The San Francisco call., 1905-05-16
New York stock Market.

NEW YORK. May l0.-there was some re-
sumption Of operations for the advance to-day
on the Stock Exchange but they gave the
appearance OF being almost altogether IN pro-
marked was It's lapse into dullness verging
on stagnation al the higher level Of prices
The renewal OF operations on the long SIDE
Of the market was based on the conviction
that forced liquidation of weak speculative
accounts had been completed and that it
prices without bringing out any upsupport-
able burden Of offerings. Very general con-
sSshess sSsss Is sss ss hsac @ stuaon and IN IN the
sufficient supplies - the money market for
the needs Of the fnlnedinte future: There
part Of important banking and money powers
of any active speculation al this time or any
this- did not make itself evident to-day in
active opposition TO the advance Some OBJ
a. dsy but they were resisted and ultimately
overcome. The nest notable Of thess was the
selling for London account left over Nopida-
ton following the settlement making itself
felt again ia that market But this inhuence
proved less effective than the comprehensive
ineresse -uTaors which have served the pur-
pose Of advancing prices several times al
rssay The bearing On ei.Piy she Tshesn Ssen
and there was added to them the new sug-
gestton OF proposed retirement OF me But But.
stock by the holding companies. Among the
industrialE old rurnOTs Of combination were
revived by the news OF plan for TIVE absorp-
states Rubber Company, and by the wide scope
disclosed IN the organization OF the new
was assumed in some quarters that grow
Ing investment demand for bonds could be
detected which was 20 be ascrfbed TO the
growing supply Of capital seeking Investment
But the fact is that the bond market is at
present slow and inquiry made among bond
dealers discloses that large portions OF recent
new issues are still IN the hands OF under
writers and are marketed with difficulty and
IN some cases at discouut. The Journal OF
Commerce has traced new issues OF bonds
since January 1 70 a par value OF upward
of 5000. coo. 000- OF these S23e, 600 900 was for
refCnding or merger purposes. but II is point
ed cut that the output by railroads alone Of
bonds FOR the four and half months
so 600 600 more than for the full twelve
months o. 1908. The present slvggishness OF
the bond market finds explanation IN these
facts. Railroad officials reported most roads
having surplus Of cars now on hand.
partly due 20. the small movement OF grain
and 10 competition by the lake lines. also
by large additions to the supplies os rolling
stock The increases IN value OF ADr-l ex-
ports OF agricultural products was regarded
sub-treasury on account Of the return of Gcv-
eminent deposits by banks left the money
market unrufhed and confidence in the con-
iinaed case % money is undisturbed. The
advance in a number OF public franchise
stocks wss a. the expense of the short in
tercst The professional character Of the mar
let was Indicated BY. the disposition TO take
duced the gains considersb bly, and IN spite Of
the running up of ST. Paul over points in
the nnSl dealings the closing was heavy.
Bonds were irregular. Total sales. par
value 50 $4,000
Un!te6 States bonds were all unchanged on
New York Stock LIST.
2 j. Hutton e. Co.. 400 California street
San Francisco. members Of the New York
Stock ESrSaEgs furnish the following official
ruotatioHs of thai Exchange;