The San Francisco call., 1905-03-21
New York Stock Market.

NEW YORK. March 2o.@The Effects were
perceptfble il to-days stock market Of some
benevolent supervision. which had the effect Of
discourasing aggression By the bear party.
The buying which checked the decline how
ever. hesitated 70 fellow prices when they
turned upWard and the speculative operators
who attempted 70 hush the advance found
themselves in scanty companion The result
was period Of dullness in the trading. and
narrowing in the fluctuations. prices showing
. tendency TO settle TO about last weeks clos
ing. The impression impressed OF sf-
fort 70 hold the present situation on an even
keel while awaiting the solution OF some Of
the doubtful factors in the outlook The
party OF reaction were somewhat aggressive In
the early part Of the DAY until checked by the
measures Of support In the market With the
reaction checked some OF the old rumors Of
deals showed renewed vitality, notably that
alleging q plan for & holding company Tor
the Vanderbilt property and for the combina-
ton Of New York Central, Northwestern and
Union Pacific. The Northern Securities case
also showed remnant Of its strong hold on
circulated that the Supreme Court was likely
70 conclude the case By issuing its mandate
The renewed signs Of depression shortly after
noon were clearly 70 the news OF the adjourn
ulent Of the court over the recess without is
suing It's mandate. About the same time there
eppeased official disclaimers OF the New York
Central rznors, also pointing out the absence
ot directors 70 secure a quorum of the board.
Such disclaimers have often been issued IN the
midst OF the most excited periods Of the late
Fise without attracting the slightest attention.
Their greatest effect to-day was an index OF
the gubdued spirit OF speculation Attention
oonverged IN the money market owing 10 the
low state OF the bank reserves and the expect
&c growth Of an interior demand for currency.
The extreme activity in all lines Of business
itself promises 70 increase this demand. and
any material inroad on money supplies would
be expected 20 AFFECT unfavorablY the stock
market There evidence OF lack Of
funds to-day, although rates were well main
t1ined- o. general news the condition report
&c from all quarters were brilliant The tone
OF reviews of traffic conditions by railroad o.
ncials fairly enthusiastic. the only COM
plant being Of shortage Of cars with which
% meet the extraordinary business Offering.
Stocks o. merchandise reported low owing
70 former hesitation about reorderfng. and or
volume % promise g1ut OF railroad traffic
for some time % ocnne. Suggestions were put
ou4 q Gr early payment OF accrued dividends
@ Republic Steel proferred. and that stock
IN sympathy. Some renewed oredenos was
given therefore 70 the stozy OF the merger OF
eoutheTn iron companies. The railroad equip
n1ent stocks weTe IL demand limitations Of 4
lands By reason Of oil discoveries caused an
extended rise IN that stock. and contributed
with the movement IN the Southern iron stocks
70 the strong closing and activity at the best
prices q the day.
ssts-isng exchange broke violently & fun
quarter of q cent in the pound and this was
pointed 10 as q promise ef relief for the mon
sy market
Bonds were Irregular. Total sales. par val
United States bonds werS ali unchanged on
c@n
New York Stock List
z F. Hutton & Co.. 400 California street,
San Francisco, members Of the New York
stock Exchange furnish the following official
quotations OF that Exchange: