The San Francisco call., 1905-01-28

NEW YORK. Jan. 27.-The upward course
yesterday. continued quite bslskly this morn.
ing and the market for time showed
strength AM breadth. Considerable buying for
London account helped to this end But the
force of the demand seemed to be spent toward
the latter par. Of the day. and there was
notable falling off In the volume Of dealings
and some reactions in prices The news Of
q. fered no explanation for the dying out of the
i. demand but the fact was noticeable that the
recovery had about made up average losses Of
;. tht earlier part of the week. The demand
.hes3eted at ahcut the recovered level. The
feature of The latter part of the day was the
Ar rye number of industrials of all classes
which were pushed upward successfully. The
tninor iron and steel stocks and those Of trades
allied with the metal industry were especially
conspicuous in the movement. Equally con-
'sihcuous. was the fact that the premier in
dustrials, the United States Steel stocks and
'Amasgamated Copper. were heavy and laggards
in the movement. The same was true of the
Inference that profits were being sought on the
recent advance in these major industrials under
coyes Of the, movement in the minor indus
trials. The ultimate yielding OF Amalgamated
Copper to the realizing pressure sharpened this
suspicion: The advsnce of Northern Securi-
ties on the curb to new high record stimu-
lated the strength in the Hartman stocks
and Erie Sept up its accompanying movement
as for some time past. Readings strong state
ment of December net earnings was helpful
factor for the coalers Railroad earnings re-
ports otherwise helpful to stocks The
dispute ovey export grain traffic of the Atlantic
and the. gulf ports regarded with dissatis-
Rapid Transit labor question helped the local
fractions. The appointment Of a receiver for
the Standard Rope and Twine Company was
so entirely ignored as to arouse curious COM
parsons with. the market effect Of episodes
in the career Of predecessors Of that corpora
ton Uncertainty over to- morrow's bank
statement added to the hesitation Of the late
market The receipts of currency balance
from the interior seem sufficient to about OFF,
set the export Of gold, although to- morrow 8
gold shipments viii not figure In the bank
stateutent. scrne slight gain Is therefore ex-
pect4d in the cash item, but the loan item is
again a mystery. II Is considered probable
that last weeks record expansion may have a
counterpart in this weeks statement. The
compilation OF the reports Of condition OF the
city trust companies on December p seems
to throw light on the movement OF bank loans.
Compared with June 80 preceding the trust
companies have increased their deposits
s125 o00 0oG while the cash to their account
In banks had been reduced $53. ,4of The
Increased s23l, ,476. 762. With the profitable
money rate for the last Of the year II is clear
that the trust companies were lending out
their own deposits instead Of leaving them in
the banks with the decline in money rates
since the first or the year II fs equally clear
that the trust companies have made enor-
nous fedepos.ts In the banks which have had
the responsibility Of finding use for the funds,
upon which they must pay the trust com
panies per Gent. The condition of the week 3
money market makes probable further , enor, s
the trust companies. The late break in sym
pathy with Amalgamated Copper was partly
retrieved, Effe leading the rally again as IN
the previous upward tendency. The closing
was firm.
Bonds werc firm. Total sales. SO. AIS. o0o
United States threes declined y per cent ON
call.
New York Stock List.
E:F Hutton & Co.. 400 California street.
San Francisco. members Of the New York.
Stock, Exchange. furnish the following official.
quotations of that exchange: