The San Francisco call., 1904-07-24
ALL The SIGNS
ARE PROPITIOUS
Conditions That Usually
Have Effect on Money
Market Are Impotent
STEEL AND IRON FIRM
Stocks Have Been Irregu-
lar, but There Is a Power
ful Underlying Strength

NEW YORK. July "a marked
subsistence OF speculative interest was
observed in to-day's stock market,
partly attributable to the short session
and the rush from the city Tor the end
week holiday. But the limit to the pres
ent active movement was pretty
clearly shown by the dullness yester-
day. There was the same hesitation Of
prices to-day. but the undertone was
firm and there was little pressure to
sell, simply a cessation OF the recent
large buying in different quarters Of
the list. The settlement Of The incident
OF the Russian seizures in the Red Sea
seemed 50 well defined as to leave lit
tie ground for uneasiness. It is prob
able, however, that some repressive ef-
feet is stfll felt from the sudden possl-
blities OF trouble developing by the in
cident The only feature in to-day's
market was the special nrmness of the
iron and steel stocks. United States
Steel preferred added rs to its weeks
gain and the stocks Of the Independent
companies made some sharp advances.
Rumors enanated from the neighbor-
heoo Of the meeting Of presidents Of
the United States Steel subsidiary COM
panies. which increased the conjectural
earnings for the second quarter Of the
year 10 s2o.OoO.ooo.
THE MONEY MARKET.
The bank statement reflected all of
the expected gain IN cash reserves and
carried that item, as well as loans and
deposits 10 new record figures. AS
nearly half OF the increase in deposits
was IN cash there was a margin Of in
crease in the surplus OF over 81, 600, 600.
bringing that item TO the unusual fig
ure OF S5o.609. GOO The Offering Of call
loans this week 10 below 1 per cent is
thus easily understood. The market
closed irregular and at small changes.
Total sales Of bonds, par value,
sl.o95.0o
The stock has been very irregular
throughout the week and its occasional
strength has been manifested III a very
speedy manner. The impression made
upon speculative sentiment, however,
has been TO increase confidence in the
underlying strength. Professional oper-
atcrs have held to an opinion that a
normal reaction after the considerable
attitude toward the market has beer
one Of constant suspicion. 1t is usual
for the securities market 10 be left top
heavy after so considerable a specula-
ton for the advance as that which has
carried prices TO their present level. and
the 1rst sign Of reaction is likely tc
bring upon the market a food Of be-
lated profit-ta king or sales by specula-
with the sold-out bulls adding sales on
the short side to force the reaction and
get back stocks at q lower level.
STRENGTH Is POWERFUL.
While the weeks market has showr
many signs CT instability and prices
have wavered constantly, the move
ment was as constantly stopped short
~ a precipitate decline. The effect ha.
been 10 impress sentiment with the
strength Of the forces behind the mar
ket and 10 encourage hopes Of an early
resumption Of the advance. The small
effect produced upon prices by hap.
peuiDgs which seem to have a positive
bearing against values has the same
encouraging effect. One Of the mos
notable features Of the present rise il
prices has been the Indifference toward
new developments. Thus during the
past week there were numerous Incl
dents that would have upset specula.
tive confidence IN an ordinary period
Cf doubt and uncertainty. Monday
morning brought a set Of opinions from
Western railroad traffic officials which
plainly admitted their apprehen-
sion that the crop damage had caused Z
halt in the revival Of confidence il
business. which threatened another pc.
nod Of hesitation and curtailment, Will
resultant effect on railroad traffic. tn.