The San Francisco call., 1905-03-17
New York Stock Market.

NEW YORK. March Is.-The reactionary
tendency IN the stock market which developed
with The furry in the call money market late
yesterday was continued to-day The selling
seemed due 10 the same cause, there
no apparent change in conditions otherwise,
nor IN the character Of the reports IN eircula-
zion which have been the main influence on
ncelce vas prolesseo on the part OF the
speculative element before the trading began
thar the upward course Of prices would be
resumed with full force and the tip was
circulated extensively that the long -heralded
Vanderbilt deal would certainly be announced
during the day the alleged increase OF the
C-lasanesle and Ohio dividend being Included
in the plan The market made the ready
response 10 which the interested observers
have grown quite accustomed opening ad-
Vances running from large fraction 10 nearly
two points Ia many Of the prominent stocks.
The first prices. however, were the highest
almost without exception, ana the rapidity
with which they took the downward course
seemed quite forcibly 70 show that Efforts had
- been made 10 mark the opening high TO afford
8 basis for selling 70 take profits greater
aQh anlage- With the reectionery tendency OF
tile market estacllshed the proIessionai oPerat-
Ing element attacked prices with great vigor
The trading element generally has been very
cistrusttul a. the market for some time and
has constantly tested II by making short sales
IN the effort TO start a reaction These
efforts Up 20 this time have often proved
Enavalllng that the professional bears had
become decidedly distrustful. This spirit was
stlh manifest by them to-day in the prompt
hess with which they bought 10 cover their
eL-ult contracts rom TINE 10 time The con
sequence was series OF recOYeries through
out Lle DAY me DeNet was still prOfeeSed
that the furry IN call loans was due 70 re-
call OF Government deposits and was merely
temporary. Preparation for the Standard on
dividend is also assigned the occasion for
thu shifting OF loans. The money rate was
frmer. however. loans being made below
5 Der cent and the rate rising again 10 a
higher figure late il the day. Il was sug-
gested that the recent receipts OF currency
from the interior has been due 70 remittance
by interior banks in preparation for drafta
on their New York correspondents for repay
meDt OF Government deposits and that the lack
OF this O1setting movement 10 New York Il.
likely 70 emphasize the movement Of cur
rency toward the interior for the future
Sterling exchange weakened, Indicating a
source Of relief for higher money. There
were points OF resistance 10 the reaction in
the days market notably the local fractions
The railroad equipment companies and Chesa-
peake and Ohio. The covering by Shorts
worked e material rally all around during
the last hour and the day declines were mod
crate in consequences. The closing irregu-
lar.
Bonds were irregular. Total sales. par
value s. ss5. 600.
United States bonds were all unchanged on
call.
New York Stock List.
z. F. Hutton a Co.. 400 California street,
San Francisco, members Of the New York
Stock Exchange furnish the following official
quotations OF that Exchange: