The San Francisco call., 1904-08-14
MARKET SHOWS
MORE STRENGTH
Movement in Steel Stock Is
Believed to Have Played an
Important Part in Deals
SPECULATION Is ACTIVE
Though Views Conflict, the
Crop Prospects Hold the
Operators Chief Attention


NEW YORK, Aug. 1S.-The strength
in to-day's stock market was marked,
but was largely in sympathy with the
active movement in a few prominent
stocks. The most important radiating
center was United States Steel pre-
ferred, which rose aggressively above
so on an urgent demand, in which an
uncovered short interest was believed
to play an important part. This stock
was Influenced by reports that the dis
put In the trade over the price Of steel
billets had been settled and the danger
Of a disruption of that and other pools
thus avoided. 1t was rumored that this
had been effected by the purchase Of
the Youngstown plant Of the Republic
Iron and Steel Company, but there was
no verifcation Of this rumor.
Pennsylvania and its subsidiary
stocks and the soft coal group felt the
sympathetic benefit Of the movement
in United States Steel preferred, espe-
cially owing to the large part played
in their traffic by iron and steel and
the materials for their production. In
the early morning there was some evil
dence Of realizing in the Pacifics. and
this caused some hesitation in the gen
eral list. The occasional pressure of
profit taking in Metropolitan Securities
had the same effect When Southern
Pacific broke through its restraint and
rose above 56 the whole market took
on a more assuring tone.
Union Pacific did not move in COM
pany with its subsidiary stock, and the
Western stocks generally were inclined
to hang back, except Atchison, which
came forward vigorously to 81.
FALLS BELOW ESTIMATE.
The bank statement was Of small in
f1uence, although the cash gain failed
to come up to the estimates on account,
it is believed, of the remittances to
Cuba, which complicated the showing.
The surplus reserve now stands at such
high level that the degree Of influence
is of little moment. A little realizing
in the final dealings under cover of an
alvance in Sugar made the closing
slightly irregular.
Total sales of bonds, par value, ST.
O65, ,OoO
The stock speculation of the week has
been more active and has shown great
er activity, and the broadening ten
dency of the speculation has increased
as the week progressed. Crop prospects
have held the chief attention of opera
tors, and the conflict of views on that
subject and the divergent outlook for
different crops have been reflected in
the confused tendencies in the move-
ment Of prices.
Early in the week, when the impend-
ing Government crop report induced a
waiting attitude toward the granger
stocks, there was a furious speculation
diverted into a group of industrials
and such realities, notably the Metro
politan traction stocks, which made
sensational advances and led the mar
ket in point of activity for several
days. Many rurnors flooded the street
as to the project in contemplation for
the control Of the companies involved,
but no official or authoritative an
nouncements were given out to war
rant entire credence in any of them.
The belief is very generally held how
ever, that plans are working out for
unifying the control and combining
the operation of the surface. elevated
and subway traction facilities of the
city of New York. Some credence is
given to the further rumors of the in
clusion of the Brooklyn Transit and
New Jersey trolley companies in the
plans. thus involving comprehensive
control of all the traction facilities in
the city and in the suburban neighbor-
hood