The San Francisco call., 1905-01-21
New York stock Market.

NEW YORK Jan. 2O-Constraint was
manifest on the speculative spirit of<the stock
dull for the greater part OF the time. The
positive weakness. however, OF the opening
day was soon dissipated. The pressure
tered largely In Amalgamated Copper owing to
disappointment over the dividend declaration.
:. The amount Of the distribution was what had
been generally expected. but disappointment
. was felt that the style of the dividend not
made regular per cent quarterly instead of
half OF per cent regular and half of / per
cent extra, which was felt to imply a question
to the maintenance of the rate The stock
was forced down extreme 1ss ar1 without
making recovery was effectively supported
above the low point. Brooklyn Rapid Transit
reflected a revised view OF the recommenda-
- tions yesterday to the State Railroad Commits
sion for the Improvement of the system and its
decline was arrested. While the market was
saved from the sympathetic influence of con-
tipued weakness in these stocks. there seemed
a continued weight on 1t and the notable ad
vanees in special cases were not effective in
Seviving the strength and activity. More ef-
feet than usual was produced by the disquiet
of foreign securities markets ON account of the
able selling of stock here for foreign account,
but the sentimental effect of the situation
Was of even more influence. Great interest
was shown in the news of the conferences be-
tween Pennsylvania Railroad officials and en-
ployes in the effort to adjust the labor dispute
and the uncertainty as to the result had its
effect in rePressing activity in stocks. Reports
OF gross earnings in railroads for the second
week in January showed considerable falling
.off in the recently prevailing leyHl of earnings
with the mixture of losses compared with last
year bringing the average for seventeen rail-
roads. reporting to actual decrease of over
per cent from last years level. But the
movement of special railroads was clearly
based on the hope of increased returns from
dividends. This was notably the case with
the Chicago and Northwestern stocks for
which encouragement is given by the recent
advance in the dividend rate on Chicago, ST.
Paul, Minneapolis and Omaha, which is a
subsidiary stock An Inference seemed to be
drawn of hope for more liberal dividend al
lowances among the Vanderbilt properties gen.
orally. New York Central itself notably
strong and there was response also in Canada
Southern. Cleveland Chicago. Cincinnati and
st. Louis. both common and preferred Peoria
violent rise in the Chicago Terminal stocks
was understood to be related to a pending plan
for reorganization, but no news was forth
. coming on that subject There
ber OF notable gains among. the specialties
and minor railroads, but In the standard list
about the only stocks to show appreciable
Strength. The suggishness Of the general list
not modified by the forecasts of the
weeks currency movement indicating another
gain In cash Of upward of So. 900. 900. Infer
ences unfavorahle to the activity of interstate
OF funds here The rushing up Of Reading to
so% in the last half hour of the market
Only slightly successful than previous
movements in stffening the tone generally and
the closing was irregular and active
=. Borfds were firm. Total sales (par value>,
S6. 760, 900.
United States As declined X per cent on call.
New York Stock List.
II. b. Hutton & Co., 400 California street.
Stock Exchange, furnish the following official
Quotations of that exchange: