The San Francisco call., 1904-08-16
Nezg York Stock Market.

NEW YORK. Aug. 15.-The creeping move
meur OF prices which was the Characteristic
OF last week stock market developed into
strong and comprehensive upward movement
today The volume Of transactions rose above
the previous total of any day during the pres
ent movement The market was broad and
the strength and activity were well distributed.
practically ali divisions o. the market sharing
IN the advance. There was much selling 70
take profits during the day and constant re-
actions IL consequence. but the manner OF
digesting this pr0aJ-taking was more con
V-nclng % the health OF the market than
the upward rush OF prices itself. which has
been under suspicion OF manipulation and due
q The skliful tactics OF professional operators
llls slspiclon mas been e1ectiFe IN keeping
the general public out OF the trading in the
dread that the professional operations would
prove impossible or successful completion and
would lead 70 collapse when the period 10
take profits arrived There was no important
Development Ia the news to-day or since the
close of the market last week, but the early
-, S-= - IIit9s -ls =. 80 'ii,is -
commission houses accumulated over Sunday
were larger than heretofore. London was also
a buyer here 20 an important extent London
n as reported IN more Comment mood over rs
money outlook. Capital was said 70 draw
augury o. fastened peace in the Far
East as a consequence OF the serious reverses
70 the Russian naval force. The basis OF the
growth of confidence here was quite clearly
the faith that the country IS 70 enjoy pros
perCus conditions. The corn and cotton crops
showed the greatest effects from this faith.
bur St Paul wheat carrier with large
The question of the amount Of wheat damage
was admitted 70 be undetermined as Vet but
the high price promised for the crop was
offered providing Offset for the short
ness OF the crop The most conspicuous feat
ure of the market. however. was its diversion
into the rev field OF the trunk lines and coal
carriers. These groups have been compare
lively neglected while the crops have been
Of dominant interest. Good prospects in the
steel. trade have held Pennsylvania at times
hut the movement Of these stocks today
seemed more 70 be based assumptions OF
the good 10 come from the crops % the whole
. country. United States Steel preferred was
the conspicuous laggsrd in the days move
I uent- This was presumably due 70 the cur
rent r1uors OF q purpose 70 cut prices in
T fr ishei PRODUCTS with hostile intent toward
the fndeuendent companies. which had bad
effect on the market Southern Pacific was also
under constant pressure TO take profits and
made its highest price on the running quota
tiors at the opening. The Metropolitan trao-
tions were feverish and irregular throughout
! the dav n spite % the violent advance OF
I Trterborouzh Transit on the curb. The IN
days strength gained force and the amount
q selling for profits also dinlinished the dis
position of the professionals TO support the
market. This made the closing easy at reduc-
tions running 10 a point for the active stocks
! from the high prices Of the day.
Z Bonds were Irregular. Total sales. -. 175, 600
] United States bonds were unchanged on call.
NEW YORK STOCK LIST