out Of narrow margins and the uncov
ering OF stop-loss orders placed below the
market and which are always in usual vol
forces operated in causing the weakness to-
day. But consideration also given to-day
70 the more material factors Of the disap-
pointing quarterly statement OF the United
States Steel Corporation, the Irritating ten
sion between Russia and Great Britain and
the prospect of a credftable gold export move
ment. il IL enough to indicate the disappoint-
80 r-15feT c-afae steel reporf 10 lrnovv 49,
yesterday that the quarterly net earnings
would amount % S23. 100000. While the SIS
753 932 reported near the expectation in
more reasonable and well-informed quarters
the low figure Of the untitled orders on hand
was q shock 10 the sanguine feeling which
has grown Up regarding the revival IA the steel
Industry. and the additional informal assur-
ances given By the chairman Of the board OF
the further expansion IN orders since the turn
~ the quarter proved insufficient to overcome
this sentiment. Selling from the steel cepters
and from the West very large, both OF
abe United States Steel stocks and the Pa
cIncs and Pennsylvania showed the usual
svnpathy with United States Steel London
also sold freely here While II was believed
raat the zcuteness Of the Anglo Russian crisis
was over Tor the present. the situation
was felt 70 BE- dangerous and liable 70 some
Explosive episode which might throw It out
Cf lie nsle of the diplomatists 70 control.
Yelled irtlmafiOns of undisclOsed develop
nents in the situation played part in the
market. The report that arrangements had
beer Practically concluded for a S27O. 600. coo
f1ftcienty explains the pressure from those
p nfs Tor gold and points co1ciusiveiy 10
cansder2bic withdrawal Of geld from New
York With he interior demand FOR currency
n1t yet satisfied. any considerable Withdrawal
r atdition VIII necessarily result In higher
money races here The recognition Of this
Tact doubtless had it's influence IN checking
1sscnd control al any time, Rock Island and
lniario and Western redecting their employ
net as brakes 70 restrain the decline. The
llI.y vas rot fully maintained and the closing
VS. easy, but the urgent liquidation was not
Bonds were heavy. Total sales Sc. $4,000
'sa States bonds were unchanged call