The San Francisco call., 1904-09-21
Nee York Stock Market.

NEW YORK. Sept. 2O.-An expert crop
estimate of 300. OO0 600 bushels of corn which
was given 70 the public yesterday caused a
momentary jump in the corn market, which
was more than lost before the day over,
while the corresponding decline in stocks was
partly retrieved. But that estimate was re-
inforced to-day by the expressed credence Of
President Hill Of the Great Northern Railway
and was thus given renewed influence on
prices, which affected not only the common
carriers but the stock carriers, the grangers
the Pacifes the coalers. trunk lines, and. in
fact, every department of the railroad list
The scare over the corn crop probably had
large share also in the weakness in the indus
trial list although there We're special causes
also at work in that department. The esti-
mates Of the crop. based on conditions past,
were given added force by the weather reports
showing dangerously low temperatures in the
Northwest and forecasts Of frOsts for tO-mor
west. The weekly crop bulletin Of the Weather
Bureau was somewhat ambiguous and obscure
in its expression, but offered little TO cheer
the apprehensive over either the corn or cot
ton crop The determined optimism with
which a large speculative element has
cepted every suggestion Of crop damage for
sCme time past was thus rather severely tried.
The fall in pfices which resulted for the first
time from selling also disclosed the existence
Of stop loss orders placed below the market
by holders anxious limit their losses.
Another source Of uneasIness seemed to be
the announced cut in steel billets and other
steel products. which was announced here after
the stock market closed yesterday although
this action had been clearly foreseen and fore
told for many days past In fact. some Of
the recent strength Of the steel stocks has been
based or the advantages expected to follow
this cut in attracting belated orders and FIX
ing the stability Of the market. Evidence OF
intended competition with United States Steel
IA some finished lines was also an influence on
that group Amalgamated Copper offered some
Temporary resistance TO the decline. due to
an advance in grades OF copper, but ulti-
mateiy yielded. more effective resistance
was offered BY Union Pacific. which &c
over last night. II argued that Union
Pacifc's corn territory was comparatively safe
from frost damage and this statement may also
current rumors regarding the health OF the
head OF the system 1t could not be learned
that there was any actual calling OF loans
on the stock Exchange. but the tone OF the
money market plainly continues to harden and
the prospect Of retrenched credits was un-
dcubtedly factor in the liquidation Of stock
holdings Declines were fairly uniform at be-
tween ] and points but wide declines in
few high-grade investment stocks were feat
ure. Such closely held stocks are easy TO bid
donment Of protection for the high level is
likely to be significant Of the speculative mood
OF those who advanced the price previously
for effect. Missouri Pacihc's poor showing
OF net earnings for July cost 1t extreme
decline Of 2H. Union Pacific was turned
take profits in the final dealings and some
brisk rallies resulted. but the close was fever
ish and unsettled.
Bonds were weak. Total sales, par value,
changed on call.
NEW YORK STOCK LIST.
2. F. Hutton & Co, 40 California street
San Francisco members Of the New York
Stock Exchange. furnish the following official
quotations Of that Exchange: