The San Francisco call., 1906-10-24
View York stock Market.

NEW YORK. Oct ps.-The stock market to-
csg fell back into the condition which existed
lSst week before il was upset by the une1-
pected advance in the Bank OF Englanc's dis
count rate The manner IN which trades were
made gave ground for assumption. when was
generally held, that Intentional restraint Nss
exercised upon speculation II was assumed that
ths banking and financial world geenrally would
be glad 10 see restricted speculative ACTIVITY,
but with values maintained OF protected from
any violent reaction There was some resump-
ton Of pressure in the market This was re-
garded q natural consequence OF yesterdey
sudden rebound and the extent 10 which II hao
run. The effective recovery was accepted as
demonstration Of the passing OF the Tour re.
suits OF last weeks money developments ana OF
the more rational view Of the actual meaning
Of those developments from the point Of view OF
American Affairs Having erected this Demon
stration the too rapid advance was checked and
the market led down into the waiting and rest
3ne condition into which il had fallen last week
The measure Of relief for money requirements
proposed BY the Secretary Of the Treasury was
not such was expected Additional bank
notes and currency while calculsteo 70 neip e. ~
the demand for the interior crculaton- ouer
no basis for extension Of banking credits such
would be provided by the additional banking
reserves by releasing legal tenders from tne
treas sury although Il Is expected that the need
of loan contraction VIII be limited owing 10 the
relief Of the cash reserves from drain on the
circulation By shipment instead OF new bank
note issues. The treasury plan was 50 isr a
disa pp0incment 10 speculation. But the euect
ef this was neutralized by the unoerstanolhg
thar other measures OF relief we're consloefeo
fnupportune by New York bankers, owing TO the
prospect that anv considerable easing OF the New
York money market would facilitate q demand
70 Withdraw gold FOR London account. The
London money market was understood TO be the
real point Of strain. and the prospect Of relief
for that point from other sources than New
York was believed to be more likely in the ab-
sence OF too sudden relaxation Of conditions
here The movement Of sterling exchange in
al markets showed the effect Of London's i'm
reratire cal for the return OF credits But
the bullion movement Of the Bank OF England
again showed a net outgoing Of further ship
unents 70 Egypt Open market discounts IN
London. however. were slightly shaded. Call
loans opened at 81 per cent and receded from
that level. II is clear. however that financial
sentiment is well agreed 70 the wisdom of
moderate extension in speculation while re-
orirements confront the money market heavy
as those to be met IN the coming months.
After the early selling was over recovery set
IN which became practically complete IN the
hnai hour although there was q slightly irres-
ular tone in the 6nal dealings.
Bonds were heavy Total sales Cpar value),
S17lS,O00
United States bonds were unchanged on call
New York Stock List.
T. f. Hutton & Co., 400 California street.
members OF the New York Stock Exchange. fur
nish the following list OF bond and stock sales
yesterday: