The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-12-04

NEW FORK. Dec 3.-The only effect per
ceptible from the stih prevailing rate Ior can
loans today were the small volume OF dealings
in the market There was no apparent molina
ton to sell stocks and the small buying was
therefore effective in advancing prices The
market had an appearance OF oecloeo sUenglh
throughout in spite Of the dizziness Its
strength in evidence at the outset, not
withstanding some degree OF apprehension over
the threatening conditions IN the outside mar
ket. The renouncing Of the option on 100000
shares OF Nipissing, which was announced by
The Guggenheims Saturday after the market
closed, aroused fears Of panicky conditions In
view OF the active speculation which has been
In progress in mining shares After the hrst
downward plunge Of Aipissing its rebound and
the DEVELOPMENT OF actual strength in the out
side market removed the fears of reflected
damage from that source. The notable price
movements were in the class OF low priced
stocks both In the railroad and In the indus
trial lists.
Price advances in these came in rallies and
the constant rotation Of the demand kept up
the appearance OF strength IN the market when
s large portion Of the list was practically
were firmly held and there were strong ex-
Rmples among them as well. Some OF the day :
movements were associated with reports OF
special Developments Affecting the stocks; but
others without special fOundat ton. There
were rumors Of coming suoserlp tloh rights 70
lew Canadian PACING STOCK chesapeake ana
Ohio was Influenced by reports that Pennsyl-
vsna holdings OF that stock were TO be taken
for addition 10 the holdings in the Van
derbilr interests. number of minor indus
tiles were also prominent Erie was helped
BY the report Of net earnings for October
which showed a larger proportion Of the gross
Increase conserved for the net than the chr
rent average in other cases 1t generally
understood that the Presidents message would
not 90 10 Congress until tomOrroB- There was
3 widespread assumption that the market had
more than discounted any unfavorabe effect
from portions Of the message that might rein
force previously expressed views which have
been regarded as unfsvorable factors in the
market. and that its actual publ icatiOn might
result IN some influx Of demand into the mar
ket. The copper stocks led by Smelling be-
came effective factors in the general strength
Of the market. The ruling rate for money was
higher throughout than Friday. although the
p per cent maximum Of Friday not
touched. The subtreasury shows an absorption
bank statement this week. The Govern
ment institution also accredited at the
clearing house for half a million dollars.
The supposi1On is general that IL viii be
1he relaxing effect Of return Of funds employed
in the December settlements. Very heavy re-
Quirements also lie ahead Of the market for
December IS, 10 which was added today the
York City bonds. The Bank of England re-
ports further heavy accretiOn OF bullion. But
the downward course Of discounts in London
halted The cash demand upon the cen
trail bank from the English provinces Is looked
for THIS week 70 be maintained up 10 the end
Of the year. Sterling exchange very weak
at time, but became frner before the
close Time money was very strong. There
the highest at % per cent in the afternoon
but the closing was firm and In course OF re-
covery
Bonds were arm. Total sales. par value
United States bonds were unchanged on call.
New York Stock List
r p Hutton & Co.. 400 California street
r1embers OF the New York Stock Exchange fur
nish the following list Of bond and stock sales
yesterday;