The San Francisco call., 1904-12-10

NEW YORK. Dec. 9.--Succeeding the con-
dstlcn in the stock market yesterday the
clurse Of prices, to-day following according
t1 rule with series OF lessening fluctuations.
AFTER the violent rally Of yesterday afternoon
= was to be expected that there should be
renewed o-p TINS morning, There were sew
er-- u0mal causes 10 be looked 70 10 pro-
room traders secured on the decline yesterday
Oh watch quick profits would inevitably be
sought on the FIRST considerable rally. There
were some sales % be expected Of holdings
t-at had been accumulated simply with the
purpose NJ supporting the market IN its pc
Ii.4 a- greatest weakness As London was
sen buyer here on the break there was
sr-ur notable ur0fit-talring from there on the
h.eirtr level which helped 20 beat back prices
fas ml1rE To a demoralized market like
I.fA n. Iellaf tnerc are speculative hold
e-- strong enough 20 save their holdings from
i-rlno sacrifice ~ the moment OF greatest
weakness who are still under PRESSURE TO
ltien tlelr load on the first rally after SO
violent break The recovery IN prices has
the eject also - driving out Of the market
t-e hard headed bargain hunters who ap-
rear ln Wall street only IN periods o. panic
- buy stocks IT perhaps IN periods OF boom
.nd lnfation % sell There was also the
natural uneasiness as 10 the depth Of the
sounds inflicted yesterday and the possible
Consequence All Of these were contribut-
inc causes 70 the nervous fbresk IN prices in
from 70 2iz points IN an extended list Of
Important propertiee- The recovery promptly
se- in as soon ar IN was announced that all
sheets had gone through the Stock Exchange
clearing house successfully that being eQuiva-
sent 20 an announcement that all financial en-
harrassnents had been avoided. There was
hesitation and dUllness when the recovery had
reached about last nights closing level again
BUY the light pressure 70 sell At the recOv-
cred Level Of prices encoura ged speculative
sentiment and induced much confidence
that prices were pushed upward again aggres-
siVely with some evidence Of q resumption OF
operations by speculative pools, IN spite of
Yesterday severe lesson. Money proved 10 be
in plentiful supply and the rate for call loans
te- back easily The severe discrimina ton
against some securities collateral. which
vas "a factor in breaking the market yester-
cay was somewhat relaxed The announce
ment ~ the engagement Of $500. 900 gold in
Paris for importation had an effect on senti-
ment although the curious cross currents OF
the present gold movement are seen 10 be quite
apart frcm the condition Of the exchange mar
Eet- The ease N the cali-m0ney market was
accented as better index of the extent OF
me liquidation yesterday than viii be given
by to-norTows r. bank statement. which prob
ably VIII reflect the loss Of cash due 70 gold
exports and transfers 20 the interior through
% the Subtreasury and only slightly the loan
contraction, owing 20 the operation OF the av-
craze system of computation. The Missouri
Pacific bond sales and the establishment Of
dividends on Southern Pacific preferred were
helps toward reviving speculative suirfts Re-
fore the end of the day the declines had been
rrarsf forrned into gains OF 70 2Ik for the
principal active stocks The gains were not
fully held and the closing was rather easy
Bonds turned firm after some early de-
clines. Total sales par value). 81 9q5 600
United States bonds were unchanged on call
New York Stock List.
f. p. Hutton e. Co. 40 California street
Sen Francisco, members Of the New York
quotations Or that Exchange: