The San Francisco call., 1905-04-08
New york Stock Market.

NEw YORK. April THE wave Of specu-
lative enthusiasm which developed in yes
terday's stock market as result Of the sud
den awakening In United States Steel pre-
1errec was carried over into the early market
of to-day and swept prices quite comprehen-
Elvely 10 q higher level with an appearance
OF great animation and buoyancy- But the
market Underwent a considerable change Of
form IN tAgT course or the dav and the trad
Ing became much ouieter and the tone re-
dictionary by contrast There was some pres
sure take profits in recent special 1avorites
force during the day The change IN the mar
ket's tone was not based on any widespread
general condition but was explained by con-
siceratiOns OF a narrower scope, such as have
force with bOarc-rOom operators Traders
bought stocks freely while they found that
prices advanced easily and there was ready
opportunity 10 secure profits for a quick turn
But some Of the newer ventures brought out
such heavy offerings on the advance that the
confidence Of the traders deserted them. This
was notably true Of Rock Island. which had
enjoyed no notable movement for a long time
and which was taken up by the professional
operators for that reason alone. They rea-
sJned that stock so long practically dor
maut would advance easily 70 a level Of re-
adjustment with the advances already effected
somewhere The bidding up Of this stock
brought out such enormous blocks in Nquida-
ton that the load proved too heavy to carry.
II was evident also at the opening high level
for United States Steel preferred the sttTac-
tion Of profits was so tempting as TO bring in
selling orders in excess Of the demand. The
cueuiug price in fact proved the highest Of
Tic day. The heavy prOfit-taking centered in
Archison from the outset. Its late sharp ad-
vance yesterday served to bring out selling
orders This obvious tendency Of the trading
took away the confidence Of the spectators
Tor the rise and the aggressive demand sub
sided gradually. Different stocks were taken
up in detail and lifted sharply in the effort
20 contest the reaction There was very
striking movement in American Smelling,
which was based upon the assumption that
tho plan for further combination Of the smelt-
ing and lead companies was nearly accom-
pished. The increase in the dividend Of
United States Rubber preferred helped the
stocks and the industrials generally. In the
opening rush 20 buy much was made Of the
remarks made IN speech yesterday by Presi-
dent Roosevelt iuculcating the oesirability Of
fair treatment TO the railroads in any legis-
lation FOR their regulation A former intima-
ton on the part OF the Hartman interests
OF an intention 70 make no further contest
Of the Northern Securities case was Of some
effect The good prospect for the winter
wheat crop was assigned grounds for spe-
cial strength Of some OF the Southwestern
railroads Estimates Of the weeks currency
movement indicate a small gain in cash by
the banks but call money rose again 70 above
s per cent and caused some revival of mis-
Efvings ever the future supply. The active
speculation OF industrials has resulted in some
decline in their favor as collateral OF loans
The persistent strength OF sterling exchange
also "a view Of the low rates for foreign
discounts and the relative hrmness OF money
here Is something % mystery and induces
for some special purpose, possibly subscrip-
tons 10 the Japanese loan placed last week.
q quite a brisk recovery followed the late re-
action IL the market and the close was ir-
the tcS level.
United States IS Creeistered) advanced x
on call
New York Stock List.
z F. Hutton & Co. 490 California street
san Francisco, members OF the New York
Stock Exchange, furnish the/foIlowing official
Cuotatdons Of that Exchange: