The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-01-09

NEW YORK Jan. S.-The stock market be-
came sharply resctionary today and speculative
sentiment underwent a marked alteration. The
principal Influences on The decline were TIE
recurrence Of uneasiness over the money outlook
euo the disouietiug effect Of the obvious pres
sell Union Pacific. The tone Of the
money market was firm from the outset, fol-
lowing the furry in the rate 10 10 per cent
late yesterday, and IL became evident that the
existing banking resources were too scanty 10
allow resumption OF speculative activity on
large scale. The bank statement Of Saturday
leaves no ground for surprise that the money
market should be IN a sensitive condition. The
added scarcity Of call loans funds is partly due
70 the increased demands Of the slight specu-
disposition on NE part OF leaders 70 place
their funds IN time loans rather than on cal.
This nae neiPeo tne easier tone OF tine losli OILS
IL the past few Gays. Inc movement Is eFi-
IDENTITY based IN the suppOsitlon that time loans
are not likely 70 hold at present rates me
oisposl ton OF speculative borrowers 10 depend
OF call loans. even at a higher level, which
may be short lived, is based on the same as
sumption. The announcement OF the purchase
OF S25, 0OO. 600 OF the three-year per cent
notes OF the American Telephone and Iele-
graph Company recalled 10 the attention OF
the financial world the fact that large capital
requirements still remain 10 be supplied The
example was OF added force owing 70 the I'm
oertaking last spring Of a 500 O00, 600 convert
bic bond issue of this company. IN which in
srsIlmeuts payabIe from tine TO tine should
Fupplv large resources on hand The resort
70 a note issue under the circumstances Is
regarded as significant Of the unfavOrable con
citions FOR absorption OF any new capital offer
ings IN the market. The downward course OF
the London discount rate also halted today
gold from London 10 Brazil also O big
factor IN that market. The conspicuous weak
ness OF Union Pacific aroused feeling OF IN
eseiness that more was looked for from the
Interstate Commerce Commissions inresties-
don than had been allowed 70 be understood
6nd that importsnt holdings were being re-
9uced on that account The continued absence
from his Office OF the head Of the system also
gave rise 20 rumOrs OF more serious disability
than had been publicly admitted. The later
rumors that ]. p Morgan III apparently
resulted from suggestion OF the former rumOr
Some special weakness in the Morgan stocks
gave force TO the rumor for time, until many
Inquiries at the office OF the 6nsncier brought
disclaimers Of the report. Southern Railway
ran on sharply and II was supposed that iouids-
rlon for account OF estate Of q late dom insnt
ngure IN the company was responsible United
States Steel also heavily sold The an
pay the dividend payable January Is on
Thursday OF this week 8 promise OF q mod
flying influence the hrmness Of the money
market, but Il also regarded as q test
monv Of the necessity felt for measures to CON
serve the easy tone OF the money market Sub
treasury operations have yielded Sl37l 600 TO
The banks since the bank statement was COM
piled There was some covering by shorts at
the declines which were quite severe, but
there was no effective rally, and the market
closed irregular.
Bends were irregular. Total sales Cpar value,
United States bonds were unchanged on call
New York Stock LIST
z. r. Hutton e. Co. go California street
members Of the New York Stock Exchange
furnish the following list Of bond and stock
sales yesterday: