The San Francisco call., 1905-05-03
New YorI, Stock Nfar.,et.

NEW YORK May 2.-The character of the
selling which met the opening advance in
prices to-day carried sufficient warning thar
the stocks which were taken yesterday morn
ing TO check the decentralization in the market
were being disposed of again. 1t seemed quite
evident that the high opening had been helped
for the purpose Of making a better market for
oIsposlne OF tnese STOCKS ms is stflctiy IN
accordance with the normal course Of the mar
ket movement after such episode Sat
urdays violent break with the supporting tao
tics OF Monday The appearance Of this eiess
OF selling somewhat dampened the speculative
enthusiasm induced by yesterdays consider
able advance in prices. Even the conspicuous
advances in special stocks later in the day did
not serve entirely 10 restore confidence In the
stability of the market Nevertheless quite a
long list OF effective gains were shown as a
result Of the days business and among the
industrials especially the strong points were
numerous and diversified The conspicuous ad-
vances late. in the day were the result of a
stirring anew OF the rumors OF deals which
have almost dropped out of sight in the de-
morahzation OF sentiment for the past week.
The revival OF talk of the lease of the Louis
Vile and Nashville TO the Atlantic Coast Line
on dividend guarantee was especially effec-
The action Of the Chicago and Northwest
ern directors towards a Is per cent stock in
crease set afioat again various runors regard
ing the railroad adjustment to be worked cut
in the Northwest That stock itself had an i'm
mediate influence on the Vanderbilt group be-
side. No detailed information was given as
to the ends proposed with the proceeds OF the
new Issue. out speculative sentiment lnduised
IN Tree conjecture along the lines that suited
best the prevailing mood. The rev stock is
part of an increase authorized by the stock
holders fully three years ago to be issued from
time to time in the discretion Of the directors.
Plenty Of rumors were current also of the dis
trIbution of Northern Securities assets in a
manner to adjust all differences in that terri
tory.
Clearing house exchange rose to figures
near the record level and this had some in
huence on the suppositioP that some large
transaction in financial affairs was in course
of completion. The Lead and Smelling merger
talk had some revival in the natural course of
things. Consolidated Gas suffered from the
other New York public utilities were some
what affected in svrnrattv : THE vvaal-nees !. =
this point had some influence in aggravariu
the early reaction. Its influence passed away
with the latter developments, but was re-
newed at the last.
The weekly crop summary was regarded as
satisfactory in its showing for the winter
wheat crop. March net earnings of railroads
made further favorable exhibit, especially
that for the Pennsylvania system. The soft
ness of the market when IL was ought to take
profits the days rise indicated its limita-
tions and the irregular closing showed the
days changes mixed and The extreme gains
much reduced
Bonds were strong Total sales par value
50 365, 600.
United States 2s registered declined 4 and
the new 4s u Der cent on call
New York Stock List.
E F. Hutton & Co.. 400 California street
San Francisco members of the New York
Stock Exchange, furnish the following official
quotations Of that Exchange