The San Francisco call., 1905-08-19
New York STOCK Market.

NEW YORK. Aug 1S-Precauuonary
selling TO realize overibore the new buying de-
msud to-day and gave the stock market a
GAY OF reactionary tone as a whole some
question 10 the possible effect OF the out
come of the peace conference at Portsmouth
snd the large inHoads Of the week OF the cash
reserves OF the banks emphasized the disposl-
ton 20 reduce commitments The market con-
IlDued 70 show a nrm undertOnet Whleh was
manifested by the progressive guinness OF the
trading az prices ceclineQ- Inc selAllss IA
fact. was not pursued aggressiyely and the
market had frequent periods OF recovery II
had IT'S points of positive strength well,
although these were few in number and with
cut the prevailing effect that has been seen
on previous days Of the week The pushing
Up of q few stocks rather obviously for
the purpose OF sustaining the rest OF the
market during the process Of profit taking
The perception OF this TACT oinllnlshec the e.
feet OF the advances y. Paul was the con- con-
spicuous instance OF early strength and il was
made 70 open at a vide advance over last
night, while active selling began almost imIne-
diaIely at all other points in the list Late IN
the day an enormous accumulation Of Pennsyl-
vania set IN and this served 10 hold the level
81 prices for time at other points Reading
also went 70 new high level during the
day This about eNhauated the list OF strong
stocks among the active market leaders 9th
erwise the pressure 10 sell was quite general,
but was most marked in the latest speculative
favorites. The Paciflcs were especially affect
Cd SO much 50 as TO give rise TO a rumor OF
eu Intention 70 issue additional Southern Pa
clfc bonds 70 account FOR the weakness. This
- nor was without official sanction The re-
Newal of the dispute over freight rates between
the coast and glif lines was a disturbing fac
tor upon sentiment and the outbreak Of yellow
fever at new points in the South also was
disliked The sustaining firmness Of japanese
and Russian Government securities kept up
the belief in financial circles In an ultimate
agreernent on q peace treaty at Portsmouth.
But the almost hopeless tone Of much Of the
news reports and Of the diplomatic utterances
from that point were not without their in
fuence on sentiment The possibility OF the
failure Of the conference had its part in in
6ucing profit taking sales But the prelim-
mary estimates Of the currency movement for
the week indicating a loss TO the interior OF
something over 81 0oO. O00 was the predomi-
nant influence on the market. especially the
suh-treasury has absorbed from the banks in
addition some 81 .64T. 600. Part Of the latter
item is due to payment Of drafts by interior
banks or their New York correspondents for
the payment of internal revenue collections,
and represents Indirectly the growing require
rnent of the interior for funds. With the
enormous crops in prospect and the great
business activity of the interior this require
ulent may be expected TO expand from this
time forward. While the market showed re-
sistsnce from time n time. prices were tend
ing downward at the close, which Was at about
the lowest Of the day.
Bonds were irregular Total sales. par val
ne 50 SO 600
T-rfted states IS advanced u, the old 4s a
and +he rev 4s u per cent on call
New York stock List.
Hutton & Co 400 California street
san Francisco. members Of the New York
Efoc5z Exchange. furnish the following official
quotations Of that Exchange;