The San Francisco call., 1905-06-13
New York stock Market.

NEW YORK, June I2-The stock market
to-day ala not fulfill the promise held out by
Saturdays short market OF a revived market
and higher prices for stocks The selling attract
ed By Saturdays sharp rise In prices proved
TOO much for the limited demand TO absorb.
The market yielded deoisively and the first
selling waS followed by additional burdens
from the same source. AS the day progressed the
pressure relaxed and prices made come slow
recoVerfes. In q few stocks there was special
strength which offered & leadership for the
rally. The later dealings showed q marked
shrinkege IN volume from those IN the first
hour while the accumulated selling orders were
being executed. The turn IN the temper OF
the market had no positive news developments
10 account for it. The fact was quickly dem
onstrated. however, that the market was still
strictly IN professional hands. The movement
OF Saturday weakened the technical position
by the reduction of the short interest by driv-
ing 10 cover some of the shorts who were
alarmed by the evidence OF strength in the
market An element OF potential strength was
thus reduced At the same time the quiet ex-
tension OF the long interest on the part Of
professionals Increased the weight on the mar
ket when the instability Of prices was per-
ceiveo- The holidays were general abroad, and
deprived the market Of one possible source Of
demand which might have been stimulated by
the developments Of peace prospects. This in
nuence was modified by professed doubts from
some sources OF the substantial basis for the
hopes Of peace. This feeling was the result Of
opinion rather than OF any actual occurrence
that could be pointed 10 as changing the con-
oiuiOns long in existence
The Government crop report which appeared
Saturday afternoon proved 70 be the source OF
such varying interpretations common in
the foreign markets at the critical period of
the making OF crops. Notwithstanding the de-
cline IN condition Of winter wheat. the dimen-
sions OF the total crop indicated q hopeful
spirit This was modified by the making Of
surnises Of possible deterierating since the
date Of the Governments estimates. Further
reductions were reported IN pig iron prices,
bur the iron and steel stocks were relatively
firm all DAY and developed positive strength in
the later dealings. The special pressure against
a ma igamated- Copper first connected IN the
minds Of professional operators with a cam
uaign having its source in Boston. The Met
r0politan stocks owed their strength TO
the aspect OF affairs OF the Equitable
subject was less optimistic than On Saturday
and il was urged that the forthcoming report
of the State Superintendent Of Insurance must
be awaited 10 form e definite judgment on the
new plan There was much conjecture also
touching the identity Of the syndicate TO
which the Equitable stocks had been convert
e5. The postponenent OF the cali for the re
turn OF Government deposits from July ] to
July IS promised relief from one possible en-
barrassment Of the money market in connec-
tiOni with that of the yearly settlements. The
tone Of the weekly comments traffic Of
railroad officials showed some conservatism.
The effort toward recovery was continued
movement was somewhat uncertain and the
market closed unsteady
Bonds were irregular. Total sales par
value. 81 30 600. United States 3s registered
advanced 4 on call.
New York stock List.
r. r. Hutton & Co., z9o California street.
San Francisco, members Of the New York
stock Exchange furnish the following official
quotations Of that Exchange: