The San Francisco call., 1905-05-20
Sow York stock Market.

NEW YORK. May I9-The stock market
vas subjected 10 considerable further liquida-
tion to-day. but IL showed evidenoe OF relief
from the prices and offered some effective
sistance 10 the depression In the course Of
the declines the low prices reached in many
cases were below those touched on the violent
decline In the latter part OF April In case
was there great extension OF the loss beyond
that point and s large proportion OF stocks
were held above it Professional operators in
stocks are accustomed 10 pay great attention
TO such an evidence of renewed power Of re-
sistance In the neighborhood of the same level
~ which q decline was checked not long be-
fore. The arrest OF the liquidation during the
course of to-day for this reason proved very
encouraging 10 the professional element. The
early liquidation was large and quite urgent
end that for foreign account made up an i'm
portant element in the markets weakness. II
IS supposed that the extension OF sensational
advertising 1nefhods followed in a recent cam
psign against stocks prices IN this country 70
the columns OF foreign advertising mediums
helps to explain the foreign selling and some
special pressure upon the market attributed TO
q Boston origin goes to the same source OF ex-
plantation Yesterdays violent declines had
the natural effect OF including calls for addf-
tional margins and collateral and the resulting
effect Of considerable orders TO sell out. The
first hour proved the most active OF the day.
The sharp break In the wheat market gave
rise to the surrrise that some OF yesterday
alarm over the crops may have been unfound-
Cd OF premature This was factor in steady
iug the market for stocks. There dis
position 10 revise yesterdays estimates Of the
significance OF the withdrawal OF the Hartman
rerrcsenfaffvee from the hoard of directors in
caused by the fact that II already known
yesterday. indeed, that the Hartman stock
holdings had been voted for the new directors
An effect was produced by the report circu-
lated during the session that a settlement had
been reached Of the Chicago teamsters griev-
snces and the strike ended There were evil
cences Of renewed weakness from time TO time.
bur good support was encountered A marked
feature Of the movement toward recovery.
however was the almost total dying out of
rhe demand before the general level Of prices
he'd quite recovered the losses. This was nota-
hlT true OF the United States Steel stocks.
which continued a conspicuous center Of depres-
EoE and showed poor resilisncy. There was some
disposition late in the day to discount poor
hank statement for tomorrow. The taking up
~ Government deposits has involved a loss to
the Sub-treasury by the banks Of upward OF
IS 0oO. 900. while the cffsetting gain on the
Interior movement As estimated at only about
s.. 600 600. Some large changes in the loan
and deposit items are probable. owing to the
large financial transactions that have occurred
during the week The extreme Of the
money market to-day. however precluded any
hanks. The persistent weakness Of the United
States Steel stocks IMPAIRED the influence Of
The support in the rest Of the market and their
decline 20 the lowest OF the day made the
closing weak.
Bonds were weak. Total sales, par value.
g. 10000.
United States bonds were all unchanged on
call
New York stock List.
z p Hutton & Co.. 49o California street.
San Francisco, members OF the New York
Stock Exchange. furnish the following official
quotations OF that Exchange: