The San Francisco call., 1907-01-05
New York Stock Market

NEW YORK. Jan. 4.-Speculative sentiment
which has seemed 70 be in state OF solution
during tie present week. precipitateo into
tangible form on the side OF higher values to-
day. Substantial advances resulted from the
General disposition TO buy stocks. The demand
was varied and affected the list throughout, al
thought there was marked favor still shown for
stocks which long have held the foremost place
ln market movements. A hesitating short inter
est which has been added 10 during the week
encouraged by the lack Of response IN the mar
sef 10 favorable developments. was an impor-
fant element in the days buying. The pro
nounced relaxation in the money market was
the underlying ground FOR the advance. FUNDS
nn call were in apparent abundance ana tne fate
for the day did not get over per cent, WIN
The ruling rate below that The forces which
liave brought about this condition promise 70
"ontinue active for some time % come. me
consequence was 70 aliss mueh OF Ile eppreLe u
ion which has been felt that no actual ease ID
eprinq period Tic large projects which have
heen undertaken aud for which IL is important
that the market should show absorpuFe power
are regarded as assurance Of effective leadership
in any market campalgn- The estimates OF tne
weeks currency movement make Il evident that
Q substantial inflow from the interior 10 New
York has sci IN and Is likely 70 be extended, 10
view OF the seasOnable subsistence OF require
nents Tor movement OF the crops, NeN 1olh
appears 10 have received IN the neighborhood OF
s3.00O.0o0 in cash during the week. Side by
side with the relapse IN the money market tnere
was q revived demand FOR remittance abroad
through the exchange market The fact inst
the rise in foreign exchange precluded the ides
n an inward movement Of gold caused no olsap-
nOintment. IN view of the obvious fact that local
resources were abundant 20 meet maturing OBJ
legations abroad. III inferred IN foreign CA
change circles that measures being taken
70 anticipate future maturities. and thUs 70 re-
duce the volume Of our obligations 10 foreign
markets FOR the future. These development Is
were Of decisive effect on speculative sentiment
Matters which have been regarded lately with
concern were lost sight Of or ignored. Union
Pacific one Of the strongest and most active
stocks on the list. IN spite Of the beginning OF
the inquiry bv the Interstate Commerce Commis-
sion into the relations Of the Hartman prop
critics with view 10 discover possible conflict
with the law There aggressive recOy-
CRY IN the Hill stocks.
The large gains 10 the net earnings Of the
Southern pachc and the Union Pacific Tor No
rembeT helped those stocks Other railroad re
ports showed by contrast the effect OF
net earnings Of the growth Of operating ex
Denses. No difficulty was found In absorbing
.lle sales % take profits on the day, and tho
closing tone bnoyaut and very active.
Bonds were firm. Total sales (psr value)
81 $50 900
United States bonds were unchanged on call.
New York stock LIsE
r. F. Hutton & Co.. 400 California street
members Of the New York Stock Exchange,
furnish the following list Of bond and stock
sales yesterday;