The San Francisco call., 1905-03-31
New York Stock Market,

NEW YORK. March s0.-To-dayG stock
market vss not much more than drifting
match and the movement was not conclusive
or convincing at any time. The volume Of
weeks. Very large importance was attached
an the discussion about the Stock Exchange
factor making most for this sudden collapse
n activity The decision 70 make this tax
bill g party measure was accepted as offer
Ing al extreme probability OF its enactment
into law. While the amount Of the proposed
tax is not regarded extremely burdensome
in the actual transfer Of stockholoings from
one owner to another Il is generally agreed
that il would form a serious restraint upon
manipulstiye operations and upon the so-cailed
scalplng operations on the floor OF the stock
Exchange upon which the professional traders
largely rely Tor their livelihood The manpu-
ton are not confined 20 room-tradng opera
tiCus. but are relied also 70 further the
f-tatlon of new capital issues when they first
make their appearance. With a large volume
Cf such new issues in prospect there is a fear
lnat the marketing Of them may be hand
lcapped by any restraint OF the freedom OF
operations IN the market But there was
ground FOR suspicion that II other conditions
were not operative this factor might not have
ben So effective in the decline Of activity.
isI.,ess ~ tbe market than its cause There
was calling Of loans during the day which
u=cessitated shifting OF accommodations even
where renewals were secured without an ad-
escapes some disturbance when this process
is going on. The subscriptions for the Jap
ness ol cal money, but preparations were also
going on for the April 1 settlement and the
placing Uf the Pennsylvania bond issue looms
beyond. Confidence is professed that the
harder tone OF the money market viii be
sh4rt-ltved and that the loan operations when
concluded viii permit the quick return OF
fheir proceeds to the money market. II is
upon this conviction that current operations
IL stocks are rather of a waiting character
than z reflection Of any positive opinion on
the outlook The selling pressure was light
but there is no disposition 10 buy a large
scale. A weak bank statement on Saturday
Is taken for granted Although some OF the
Interior exchanges on New York have risen
remittances 70 participate in the japanese
lCsr subscriptions Interior banks. however,
are drawing freely on their New York cor
respondents for payment Of internal revenue
collections. Returns Of February net earnings
% railroads they come 10 hand are not
encouraging 10 a demand for stocks although
the poor earning conditions then are shown TO
be corrected by later returns of gross earn
'inss ire market got no help from foreign
Influences the weakness OF Russians being
aggravated at Paris by the German attitude
In Morocco. A revival OF iron merger talk
alarmed tie shorts in those stocks and had
some sympathetic effect the general market
The greater tranquility that was expected In
tho call money market also contributed to
the late hr7nness. The wide movements in
g few low-grade securities were due to in
eividusl causes The market closed Irregular
ofter its substantial recovery.
Bonds were steady. Total sales, par value
f3 995. 600.
United States bonds were ell unchanged on
call.
New York Stock List.
Il F. Hutton & Co. $50 California street
ser Francisco members OF the New York
Stock Exchange, furnish the following official
quotations OF that Exchange: