The San Francisco call., 1905-02-04
New York Stock Market.

NEW YORK Feb 3.-There was continued
active speculation in stocks to-day and con-
siderable further advance in the price level
The movement was uneven and intermittent
the advance shifting from one point to another
There was no definite news 10 account for
TIE demand, which was based on general con-
sioerstiOns and which fostered by the
extreme abundance OF money. Principal in
terest centered IN railroads Of the Eastern
part OF the country, although there was some
recurrence OF strength later in the day in
the Pscifics- Reading continued TO be the
feature Of the market and the rapid enhance
n-ent IN its quotations had a material effect
q ne Coaiers al,u me EehLlsyi ANA group
PARTICULARLY Another motive for the marking
up OF the price of Pennsylvania was for the
purpose Of adjusting II 10 the recent wide
advance in New York Central A movement
IN either one Of the standard trunk line stocks
IS certain sooner or later 70 be followed by
the other 70 preserve certain parity between
them Pennsylvania is naturally benefited by
the growth IN value Of the various companies
n which Il holds a dominant interest and
especially by the increased dividend disburse-
ments on many OF its controlled stocks The
rate o. accumulation Of Pennsylvania. and in
Blocks OF 1000 10 5000 shares were constantly
rransferred. The announcement Of the South
en- Facile refunding plan revived the demand
Tor the Pacihcs, but did not carry the
snent IN them far. This plan has already
Inquired 10 such extent in the previous rise
IN both Southern Pacific and Union Pacific
that its influence as market factor was
largely exhausted before its announcement
There was some awakening in Rock Island
but that movement also was not well sus-
tsinec- II seemed 70 be based upon the inti-
nation that the supposed change Of control
IN Kansas City Southern and Colorado and
Southern was designed in the Rock Island in
terest Atchison hung back during the period
o. strength and was one OF the first stocks to
weaken The prospect OF prosecution in the
Colorado Fuel rebate is not reIished bv
stockholders. especially in view OF the present
public attention aroused 10 this whole sub
1ect. The extremity 10 which the grain rate
war is being carried must be taken some sc-
count Of IN regard 20 the earning power of
the grangers. A number Of the stocks which
have had unexplained advances relapsed sharp-
~ to-day when efforts made 70 dispose
% recently accumulated holdings The Du-
lufh South Shore and Atlantic stocks were an
example and the Minneapolis ST Paul and
Ste Marie stocks also were heavy. Chicago
81 Paul Minneapolis and Omaha preferred
the purchase OF 100 shares Of which caused
q rise Of 35 points the other day. relapsed
to-day % points on sale Of 400 shares The
active realizing movement to-day was coin
oicent with the appearance Of the estimates
the weeks currency movement. indicating
3 loss OF cash by the banks OF upward OF
-. 600 000 due 70 the OF gold exports
over the receipts from the interior. The re-
newed strength Of the coalerS, however. and
g rush 70 buy Missouri Pacific pulled the
market up and made the closing strong.
Bonds were irregular. Total sales. par
value. s5744 600
United States bonds were all unchanged on