The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1905-05-19
New York Stock Market

NEW YORK. May 1s.-Loss Of confidence
10 values showed q notable growth during
movement OF g7eRt animation 10 nquidate
was the consequence. Professional traders
size Of the market There was hssty selling
BY speculative pools which have made IN
decline in prices brought other selling
by the impairment OF margins and The
S1S2ys5Eg oo of st0R.iosS orders The
without q struggle and contest by
friends OF higher prices, and the level vibrated
many times during the course Of the morn
ing under the conflicting influence of operations
on opposite sides Of the market Operations
continental group and St Paul Union Pacjfc
and Southern Pacific at different times showed
considersb bic strength But the ove--accur,Tl
port The market made them weaker than the
average when the unloading process began 1t
cannot be sad that any important news de-
veloped during the day, but there was a very
earnest discussion Of number of points IN the
ton in the last few DAYS. The princinal texts
OF the discussion by the professional operators
were on the announced policy Of the admin
&Taoon 70 purchase the Panama Canal sup
plies IN foreign markets where that could be
done more cheaply and the admitted luII in
The iron and steel trade. These two items
o. discussion worked together in their effect
az Il was assumed that the canal materials
would come mostly from iron and steel prod
ucts- The political phases of the question re-
ceivec much attention OF more or less ex-
pert character in accordance with the usual
edge. The opening I'D OF the whole subject
Of tariff revision and the danger of unsettle-
nent OF the whole Industrial and financial
fabric were pointed TO with assurance in the
expressed opinions OF the bear traders who
were selling stocks short The reassuring opin-
ions from steel trade authorities that the
present iul in demand was likely TO prove
temporary were disreg9rdec It was argued
that the present high rate OF CONSUMPTION
must represent not only that for current
needs but also confident anticipation OF fu-
rure needs and that with the prospect of
prices becoming unstsple, buying in ali grades
would quickly fall to the limits OF actual re-
QUirements. The liquidation Of the United
States Steel stocks in consequence came from
all quarters. selling for London account form
ing an important proportion OF the whole
With the news OF the action Of the Northern
Pacific stockholders showing q general retire
rpent OF the Union Pacific element from the
directorate wave OF distrust sxFept over the
market regarding the persistent runnors Of the
working out OF tbs projects for community OF
interests in the Northwest by exchange OF
holdings IN different railroads The occasion
was not neglected. soon as the tone OF de-
preston was well established 70 bring out a
crop scare and reports were heard that serious
damage by excessive moisture TO the winter
wheat crop IN the Southwest. There was not
urgent liquidation, which became precipitate
IN the final dealings. making the closing very
weak and at about the lowest
Bonds were weak Total sales. par value
So $50 Ooo
United States Is registered and the old As
advanced u per cent on call.
New York Stock List.
Z. F. Hutton & Co.. 40 California street.
San Francisco, members Of the New York
Stock Exchange. furnish the following official
quotations Of that Exchange;