The San Francisco call., 1904-06-26
STOCK MARKET
VARIES LITTLE
Slight Change Results From
Stand Against Reaction
ary Tendency of Friday
DEALINGS INDIFFERENT
To Curtailed Demand for
Money in Trade Channels
Listlessness Is Ascribed

NEW YORK, June 25.-The stock
market made some stand early to-day
against the reactionary tendency yes
terday. but yielded at the close and
showed small net losses for the day.
The result is to leave the weeks
changes quite small. The dealings to-
day were Indifferent TO the point Of life
lessness. A fractional rise in Union and
Southern Pacific and a steady tone in
the Wabashes, indicating the passing
effect Of the remission of interest on
the debenture bonds, were the epcour-
aging factors. The bank statement
contained no great surprise, but it was
entirely without stimulating effect. The
increase in cash reserves was nearly
IN accord with calculations and brought
that item TO a new high level. The
81, ,0oo, 900 loan increase wants only to
be repeated 20 bring that item to a new
high level. To-day's deposits Of 81, ,143,-
314, 100 exceed by over $1,000, 900 the pre-
vious record made early last month
just previous to the withdrawal of Gov
eminent deposits from the banks for
the Panama canal. Greatly curtailed
demand for money in the channels Of
trade is a deduction from this condi-
ton OF the money market. But grow
ing discussion is given to the part
played by bids for deposits by the
banks and trust companies in causing
this condition, and the soundness and
healthfulness Of the policy in such a
money market as that existing at pres
ent.
The total sales Of bonds, par value,
were s1,S47.OoO.
STOCKS CRAWL UP.
Prices Of stocks have crept upward
this week, slowly and somewhat la
boriously. Business has been in small
volume on the Stock Exchange and the
fluctuations have been exceedingly mar
row, but the tone of the market has
been Enthusiastically firm, and the senti-
ment in the Wall street section has
been more cheerful and hopeful over
the new market. The market has been
almost entirely free from pressure, and
the small advances met little resistance
in the way Of selling to realize or bear
attack. The news Of the market has
not been important and was decidedly
mixed in character but the news un-
favorable to values was accepted as
further development of factors long
recognized in the situation and consid-
cred in the operations for some time
past. There has been a general disposl-
ton to feel that the worst Of these de-
velopments is over. Underlying the
stability of the market is the content
ment felt with the condition of the
crops and a conviction that, in the alb
sence Of some change in conditions, the
country may feel secure Of profitable
harvests.
CONDITION UNCHANGED.
Reports from mercantile sources
have not revealed any marked change
in condition, but, while the lower level
of activity is still manifest, there
seems to be no progressive shrinkage.
Reports Of gross earnings of railroads
show improvement for June thus far.
the average earnings Of all roads
showing a good percentage of earnings
over last year. An important factor
in maintaining the firm tone of the
weeks market was the rise in United
States securities. No very definite
news Of improvement in that trade was
received to explain the buying of the
stocks, but the rise was important to
the whole market. So was the relaxa-
ton of the pressure on Southern
Pacific, which has been bought on all
occasions of weakness since the an
nouncement of the preferred stock is
sue by bankers usually lntrusted with
financial operations for the company.
Bond prices have moved upward
during the week, with the exception of
some Of the speculative issues.
United States new As registered have
declined Is per cent on call during the