The San Francisco call., 1905-06-29
New 1ork stock Market.

NEW YORK. June 2s.-There was some fur
ther heavy realizing OF speculative profits in
to-osy's stock market. but II was effected with
out making inroads on prices The absorptive
power OF Tie msrlOst proved so impressive that
me operations OF the advance were renewed
with -conhdence.' The market. at any one time
during the dsy presented an irregular appear
sncs. with prices advancing al some points and
nele stable St others by the coincident profit
Tsking 9r from mere neglect or the part OF the
trading element. But summing up OF results
SHOWS pretty comprehensive advance in the
lsys. of the market The lifting process was
shifted from one quarter 70 another until no
Important group OF stocks was left unaffected
Preference Kas shown for the standard dividend
paying STOCKS. but those were more favorable
which have been subject to run1ors Of Intended
increase IN the rate q distribution. There was
g cons plcusEs revereion 10 the pennsyivs nj
group based these suppositIons Heading
vas INCLUDED n the operation and the dividend
Increase mace only lsst week was accepted as
e. mere preliminary 70 a further increase 10
come. such was the tenor OF the rumors un-
Ger the influence ~ Uh1cA that stock after
having advanced 70 within shade o. par sew
ersl times recently, crossed that figure aggres-
asiNely 70 a new record price. A number Of
low priced dividend ps ers proved attractive
Tor the speculative pcssa .iiity offered by a pos
sible advance in dividend rates. But the move
ment was not confned 10 che small dividend
ro 6@gs raBTsys sS sn9sn y ne sromnerss Of sigs
everything on tie investment list at curren:
prices for railroad stocks reckoned on the ex-
listing dividend retes has fallen TO such a low
percentage that hopes OF & rise in the rate OF
return Is calculated 20 invite the outlay for re-
INVESTMENT OF tne DaE yearly profits TO be dis
tributec on July !. The demand from this
source is reckoned upon in the speculative cam
paign tcr basis. Buying for foreign account
was q factor IN the advance, and the fact that
foreign commission houses were returning bor-
rowec stocks on large scale prompted the fu-
ference that this buying TO cover short
contracts 10 a large extent. The money market
continued remarkably tranquil. considering the
sneSr approach OF the July l requirements
Sterling. exchange yielded still further from
the gold export point. here and advanced In
Paris 80 that there was no inducement 70 fur
qher engagements OF gold for export The con-
aTIction IS professed still by bankers that the
gold movement Is destined 70 reach consider
able proportions. The supposstion that the
Russion Indemnity loan is TO be provided for
was supplemented to-day by the suggestion
fhss new Ja penese loan Is IN contemplation
japanese bonds were weak N Consequence and
their SecIiae here helped 10 the high irregularity
Of The bond market. The bond market In
TACT showed little effect from the usual pre-
limsnary investment demand incident to this
season OF the year. Crop news was conflicting
anc received little attention from the stock
market. the strength of cotton and the weak
ness q corn both being regarded as due to
speculative rauses 10 g large extent. The Iron
Age reports no RELIEF from the torpIdity OF the
pig irca market, and the United States Steel
stocks MADE sluggish response 10 the days
advance one CT two individual stocks devei-
oped q buoyant- tendency late IN the day but
aroused suspicion snd the closing was rather
unsteady.
Bones were irregular. Total sales, par
sVaiue S3.3l3. eco.
United states bonds were all unchanged on