The San Francisco call., 1906-11-27
New York stock Market

NEW YORK. Nov 26-Confusion Of specu-
lsttve sentiment was discernible in the movement
Of prices Of stocks today and the activity Of the
trading was contracted largely Operations were
left largely in the hands Of professional traders
Their confusion was due 10 the failure TO md
any effective leadership BY important transactions
or any apprcciable following The show Of
strength after the mixed tone at the opening had
an encouraging effect. The way in which Great
Northern preferred was sustained after further
decline specially effective IN reassurlng
sentiment The buying which followed came
from professional traders. who thought they read
intention on the part OF powerful operators
10 renew the advance in prices When they be-
came distrustful Of this intention stocks were
Iesod and the course OF prices was retraced on
the late decline. The further drop in prices Of
Great Northern ore rights when issued, as they
are quoted on the curb. had large influence in
turning the market downward again. The de-
cline IN these rights serves TO discredit the eX-
teasiVe rise which occurred in the price of Great
Northern preferred on the speculative buying in
OF loans IN which Great northern preferred serves
as collateral when the new certificates are issued
IS q c0mplicsting factor The weakness OF the
new rights on the curb would ada 70 their IN
attractiyeness for inclusion iD the collateral for
such loans. The call money market relaxed to-
day and no immetate pressure was enforced on
the stock market on that account. The move
ment Of currency 10 san Francisco continues,
$500 600 being transferred TO that point through
the sub Treasury today. and precedents indicate
that this movement may reach several million
dollars. The position Of the Bank Of England
financial comment shows, however. that a posi-
bic renewal Of a demand for gold from New York
is dreaded as q cOLlplltdLllI II ludL mar
ket A rise in the Bank Of England's rate TO Z
per cent before the end OF the year would have
so damaging an effect on English trade and on
foreign markets generally that il would counter
balance an advantage 10 New York from securing
more gold from that market.
The conservation Of the surplus reserves of the
United States Treasury that may be employed
for relief Of the local market up 10 this time
keeps up confidence by their availability any
violent suggestion OF money stringency. The
immediate course Of the Government revenue op-
erations is absorbing but little from the market,
the excess Of receipts over expenditures thus far
this month reaching only $50. s37 000 The weekly
report Of the Bank Of Germany showed an i'm
provement in condition. but in a moderate degree
considering the heavy banking requirements TO be
met IN December. St Paul and Union Pacific
suffered especially in company with Great North
ern preferred and the price during the afternoon
generally got below Saturdays closing. Slight
rallies on short covering left the closing tone
irregular
B9ads were heavy. Total sales, par value.
81 a5S 600
United States 2s registered decline 4 per cent
on call
New York Stock List
=. Hutton & Co., 400 California street,
members Of the New York Stock Exchange fur
issl tie following list Of bond and stock sales
yesterday,