The San Francisco call., 1905-01-31
New York Stock Market.

NEW YORK, Jan. So.-There was great
variety in to-day's stock market, with large
dealings and wide, constant fluctuations but
the net changes do not in any degree corre-
spond with the wide movements of the day.
The handspring of the speculation was the
action of the Supreme Court in the Northern
Securities case. Last weeks buoyant rise IN
the stocks which have responded to the va
rious developments in the Northern Securities
case was associated with a general conviction
in Wall street that the court had reached the
determination to refuse the petition of the
Hartman party for writ of certiorari to
view the decision against them in the lower
courts. BY permitting the immediate distri-
button OF Northern Securities assets, such ac-
tion by the court, it was felt, would prac-
ucally determine the contest. The anomaly
of strength shown by the stocks Of both Sides
TO the contest on account of a decision which
would be defeat for one side apparently es-
capped notice. The movement of the stocks to-
day seemed to demonstrate by their final ac-
tion that their advance has not been influenced
by consideration Of q decision in the Northern
Securities. But 1t was shown also that there
had been a large speculative following in this
fuence that moved them. Thus, there was
again heavy unloading when 1t became known
that the action Of the Supreme Court would
have the effect of continuing the injunction
under which the Northern Securities Company
is tied I'D. That stock itself fell back nearly
s points on the curb. and Union Pacific.
Southern Pacific and st. Paul were acuteIy
affected on the exchange. The determined ac-
cumulation of Union Pacific at the lower lev
els ana us vigorous movement upward again
pointed to other causes for the advance and
the mysterious power Of the railroad deal
again asserted itself on the speculation tenn
per. Union Pacific, st. Paul, Southern Pacific,
Chicago and Northwestern and allied stocks
Erie New York Central, the Vanderbilts and
Kansas City Southern were all influenced i'm
mediately by the supposition of the DEAL Dis
clainaer OF the deal stories, said to be with
official sanction but anonymously reported.
had effect that speculative excitement
Outside of this influence there were no clearly
defined factors in the market There was
some disposition to attribute the strong re-
covery to the retreat of the bear interest
which has made demonstration against the
market for some time past. The special
strength of Amaigamated Copper was attrfb-
uted to this cause Interviews with railroad
traffic officials pointed to slight interruption
Of the freight movement by last weeks storm
obstruction and the merchandise movement
was said to be well maintained. Foreign fac
tors fell into the background. Money was
again very easy and the prospects of large adj
ditional exports of gold caused disturbance.
Except for the Harrfmans and vaaderailts
there were not many stocks that recovered
above Saturday. The closing was steady and
not very far from the average OF Saturdays
level.
Bonds continued to be well absorbed both
but depression OF some OF the speculative is
cues made the movement Irregular Total
sales, 81 475. 900.
United States bonds were all unchanged on
can.
New York Stock List.
e. r. Hutton Co., 400 California street,
San Francisco, members of the New York
Stock Exchange, furnish the following official
quotations Of that exchange: