The San Francisco call., 1905-05-17
New York Stock Market.

NEW YORK May 16-Some considerable
declines were effected in prices of stocks IN
the course of an hours business after the
opening to-day and a creeping upward move
ment followed for the most Of the day A
large proportion of the days total transac.
after that business was little more than
nominal. Some items of information in the
Gay news offered a nominal cause Tor the
setback in prices but the market is best ex-
planned by the encouragement of the pro-
fessionA element over the utter lack OF sue
cess in attracting any outside interest While
the great ease OF money and the abundance
of funds apparently available rather diverta
opinion from attributing money market affairs
as the reason for the present neglected STOCK
market. il is open to question whether a de-
sire to conserve the money market has not
more or less 10 90 with the attitude OF pas
sive dlscouragement of speculation which has
been adopted by the banking and financial
world. Some very heavy operations are pro-
ceeding in the money market and there has
been very large shifting of loan accounts
in consequence in the last two days. The
deposits from the national banks is being car
ried through and it is surmised that pro-
vision is being made for the calling OF DO
per cent OF the underwriting subscriptions
to the S1O0, 600, 600 Pennsylvania convertible
bono issue Next week on May go -; ;s,6 SUD- oloo
to the japanese loan issue will be payable
in New York The money market. in spite
o. these enormous transactions ana the prep
arations for them, is absolutely unrufheds and
is in fact. working easier. 1t can be under
stood however that q sense OF relief may
be felt over the freedom of the money market
from extensive speculative entanglemekts dur
ing the conduct of these operations. There
are some counter influences, notably the ex-
pectation that the Government bonds to secure
the deposits being returned will be en-
ployed for taking out additional banknote cir
culation The April foreign trade statement,
showing an excess in value of exports well
above that for the April of the preceding
year, gives assurance of the resources Of the
exchange market which special demands
are made in preparation for remittances
on the Japanese loan OF the more inn
mediate influences on to-day's market the
foreign political disturbance was most con-
spicuous. This was due to the reported seiz-
ure by Germany of a Chinese port and the
official denial from Berlin only partly re-
lieved speculative markets from this effect
Our grain markets were more affected than
stocks. A two-fold influence in both markets
also the weather news from the crop
regions Extensive rains were reported In the
Southwest delaying corn planting and dam
aging winter wheat But the amount of stock
brought on the market by these factors was
however under the light offerings discour-
aged the professional attempts TO get the
market up. The marking up Of st. Paul late
in the day was attributed to a traders move
ment designed for effect on the general list,
but the closing was heavy for the smallest
days business of the year.
Bonds were dull and heavy. Total sales,
par value 81, 255, 600.
United States bonds were all unchanged on
call.
New York Stock List.
e F. Hutton & Co.. 400 California street,
San Francisco. members of the New York
Stock Exchange. furnish the following official
quotations OF that Exchange: