The San Francisco call., 1905-01-05
New York Stock Market.

NEW YORK Jan 4-There a decided
abatement of speculative interest in stocks
and resulting heavy irregular tone in the
days dealings. To some extent this un-
doubtedly due to the fear that the advances
OF yesterday too fast pace for the health
of. the market. There was a perceptible sem
sitveness also TO the constant fluctuations in
Amalgamated Copper, which continues to be
regarded danger point by a large element
among the operators since their experience a
few weeks ago. The threatening utterances
from the same source as at the time OF the
previous break in the stock keeps alive this
spirit OF apprehension. the stimulating ef,
lost some OF its force to-day, and Northern
Securities on the curb and all the stocks re-
lated to 1t on the exchange were reactionary.
1t Is taken for granted that plans are far ad
Nanced toward an agreement. But there is a
remaining force in the consideration that the
terms fixed for the redistribution of the prop
critics IN the merger will end the control
cured by the Union Pacific of the old North
Pacific, thus in measure relegating con-
dftions to the same state as that existing be-
fore the colossal contest between the mag
inclination to depend more upon the
expected January investment demand for secur-
tions and met by offerings on the part
of the dealers who had taken stocks in an
ticipation of this demand There were sus-
taining points in the market however, which
held prices against any severe reaction New
York Central was notably strong and reports
persisted of a large interest concerned in this
property by Union Pacific and Standard OIL
interests, which would tend to harmonize its
operation with other railroad properties The
marked buying for London account was feit
as yesterday. The offering of the Irish land
purchase loan absorbed large interest in that
market and preparations for the Russian loan
on the Continent formed another deterrent in
huence The money market here continued
extremely easy, but the rate of the gold outgo
was OF some sentimental influence on the stock
market. In addition to the weeks exports TO
France and South America 1t intimated
that gold was likely to be shipped from San
Francisco to Japan on account of deposits
at the New York Sub Treasury. The only oc-
. casion that can call for shipments to Japan
at this time would be on account of New York
subscriptions the Japanese loan. 1t Is in
teresting to recall that at the time of the last
Russian loan ii was alleged that its hotation
was facilitated by reason of disbursements in
the worlds markets of drafts on deposits in
european banks OF the proceeds of the former
japanese loan. The calling home by Japan
OF Its foreign deposits would promise con-
trary effect.
RAILROAD net earnings reported for Novem-
per showed good increases, an important in
stance being Union Pacific. The reactionary
tendency in the market, however, prevailed,
and the close was weak
60 Bonds were easy. Total sales. par value.
United States bonds were unchanged on call.
New York Stock List.
. T. F. Hutton & Co., 400 California street
san Francisco, members OF the New York
stock Exchange furnish the following official
quotations Of that Exchange: