The San Francisco call., 1905-08-18
New YORK stock Market.

NEW YORK. aug. l7.-Neariy half mill
Lon shares OF stocks were sold To-day in the
L-rst hours dealings the Stock Exchange.
The transactions Of the first hour are the most
slg1-nca-nt ot the day and are the crucial test
of The tone Of the market in the majority OF
cases he extreme animation during that
period Of to-day was convincing evidence OF
The growth Of speculative interest Large
or4eis came from various quarters. Every de-
vice was used 70 make the opening prices high
tor the benefit Of those who desired 70 realize
profits with the advantage Of the growing out
SIDE demand The accumulated buying de-
mand was fed steadily during the whole Of the
LrsL hour IN the process OF realizing profits.
The result was a growing tendency to yield
N-leA became more marked as the accumu-
lated buying orders were worked of. But
when this condition Of affairs began TO be
ef--e-t there was discontinuance Of the
pressure 70 sell which threw the market OF the
El-odle portion OF the day Into dullness. The
aosfrDtlve power demonstrated while the sell
ing was active served to encourage professional
speculative sentiment 10 such an extent that
efforts were resumed later in the dav TO get
prices UP again, advantage thus being secured
also for the renewal OF profit taking sales with
the next days accumulation OF new buying
orders This has been about the course OF the
market for several days with some variations
IN the effect relatively IN the profit taking
sales sud the new buying orders. Immediate
new events were Of little consequence in the
market and nothing important occurred in
tacr. 20 change the general conditions existing
Each day s news adds 10 the confidence in the
The grain carriers held their CONSPICUOUS place
ID the days market Stocks Of Eastern rail
to realize. Reading being the conspicuous ex-
ample. although that stock touched a new high
record during It's period OF strength. So did
ne Lyle which was the strong exception IN
the group. Union Pacific was again very con-
spicuous and was the subject Of the most
talked q deals and mysterious DEVELOPMENTS.
These rUmOrs have taken the form Of some
important development regarding Great North
- preferred. from which Il is said the
g Ted benefit 70 Union Pacific will accrue, by
rszson Of its large holdings Of Great Northern.
me enthusiastic forecasts OF the corn crop
helped missouri E'acihc 70 an additional ad
vance A special factor IN the Southern group
was the belief that the yellow fever epidemic
in New Orleans has come under control. The
peace conference at Portsmouth was the sub
sect Of attentive consideration under the belief
that the critical stage OF the negotiations had
arrived. All signs continued to point to a
feeling Of confidence IN the financial world and
e peaceful outcome Of the conference and pes
simistic utterances from diplomatic quarters
Eeemed 70 have no power 70 alter this feeling
The favorable condition reported by the trade
authority IN the iron and steel industry had
sts effect on the stock Of companies connected
with various branches Of that Industry. There
was some special activity in the Republic
Steel stocks induced by discussion Of the pos
sIhle resumption Of dividends on the preferred
stock The extra dividend on United States
Reduction and Refining explained the advanced
stocks OF that company. Reports that the oft
projected lead merger again abandoned
depressed National Lead and had some effect
also on American Smelling The money mar
ket continued easy and therefore received at
tentfou n the stock market. The digestive
process continued up 20 the close, which was
made Irregular by the heavy profit taking IN
sone stocIs and the late rise OF about a point
IN the United States Steel stocks and some
Bonds were STEADY. Total sales par value,
I-nited States 2s advanced x per cent on
New York stock Market.
z F. Hutton & Co s9o California street.
stock Exchange. furnish the following official
quotations of that Exchange