The San Francisco call., 1905-02-21
New York stock Marker.

NEW YORK, Feb. 20-The stock market
Demonstrated again to-day in a striking man
ner its power o. resistance against adverse in
nnencos such as would have worked decisive
Is Tor reaction in periods OF past specula-
against high and active opening on Monday
morning proved OF no effect although there
vas hesitation IN this connection after the
slrong opening But The upward movement
was resumed points and the strength
q the market established more decidedly than
belote ] ne most OBVIOUS o. the inIuences
against the market was the rather discour-
aging condluon Of the country.s transporta-
tiCn. discovered with weekly talks with trat-
ne officials. This following paralysis by
storm and biockades many lines east and
Wes. anS while progress was reported to-
ward brea king the blockades IL was not likely
that normal conditions would be restored for
= any weeks. A still further cut was made
earnings OF the second Week o. feDruaIg y
showed already quite clearly the effect OF these
influences These were the cause OF hating
anC sluggish response 10 the nrst puoysnt rise
IN Union Pacific The next demonstration cen
tere4 IN the MUS ; 80 - - ..,ai-s
until late in the day that the railroad STOCKS
generally came up. The active list was large
IL congested in Union Pacific ana Southern
Pacific, Ontario and Western and the Inited
states Steel stocks the total in which was
run quickly al the rate OF 1OVO 70 lovvV
s5.e,.S i- single bioclCs All Of the stocks
connected with the Northern Securities merger,
or with the supposed plan Of readjustnent TO
follow the dissolution Of the merger was strong
several points its record prlce in the curb
markets The heavy buying Of United states
vas artributed banking interests near 70
sfa corporation and the credit given TO this
supposition induced other buying OF the STOCK
REPORTS Of negotiations for the merger OF
southern Iron companies grew more explicit
and that group OF stocks was strong IN con-
sequence. The taking over by the American
sizing Company of q mining corporation ana
persistent assertions Of q plan FOR compara-
tive combination OF Lead interests explained
the strength of another group OF stocks Ru-
rlors Of coming peace were received from
abroad. and the continued decline in exchange
marked the cuimination Of the foreign demand
for our gold Call money here however. was
rather frrner and there was inclination
among stock exchange houses 70 take out
tirne loans with a resulting hrmer tendency
in thar department of the money market. New
York exchange at Chicago fell 10 discount
for the hrst this season ulsrtHiflg me
eiose OF that supply for New York reserves
Ren0rts from Washington Of decision oy the
President not 10 press railroad rate ieglsla-
son al this session OF Congress was factor
~ the demand for stocks among professional
,r,srators The stock market took the later
realizing pretty well. and the close was hrih
ne net Al the top level Of the day
T3ouds were irregular. Total sales, par Valne
s.. 665. 600. -. ,.li
T-,1fte6 states bonds were unchanged on can
Nuw York Stock List
= + Hutton q Co. 53O California street
san Francisco, members OF the New York
stock Exchange. furnish the loliONlhs OAhSiaA
quotations Of that Exchange