The San Francisco call., 1910-10-06
MARKET TAKES
TURN

NEW YORK. Oct. 5.-The sell
ing of stocks which turned prices
downward today represented IN
part a feeling of contentment over
the extent Of the advance already
achieved and the profits accrued
and in part a misgiying over the
adequacy of forces TO accomplish
f,.rther advances. Evidence that
the newly awakened demand tor
bonds was being harmed by the
action of the stock market was
potent factor in checking the or
ganized efforts to further the rise
in stocks.
Light is thrown upon the re-
vival sn the bond market as Wen
as on the events that preceded II
by the statistics of new capltal Is
snes which have been made up by
the Journal of Commerce. For
the third quarter of the present
year just ended, the compilation
shows new issue Of par value
Of S194,455, 600 This compares
with s417,147,000 in the second
quarter and s613.2S2.000 in the
first Quarter. making an aggre-
gate for the first half year far
beyond any precedent in the his
tory of the New York money mar
ket.
Dealers in the bonds have come
to the underwriters to replenish
their supplies, and savings banks
and investment institutions have
become buyers. This helpful pro-
cess has gone to the root of the
recent difficulties and the most
favorable augurfes are drawn
At the same time it is recol-
lected that the difficulty grew
partly out of last years excesses
in stock market speculation at
a time when more substantial re-
70 inc n
yet to be supplied. and bankers
deprecate a new movement like
" to. repeat that mistake. The
fear that a premature revival IN
the stock market will interfere
with the orderly readjustment of
the needed financing by bond is
sues has an influence in restrain
ing the stock market. The revo-
luton in Portugal was of minor
effect on the days market. Ex-
pectation of a poor showing to be
made by next Mondays report Of
October l untitled tonnage orders
of the United States steel corpora
tion weighed on sentiment.
The firm tone of the coppers was
in the belief that the curtailed
production last month will make
a better showing in the forth
coming copper producers report.
Time money was reported slight
ly easier in tone, but foreign ex-
change was strong and cash con-
tinues to go from New York to
the interior.
Bonds were heavy. Total sales,
par value. S2,964.00o.
United States bonds were un-
changed on call.
NEW YORK. Oct Sc. F. Hut
ton & Co.'S wire says: TT seems
to matter little if the Portugal
incident was a factor in depress-
ing stocks in today's market. A
reaction was due and it came to-
day. The early advance in the
general list was manipulative
and stocks were heavily sold by
insiders, with the result that the
professional talent were quick to
perceive these operations and in
consequence general selling
move started in for the balance
Of the session with considerable
losses being shown in the days
business Outside of the revolu-
tion in Portugal, there was very
little news of consequence that
could be called a market factor,
and about the best explanation
that can be made of the decline
IS that the market had gone high
enough temporarily and that
hating in speculation was as
sential in view of the monetary
situation and politics.