The San Francisco call., 1905-02-10
New York Stock Market.

NEW YORK Feb 9-Some reluctance de-
veloped in the upward movement of prices
get them higher were largely relinQuished
stoeks aid not serve 70 prevent the average
level OF prices from dipping lower than last
night But the effect Of the decline was to
sink the trading into great dullness and
suspend prices at a range only slightly below
last night II is regarded as a technical
evidence Of strength in the market after an
extensive rise II a pause or setback IN the
NOV ement does not bring out large offerings
Of speculative holdings to realize profits or
to losses. One Of the most striking
features Of the recent market is the seeming
disappearance of stocks and their failure to
come out except at q substantial enhancement
in the price The pause in the demand to-day
was most apparent, but its causes were OBJ
scure. Although the admission to the Atchison
garded giving a measure Of credit TO many
rumors Of railroad deals. the stocks affected
States Steel stocks on the conditions reported
in that trade. for which a leading authority
uses the emphatic term astounding. That
Is 10 say. with production at the nigh record
rate it is still below the rate Of consumption
a. shown by the decline in the stocks on hand
during January The failure 70 respond by
the steel stocks and the Pacifcs TO news OF
this character arouses the fear the part
ot operators that other important developments
which have been rumOred may fail to move
prices upon their announcement even should
they prove true. Sentiment was affected also
by the report OF the intended departure a
long trip OF influential party OF speculative
operators Another influence was the stiffen-
for a resumption OF gold exports 70 France
The cancellation Of part OF the orders OF gold
bars which were TO be sent out to-day led
10 strong recovery in the exchange market
here from a fail of sterling at Paris
companied by stinening of the discount rate
IN London. There were renewed inquiries for
gold for export. Official intimation that an
additional japanese loan was TO be negotiated
may have had its effect the London dis
count market Arrangements to ship So, 000,-
600 more in gold certificates TO Cuba on Sat
urday is to be reckoned with in considering
the effect on bank reserves here In spite OF
buying OF stocks here for London account
The early advance in Pennsylvania and in
Ontario and Western. the strength Of Illinois
Central and a renewed rise in the local trac-
tions about exhausted the list Of important
strong stocks. Some of the influences Of de-
preston were due to discussion OF the cost
to the railroads Of the war in export grain
rates The proposition at Albany to tax stock
transfers and the Introduction Of a measure
looking to the regulation Of corporation
ganizing were influences in the same dtrec-
nand permitted the early gains 10 be generally
wiped out and the market closed at
about the lowest The jump of II = in Great
Northern preferred without effect in the
late market
Bonds were irregular. Total sales, par
value So, ,6s5, 900.
United States bonds were all unchanged on
call.
New York Stock list
z. f. Hutton & Co.. 490 California street.
San Francisco, members of the New. York
Stock Exchange, furnish the following official
quotations OF that Exchange;