The San Francisco call., 1905-03-30
New YORK Stock Market.

NEW YORK. March 2s.-Prices moved up
ward again to-day on the Stock Exchange
and the advance notable IN view OF the
downward swing which has been in progress
zllcv l1s nrst lns week 1ns average
the loN point yesterday IVES DOI lower
lLall before the recovery set last week.
sucn renewed resistance a 8 similar price
4eNel has great sasnlncance aScrbeo 70 Al
= deIn1as trstlOn Or = nxSa Level where
resistance becomes elective Ii a downward
lJfelIleut breaks through the Level OF q prsVl-
ceclIne maze shorty before 1t involves
lle impairment o. margins and the uncOv-
erlug u stOp-l0ss orders IN addition to those
,shi1h were reached on the inmadiately pre-
lellug decline. ana is therefore likely to be
slaIesy extended. With the power of re-
eiEtance developed anew, the professional party
% reaction Is likely 10 conclude that their
elQlts al depression have been defeated and
~ desist. me recovery did not extend very
Ear a. urst and the animation died out Of
the market 10 marked degree. The specU-
.allNe demand restrained py the iInmeci-
ate outlook IN the money market, which il
such as 10 threaten convenience 10 borrowers
gnduly extended ana dependent all loans.
The immediate influence on the call money
market was the placing OF subscriptions Tor
the S75, zoo, OO0 instslment Of the japanese
loan. " hatever precautions may be taken
10 avoid disturbance in the placing OF sub
scripuons, y is obvious that with the books
held open for several days, there viii be &
necessary tying up Of funds temporarily, the
subscription requiring 8 deposit TO be held
until the awards are made. It was believed
,- Ss o<0 000 would thus be Involved The
cali loan market to-day showed the effect
81 this preparation In the four per cent rate
al which money loaned even early in the day.
u is reported that large subscriptions are
being offered here for this loan for European
account. sn6 the transfers Of credit in antici-
patton may help TO explain the recent large
decline IN the exchange market here. Peace
rulnOrs were again Influenced in the world s
securities market, and London a buyer
here as reflection OF this influence. The same
influences served TO check the advance in the
exchange market The question is canvassed
whether the subscriptions 10 the japanese
H~r9-r -f-a ,,f
the demand Of the japanese Government. The
SUCCESSFUL London Stock Exchange settlement
WIS an additional incentive TO buying for Lon
don me canadian Paclnc group made an
other strong demonstration. although the only
news bearing them was the favorable
statement oe net earnings for February by the
rass-Ht company. Reports from the coal trade
Indicated large orders placed for anthracite
with the reduced prices TO go into force in
April. owing. II was said, to the desire to
seSure a-eple reserves against possible min
ing troubles The announcement of the Penn
syivsnis. bond issue was according 70 expecte-
ton and the cooperation IN the underwrit-
ing Of the two great banking houses which
are most representative OF the rival lines OF
division in the railroad world was OF decided
effect on sentiment as a sign Of harmonizing
of Interests. This consideration gave renewed
force 70 the late suppositions as to the North
ern Securities settlement, and its consequences.
Union Pscise rebounded strongly a result.
and this ohed q notable sympathetic effect on
The whole market. Later in the day the
market took on renewed strength and anima-
fi0u and went to the best prices OF the day.
The cFGSinE, however was irregular and rather
dull The striking advance in the Wabash
6ebenture bonds the contention OF a COM
nlittee o. bondholders for an exchange into
fixed interest bond wes the feature in the
bond market Total sales lpar valuel, So
O9o e00
United States coupon ss advanced Y. and
Tire rev rs = per cent on call
New York Stock List.
T. r. Hutton & Co., 400 California street,
San Francisco members Of the New York
Stock Exchange, furnish the following official
quotations Of that Exchange: