The San Francisco call., 1904-08-14

actual disaster to the crop. The weekly
bulletin of the Weather Bureau on
Tuesday, covering conditions of the
preceding week. did not prove soothing
to the fears for that crop. But the
monthly report of the Agricultural De-
partment worked a decided change in
sentiment in the stock market, and
even the renewed jump in the wheat
market did not entirely remove the as
surance caused by that report. AL
though the condition there reported
dated back to August l, before much Of
the alleged harm had been done to
wheat, it was felt that the August 1
condition, with it's indication of nearly
606, 600 bushels, impeached the cred
ulity of the extreme estimates of the
later damage done. The action of the
wheat market itself was attributed in
large part to excess of speculation and
to. technical conditions in the imme
diate supply available in the market.
The most favorable auguries were
drawn from the Government report on
the corn and cotton crops. Present
conditions in these crops are felt to
warrant an assumption of bumper
yield for both, and this assumption is
likely to form the estimate of these
crops so long as no deleterious effect
upon them is reported in the news. Be
sides the encourag cement Of abundant
crops of these two great staple prod
ucts very hopeful views are held of the
chances for a profitable market for
them in the coming season. The firm
ness with which the prices are held, in
face of the brilliant prospects for these
crops, is attributed to this promise.
The low price of cotton the world over,
due to the cement of buyers by
the recent high prices, is held as an
inducement to replenish stocks.
DEMAND FOR CORN.
In the case of corn the threatened
shortage of wheat in Europe and the
small exportable surplus here indi-
cate a largely increased demand for
corn for foreign account, with corre-
spending benefits in the sale Of our
large crop. Business sentiment has
improved correspondingly.
The influence in the iron and steel
trade has been less reassuring and the
heaviness of the stocks of companies
in that trade has been something of a
QIdB OH the nldTh6l- CeiA - " a. us
ruption of the pools for maintaining
prices of finished products have been
the unfavorable factor. Labor condi-
tions continue unsettled and are the
cause of an undercurrent of uneasi-
ness in the stock market.
Conditions in the exchange market
have hovered near the gold export
point and engagements for shipment
to London have been several times
made and then Cancelled. The factor
has been the needs of the London
money market and the redundancy of
our own money market. With gold
flowing into San Francisco, both from
Japan and Australia, and with an
early prospect of a supply of cotton
bills in the exchange market, the gold
export question has aroused little in
terest in the stock market and has not
affected the extreme ease Of the local
money market at all.
Railroad earnings as reported show
an average Improvement and the Har-
riman lines have been the subject of
special activity and strength, appar-
entity based on the good June net
earnings.
The demand for bonds has some
what revived and prices have general
ly advanced
! United States old fours have ad-