The San Francisco call., 1906-10-16
- YnrI, stock Marlket.

KEW YORK. Oct I5.-Today's stock market
was but a dull AFFAIR. There was considerable
-urnher OF shares sold during the first hour,
Int after that the trading became almost stag
nant and the sluggish movement OF prices was
almost irperceprible during the midday period.
7-he selling was most noticeable in Union Pacific
end Reading. It's source and lts motlFe Were
not clearly understood Revived esseI uOns tnss ~
Government measures we're n Ss -
contest Of the Lnion Paclne's holdlngs OF
lands taken over from the puohc CONAN were MsIe
given as one ground Tor the weakness AcNet
selling was attributed 10 the so-ealled western
parties in the speculation who have been credit
I'd with most OF the large operations IN tne
market for some time, whether on the long or
the short side. The profound duliness when
overlook the trading when these operations
ceased Indicated strongly that they went far 10
make up the whole market. The public At
fitude toward the market is one OF entire
neglect. The actlOn OF the market suggests
also that the large financial interests which
have been credited with the Intention 10 keep
the market alive have desisted from the purpose
Various views are held 10 their motive for
this attitude. Political uncertsfsSy is favor
lie explanation with the professional stock
opersfor The desirability OF preserving the
tranquility OF the money market and protect
ing il from the extra strain OF an aetiFe STOCK
market IL very generally aomltteo 70 nave t9.ce t
Conditions IN the money market were little
changed but the upward course in sterling ex-
change. which was marked Feature % the
last weeks events. sharply reversed and
there was a considerable reaction Sterling
also fell at Paris and Berlin. The point OF re-
laxation was not in London. for discounts rose
again there. The Bank Of England secured all
fSe gold arriving IN the market at reduction
from the previous price. but the amount thus
acquired. which reached only 81 ss0.0 coo. was
onset bv the withdrawal OF the $50. 600 from
tbe bank FOR shipment 10 Egypt This IS a
slow rate Of recuperafion for the depleted re-
serve item shown by last weeks statement Of
the banks Ii was reported that Berlin bankers
were discussing manners Of discrinlination
against American finance bills, such as were
employed by the Bank OF England before the
advance in its official rate. Agricultural re-
ports from this country showed a falling of
Tor September from the same month last year,
the large decrease IN cotton exports serving more
than 10 overcome the Increase IN the other pro
ducts. The continued rise in the price of cotton
is against any expansion IN its export. num-
Der II dividends were payable today and ship
menrs made OF between 81 0co. 600 and S3.-
600 0o0 70 Toronto said TO be for the protection
Of the position OF a recently merged bank.
Money rates here were not percepIbly friner.
but last weeks receding tendency no
longer IN evidence. Most OF the early declines
were recovered IN the slow hardening movement.
but the closing slightly Irregular
Bonds were irregular. Total sales lpar yalue)
s. -2e6 .O00-
United States bonds wore unchanged on call.
New York stock List.
z r. Hutton e. Co.. z90 California street
members of the New York Stock Exchange fur
nish the following list OF bond and stock sales
yesterday: