The San Francisco call., 1905-03-23
New York Stock Market.

NEW YORK March 22-The growing in
dIfference OF the demand for stocks had a
cLlling effect on speculative sentiment and
the level OF prices was let down considerably
further to-day in spite Of the constant irregu-
largely due 20 the activity Of the board-room
traders OF the larger class, whose position
was occasionally shifted IN the progress OF
unsneuvers designed probably 70 evade an un-
desirable following. This shifting process in
yolved the buying OF stocks now ana then,
but there was no evidence OF positive strength
In the market at any time. Ahe growing
neut Is 70 be looked for in the Immediate
future prompted considerable throwing over OF
securities by holders not prepared TO retain
their contracts through an INDEFINITE oeciine
TIE seutangIeEnent over Venezuelan relations
continued te be. the subject Of discussion, and
while no ground was perceived for immediate
alarm il was felt that the progress Of the
offered q delicate situatior with room for
s---t---- -,r-oI ,7-,.- -,..s,,-, -st-s,,
yesterday by the directors OF the Corn Products
Company ii reducing the dividend on the pre-
ferred stock had q decidedly urfsvorsble in
GCence especially coupled Il was with the
pessirnistic remarks Of The president OF the
Company on conditions in that trade. The
shutting down Of sugar rehneries was cited
& parallel TO show that trade might not
be unoeviatingly prosperous IN all lines. The
persistent heaviness Of the United States Steel
stocks IN spite OF all the glowing reports Of
the enormous demand for its products had a
ciscouragtng effect on the advocates OF higher
prices. The merely nominal Improvement in
etcated II the New York Central net earnings
tor the March quarter, although compared with
q period last year of extraordinary obstacles
70 transportation. was not relished- More
attention ps3d than recently to the ap
parent officially inspired disclaimers OF some
Of the lately prevalent rumors Of intended
dividend increases. and stocks which have
moved under this influence were notably heavy.
Importance was attached to the news from
Albany as promising the success OF some
measures OF legislation which are feared for
their effect on securities. The foreign news
also failed 20 Offset any sustaining influence
for stocks and some fears were reported Of
closer money conditions in London which
would endsnger the hopes OF relief from that
quarter by gold imports which were be
ginning 10 be INDUCED. Russian loan was
reported once more 10 have been negotiated
In France and the imminence OF another Jap
enese issue was also taken account Of for the
requirement on the money markets, especially
10 view OF the reported participation by Amer
loan these subscription involved shipments
Of gold 70 Japan. The first transfers OF cur
rency through the sub-tressur to New Or
leans for the season marked the beginning OF
another cause Of draining New York banking
reserves. Sub-tressUry requirements also in
cluoed large payments for Internal revenue
collections which made on drafts from
Interior centers where the collections are due
and which represent in that way an indirect
the interior. These DEVELOPMENTS impair any
confidence that call money will fall back i'm
nedistely 20 It's extremely easy condition
The pressure upon the stock market increased
Progressively and most severe in the
closing transactions the trading ending on a
rapidly descending scale OF prices. losses ex-
many Of the leading speculative stocks
Bonds were heavy. Total sales. par value.
United states old A. and new IS tregisteredD
advanced x the new zs lcoupon) and IS
tregistered) 4. the D y and the IS coupon
y per cent on call
New York Stock List.
T. r. Hutton & Co.. 40 California street.
6sn Francisco members Of the New York
stock Exchange furnish the following official
quotations Of that Exchange: