The San Francisco call., 1904-09-20
FeU York Stock Marker.

EEw YORK. Sept Ie-Prices OF stocks lost
Nr0und sgain to-day ana there was decided
fhr1nksgs IN the volume Of business This
waa partly attributable tC the occurrence Of the
important Jewish holiday OF Tom Kippur the
cbsurpanos o. which kept a large element away
from the session of the Stock Exchange. The
eaEg1nE movement of stocks was not pre-
capitate and was made frreEulsrly and with
frequent pauses and rallies. The appearance OF
weakness was most acute az the time the corn
market was strongest, giving a suggestion OF
the factor q the greatest influence on senti-
uent. The movement in both markets was
not bssed immediate news Developments
bur on the Appearance OF estimates OF rhe
volume q the crop by experts who have won
s-orn. following In the course of the recent
These estimates were for a total crop Of less
than 2 200 900 900 bushels. compared with a
serte-lber / q ?. 4si- 600 bushels
There was Increasing discussion also Of the
9oasy og'ok % a sq % On ,,s 5ae s1s1reSy bank
= per cent rate for call loans and hrner tone
fQr time loans for the shorter periods. With
the surplus reserve cut IN two IN three weeks
ard TIE larger part OF the crop moving de-
uanc Eet 70 be net, Il Is obvious that an early
eontraetion q the loan acconmodstions Of
dencs r. felt that this may be done without
Ftringency % money, but II remains true that
fhe money that loans AZ per cent and under
On the Stock Exchange for speculative pur-
poses ls what would otherwise Of necessity
lle idle sn bank vaults and Is IN consequence
me lfsL ~ pe called IN Thus Il almost in
Narisbly follows from the nust contraction OF
bank loans that some liquidation comes uron
fbs Stock ENchanre
Sterling exchange was on to-day in response
70 the tr1ner money market, but discount
also hardened and gold rose IN London. The
efatist warns the London market that q
cannot expect continuance Of the present ex-
treue ease % money there n New York calls
for gold az Indicated BY the movement OF
eTcnanEe Interior banks are drawing on
eeW 2 OK deposits FOR meeting OBLIGATIONS 70
The Government, thus accounting for the con-
finucc decrease IN the Sub-treaslIry Operations
TIE harvesting period and the crop -uncer-
fatnfT stu have an effect on railroad traffic
but officials express confidence in a good fsIl
fra-hc aiter the crops are harvested Earnfnrs
Tor ne second week Of the month show some
mixed results. but the Southwesterns report-
-nE TO-DAY showed good increases over last
year The fact as commented upon that fhe
Missouri. Kansas and Texas annual ,-ene-t
IKE that o. the ST. Paul last week shows in
creases Oh expenses, is more than accounted FOR
~ the higher cost % operation. although e~-
penditurea for maintenance are Somewhat rut
down. current opinion on the outlook for
steel trade revival was not 80 sanRuine a. fssf
week while some very hopeful views of the
copper frace were heard in connection WITH
the vigorous advance IN AmalKamated .copper
lne closing was very oull and heavy, but
The bond market was easy. Total sales
PER value, s. z25 600 United States IS al
xsnceo = ner cent on call.
NEW YORK STOCK LIST
4. r Hutton & Co. 40 California street
San Francisco, members % The Sew York
stock E2achzn-es furnish the following Official
Q1ctaticns Cf that Exchange.
sales Stocks High Low Bid. Ask
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