The San Francisco call., 1905-01-24
New York Stock Market.

:. NEW YORK, Jan. 23.-The revolutionary
aspect taken by affairs at St Petersburg over
tie Sunday interval proved a disturbing in
fuence to-day in all of the worlds markets
The effect was quite acute in Wall street
any other market, although the results
70 be expected in New York would be less
direct than in European markets. But the
russian crisis proved to be the deciding factor
ia tendency. which already growing up
last week an. New York toward a spirit of hes
itation and suspicion. In fact, when our
advanced in st. Petersburg owing to the diff
ference in time that the more tranquil condi-
The early weakness on foreign stock markets
had also passed away to some extent and
effective recoveries had been achieved. Yet
prices here broke all the way from 1 to y
poiRts for the prominent active stocks in the
first few minutes of trading and the feverish
CDntest between the opposing tendencies was
not directed in favor of the recovery until the
nrst hour had about expired. There was some
s;ibsequential effect on the side of depression
in the shape of selling for European account
in this market, which reached unusually large
Proportions But considerable influence must
be allowed for the over-extension of business.
buying coming over from last weeks market,
and left in vulnerable position. Efforts to
interpret the events in 81. Petersburg were
confused and varied. The programme Of the
revolutionary propaganda in Russia undoubt-
edly impresses the financial world. but there
was question whether the Sunday outbreak
perfectly identified with the revolutionary
movement believed to be in contemplation.
. Sentiment during the day became more re-
ASSURED and there considerable recovery.
The market was not entirely free from its
feverish tone and the disposition was rather
= await events than TO enter courses.
When the time had passed for the operations
for foreign account the tendency, however was
quite clearly toward recovery The settle
ment OF the threatened Pennsylvania strike
and the resumption of operations in the Fall
River cotton mills contributed cheering in
-ruencfs TO the Industrial situation. The local
traction stocks in the advance in sympathy to
the rise in. Interborough Rapid Transit on the
curb TO a new high record helped to inaugu-
rate the rally ana Consolidated Gas 1Oined the
group on the strength of its annual report
The effect OF the unprecedented loan expansion
Of last week by the banks partly explained
away by attrbuting ii largely to the transfer
OF loans through trust companies, according to
the usual course when money rates become so
cheap to be unattractiye TO those institu-
. lions. Weekly discussion by railroad traffic
officials confirmed last week. impression of a
lCl in the freight movement both East and
West and decided easing in the car sup
ply. The lower level OK railroad earnings
disclosed by the reports for the week in
January is thus made merely to be carried
over TO the third week returns. On the other
hand the open weather conditions are for tha
benefit OF operation expenses and the con-
.servation Of net earnings. The selling in the
last ten minutes seemed due to dread of un-
favorable developments over night and 1t made
sudden inroads upon the afternoon recoveries
The. closing weak
Bonds were Irregular. Total sales, par
value $6,610,000.
United States bonds were all unchanged on
call.
New York Stock List.
e. r.. Hutton & Co.. 400 California street,
San Francisco. members of the New York
Stock Exchange, furnish the following official
quotations OF that exchange: