The San Francisco call., 1904-09-11
STOCKS MOVE
IRRECULARLY
Publication of Bank State
ment Showing Cash Losses
Causes Market TO Waiver
BUSINESS VERY HEAVY
Reports of Government on
Corn Crop Are ReaSSuring
and Stimulate the Trading

ClllN Il
NEW YORK. Sept I0-As a result
largely Of further profit taking, stocks
moved rather irregularly to-day,
though the undertone was undeniably
firm. The tendency Of many issues
was toward q higher level Indeed,
several Of the more active issues. such
as United States Steel preferred and
common. touched new high records for
the present movement Business for
the brief session was unusually heavy,
though not widely distributed. South
ern Railway was the feature of the
railway group in the early trading.
Later Union Pacific and other standard
railway issues became very strong, but
elsewhere in the list the activity was
confined chiefly 10 the minor railway
and industrial shares.
The market wavered slightly on the
publication OF the bank statement,
which showed an unusually heavy in
crease in loans and a cash loss which
almost exceeded the highest. The grand
total Of loans and deposits is now at
the highest IN the history Of the asso-
ciated banks. Reports that the Gov
ernment report on corn would be quite
reassuring added stimulus TO the list
in the final trading and the closing was
quite active and strong in spite of
further heavy profit taking A very
substantial advance in Colorado Fuel
was accompanied by many specific ex-
plantations.
Total sales Of bonds. 81, 81. 900.
The action Of the stock market dur
ing the week has reflected speculative
confidence and even enthusiasm. The
number Of shares sold rose to near
100000 on several days and the ad-
vance for the week has been quite COM
prehensive. but not very great. The
tone Of the market has been good
throughout and the realizing was well
taken and opened the way in many
cases for fresh advances.
BY q series Of shifting operations the
whole list nearly has been included in
the operations Of the powers in con-
troll Of the market and the sustaining
influence Of the new points of strength
has proved sufficient TO enable the TAX
ing Of profits without materially hurt
ing the price value. The bulk Of busi-
ness seemed to come from firms cred
tted with operations for speculative
the general commission house business
mas been small The board-room ele-
ment has maintained a skeptical atti-
tude toward the advance and has been
constantly on the watch for its cul-
.mination and reaction.
Their short selling and later forced
covering have been factors in the oc-
casiOnal halts and the later renewed
advances. Selling was conspicuously in
evidence on Tuesday after the three
day holiday interval. during which the
bank statement was published, show
ing an abrupt change from the long ex-
tended rise In the surplus reserves of
the banks. But this selling was alb
sOrbed with confidence and served TO
reassure the doubtful and withhold Of
fer1ngs from the market. thus facili-
tating the advance. Specific news to ac-
count for the rise has been as conspic-
uously lacking as ar any time during
the movement, but several features in
the general situation were accepted as
encouraging 10 prices.
Little attention was paid to crop
news. Crop prospects were regarded
as being not materially altered during
the week. The iron and steel trade was
a subject OF constant discussion. Belief
In a revival OF the iron trade was an
effective influence on the whole market
OF similar effect was an evidence of a
growth IN railroad traffic. Last weeks
grain movement was greatly improved.
and officials OF Western railroads as
serted that the Eastern movement of
merchandise showed a large growth
and sugured a feeling Of confidence in
the mercantile community.
The decision Of the PENNSYLVANIA TO
restore the full working time in its
shops will affect 10000 workingmen.
and was regarded as highly significant
Of better conditions. and the New York
CentraIs increase in gross earnings for
August was viewed in the same light.
The agreement arrived at over the
wage dispute in the New York traction
field and the formal abandonment Of
the meat strike lightened the labor sit
uation from stock market standpoint
There was a slight hardening Of the
money market in response to the decline
IN the surplus reserves OF the banks,
the interior demands 10 be faced and
the more active demand for money for
several purposes in the stock market
The principal activity in the bond
market has been IN speculative issues,
and the tone has been irregular at
times. United States Government 3's
registered declined one-fourth <per cent
on call this week
MANY LOANS MADE.