The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1903-09-01

vences over Saturday of one to two points had
become quite numerous. but the last: prices
OF the day show very few gains in excess Of
a point. The. demonstration OF strength was
evidently. due largely to concerted action. BY
preferential traders. Uncovered bears became
discouraged by the dull resistance :; Of last
week S market. to any. attack and the 'bulLsh
traders became. spondiTgly encouraged and
happened 10 drive the bears to cover. Prof IS
sional; sentiment was more cheerful on accou ~
Of improved matters. in the, general odtl92k'
able outside demand for. stock played, a. part
IN the days movement. There. is. no. doubt fat
coLndence over the money SITUATION mas Deel
greatly increased since the -intlnlst 4oiot Inc
readiness on. the part OF Secretary shaw, 81 &c
post $4,000 OO0 Of money now. in the treasury
in depository banks. Tins Is felt TO be an, an
effectual safeguard against threatened violent
stringency in the. money market and. money
lenders are decidedly less .exacting IN their
conditions for time loans. Quoted rates are
only slightly lower. but the stringent :condi-
.tions which have attached. to: the making of
loans for. some time past are relaxed: :.9'hese
conditions were prohibtttA'e. except TO 1aNolite
borrowers on the part OF some of the. banks.
The limits OF the available supplies nave been
surplus reserve held by the banks confidence
- pretty firm and tabfshed in the ability Of
the money market TO meet requirements uPan
it.. Encouraging reports of railroad. traffic to-
DAY, last week 8 cheerful tone over the general
trade situation on the part Of: the. mercantile
agencies and the belief that a small absorption
Of securities by investors. both. foreign and
domestic. has been. going. on. had to do Wtth
=
morning much was made OF the, transfer OF
the: holdings tef the underwriting syndicate for
metropolitan. Securities lto other dominant in
-te-ests in the property tending ~ consolidate
the control. Very free differences: Were drawn
by the traders from this transaction OF a copl-
ing consolidation Of all the.:traction. and light
ing interests in. Greater New York and in out
lying territories "A considerable stiInulation 10
the sl-culation is the--result but. heavy real
izing in nlalgamated. COPPER and the Inference
draw n from that Of the ATTITUDE toward the
market Of the controllfng Interest checked the
advance With the result that followed The:
market became alIp9st stagnant in: the latter
stages, but closed heavy. Some buying- for
London account which was :. large: in Erie
helped the early ADVANCE Reading hung back:
en- account of Otterances :attrhWred to the eo0-.
ecutixe head of the system pointing to an ac-.
eufnulation Of steam size anthracite and pos
sibfe curta lnent OF the production. in conse-
quenee. st. Paul was the leader in the rail-
road list and enjoyed an extreme advance; Of;
two points: The strength IN the corn market.
and reports OF -unsea sena BILE .tefnDera ture had
their Influences on The reaction in stocks owing
70 the iu1portance now: placed; TO the outcome
OF the corn crop - =: -.
=: The bond market was firmer: Total sales
par Salue. S5,335. O00. United States bonds
were all: unchanged on the Last cali: ~. !:
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