The San Francisco call., 1904-10-12
EASTERN MARKETS.
New York Stock Market.

NEW YORK. Oct 1.-THE stock market
once more retrieved itself from temporary
setback to-day and resumed the advance. The
rise was not even and not entirely comprehen-
siVe the greater part OF the trading and the
movement being congested in a few prominent
stocks. The frmness in the rest Of the mar
ket was due largely 10 sympathy with the
rev strong stocks, but the hardness OF the
market was none the less clearly demon
strated The opening response TO the Govern
ment crop report was disappointing with de-
creased promise OF the yield both Of corn and
OF wheat over the pessrnistic estimates which
had gained authority in the market wac SO
Brilliant that confidence in prosperous OUT
come OF the harVests confirmed. but the
holders OF stocks We're moyeo 10 take adXan-
tage % the showing sell. The sellers
showed little disposition 10 make price cohees-
s4oi-H, however, and the pressure diminished as
prices reached last nights level A relteration
OF estimates OF TWO billion bushel corn crop
or less by the authorities whose nrst estimates
had impressed the financial community proved
o. little effect in face Of the Indications from
the Government figures OF ,, ,42OOoOOVo BUSH
els or more. The significance OF this showing
IN view Of the price level at which corn held
proved effective IN imparting strength 10 the
and substantial advances in Union Pacific,
AtckisOn and st. Paul. The Gould Southwest
erns were inclined TO hang back, apparently
affected by yesterdays accident on the Mis-
souri, Pacific and owing 10 dissatisfaction with
the earning statement contained IN the yearly
report OF the Wabash. United States Steel
subjected TO early pressure and then ral-
lied. but met sufficient offerings yester-
days nigh price TO stop its advance. New
York Centrals 25 point advance was of only
moderate influence on other Eastern railroads
Reading was sold 10 realize and Erie was hurt
by consideration Of its annual report, which
was circulated during the session. Brooklyn 5
rise was attributed 10 good current earnings
The event Of the day in the worlds financial
markets was the advance from to per
cent Of the discount rate Of the Imperial Bank
OF Germany after having maintained the for
mer rate since June 1908. Foreign exchange
hardened here in response and the continental
exchanges moved against London where dis
counts hardened and the price OF gold was
advanced The action Of the German bank
is not clearly understood, and led TO surmises
that another Russian loan is being prepared
for Financial authorities in London have
pointed out that relaxation of the money
rate there would cause a withdrawal OF large
French credits placed there and their transfer
TO Berlin. or in the event OF higher money
rates here TO New York Since the Panama
canal payment Paris money supplies have been
abundant. and large amounts have been placed
not only in London. but in Germany = we'll
The sharp advance in the German bank 5 dis
count rate may be intended 70 hold French
credits in that market and to invite further
commitments. Our stock market closed some
what irregular and with best prices not fully
maintained. in spite OF late bidding up Of
the southern group.
Bonds. firm. Total sales, par value.
$4,000 United States old IS advanced a
Der cent on call