The San Francisco call., 1904-08-07
.STOCK PRICES
ARE SLUGGISH
Uncertainty Felt About the
Wheat Crop a Factor in
Dealings of the Brokers
MONEY MARKETS TIGHT
0utgo of Gold Causes An
inlated Discussion, but
Has No Concrete Effect

| NEW YORK Aug 6-There Is little to
record Of to-day's short session Of the Stock
| Exchange Dealings ran down to the level OF
! midsummer dullness and the movement OF
/ prices was so sluggish as to be entirely In
! conclusive to any sentiment over the out
| look for values to be expressed. The uncer-
/ tainty over the extent OF damage to the spring
wheat was a continuing factor and is expected
to be until the publication of the Governmerf
! report next Wednesday. The rally in consols
/ is favorable influence all securities mar
kets The outgo OF gold which has been in
augurated is the subject Of interested dis
cussion. but is OF little concrete effect, owing
! TO the plethoric condition OF the money market
! Foreign bankers refrain from Offering bills
J against future shipments OF grain and cot
! ton. as they usually do at this time of year,
because there is no chance OF employing the
proceeds to advantage in the present etagnant
money markets here.
The money rate is relatively high in London
and no commercial bills OF exchange are offer
ing as a of remittance of credits The
shipment OF gold is therefore the only alter
native. The gold outgo next week so far as ar
ranged promises to be more than offset by
the expected receipt at San Francisco of
81 oOo. GOO in japanese and australian gold to
be transferred to New York by telegraph. The
bank statement did not reflect the full gain in
reserves Indicated by the preliminary estimates.
but the showing was complicated by opera
Cuba on account of the loan installment
With the exception OF gains in some Of the
nned to small fractions, mostly gains. and the
closing was firm.
Total sales OF bonds (par value), 81. las, 900.
Increased attention has been given in the
stock market this week to the condition and
prospect Of the crops. The conflicting influences
from that source have caused a tone of hesita-
tion in the stock market and decrease in
the activity of the trading. But the most brh-
liant prospects ever recorded for a large and
profitable cotton crop, and with reports In
currency during the week pointing to something
like q disaster to the years wheat crop, the
n ir1pr in he atcArl< ma rxef Ia
planned The consideration Of the cotton crop
was prompted by the publication OF the Gov
ernment's estimate OF a condition on July 25
Of 9l6 per cent, of an estimated acreage OF
81, 0O0,o0 The sharp rise in condition in July
Is contrary TO the usual precedent Although
the critical period of the crop 10 yet to come,
the favorable progress thus far and the abb
senee of serious hurtful factors in the weather
brightest hopes for this highly important eIe-
ment in the country's prosperity.
CONFIDENCE is FELT.
The small effect produced on the price Of
cotton is to be attributed without doubt. in
large part. to the large outstanding short
interest waiting TO cover in anticipation of
current developments But confidence is felt
also that the holding OF the price is due to
the good prospects Of a favorable market for
the staple, even with the abundant supply in
prospect Il is generally believed that stocks
OF cotton the world over are at low state.
owing 10 the long sustained high price and
the resultant policy of hand-to-mouth buying
is natural that the stocks of companies whose
business Is connected with the cotton traffic
should have been conspicuously strong In the
weeks trading Additional sympathetic ef-
feet has been produced the group by the
prosperous showing contained in the annual
report Of the Southern Railway Company and
by the action of the Central of Georgia direc-
tors In declaring the first interest disburse-
ment ever allowed for the second preferred
income bonds OF that company.
The prospect of a short crop Of wheat
presents sharp contrast. The heavy decrease
| in the exports of wheat for the last fiscal
year is evidence that last years small sur
plus available for export will be materially
cut down this year, leaving an important
gap in the foreign commerce OF the country
The corn crop is still looked to hopefully
I TO exc out the deficiency in our grain ex-
ports, the more so all accounts point to
serious shortage in the foreign wheat crops
The foreign demand for corn is already re-
ported to be increasing. and the further prog
ress Of that crop, which promises well will
be watched with interest as an important
factor in the business conditions OF the com
ing year. Other factors in the outlook have
been mixed those for the crops The
weeks advices indicate some revival in the
iron and steel trade and great Importance is
attached TO these. Large orders have been
( placed for pig iron, and the announcement of
! orders for 10000 tons OF steel rails for the
/ Hartman system Of railroads had a marked
I effect the stocks OF that system and on
the iron and steel stocks.
GROWTH OF TRAFFIC.