The San Francisco call., 1907-02-08
New York stock Market

NEW YORK. Feb IA hesitsting and ir-
regular advance brosdened out in the fnal hour
OF today's stock market into more animated and
comprehensive rise than has occurred at any
time since the decisive downward tendency OF
prices set in. The inspiration for the moment
IS largely IN runors OF washington origin OF q
new development there that would relieve the
corporation world from the sense Of hostility on
the part or The administrator or the GoFern
ment Up 10 that time there were long periods
Of lethargy in the trading and the same lack OF
follow-up 10 the movement that has left the
market without definite tendencies for several
days There Was an absence OF the weakness IN
individual stocks which has been an unSettling
influence in recent markets, even when the gen
ersl tendency was upward, and this was in favor
OF the market temporary setback in Missouri
Pacific after the first recovery the only eK-
ception Of importance. There was no clear re-
fecton in the days market Of any important de-
Felopments in the condition Of affairs. Senti-
ment was fsvorably affected by the advices from
the winter wheat regions Of ample snow COW
ering 70 insure the saIety hor tnat crop: Inc
wheat market was affected at the same time by
the promises Of extra foreign requirements for
wheat from Russian and Argentine shortages
The Southwestern railroads were most lmme-
diately affected by the outlook. Assertions Of
intended increase in the dividend on Atcnlson
and Southern Pacific. which have been often
heard were also used with effect especially in
the case OF Atchison. Southern Pacific was slug
gish and did not respond. even TO the later rise
in Union Pacific upon the Presidents return to
his Office after period Of Illness. Erie was
conspicuous feature OF the strength. the move
ment showing evidence Of being under the same
auspices as former large operations in Reading
Prospects for the proposed increases in freight
world. gave q subject for continued discussion
This served 10 counteract 10 some extent the
showing Of decreases in net earnings of railroads
By reason of increased operating cost, which has
become a general tendency. The traffic
managers plan for freight is looked TO as pos
sibie mesns Of increase in the earnings, and at
the same time adding to the efficiency OF the
present supply Of equipment The intention Of
railroad companies TO retrench their plans for
any future projects Of improvement is now gen
orally accepted as a fxed determination The
reduction Of the pressure for capital is ex-
pected to result. but also a subsistence of a
part Of the demand for materials and for labor
Is 10 be accepted inevitable consequence
The question OF how far this process of readjust-
snent may carry the reaction in industrial activ-
fly is now believed TO account for the recent ac-
tion Of the stock market. where operations were
reflected Of persons informed Of the determine
tfon Of railroad authorities TO curtail their i'm
money market was the free offerings of funds
on time. Foreign exchange was frmer, although
the strong position reported by the Bank of
England and the Bank Of France showed the
strength OF the foreign financial position in spite
Of the retention Of the per cent discount rate
By the Bank Of England While the late rise in
stocks brosdened out 10 some extent, IL was still
largely specialized in the early fayorites- The
closing strong at the best
Bonds were firm Total sales par value 81
oSO. 600. United States bonds were unchanged
on call.
New York Stock List
T. r. Hutton Co., 400 California street,
members OF the New York Stock Exchange.
furnish the following list Of bond and stock
sales yesterday: