The San Francisco call., 1904-09-08
NetU York Stock Market.

NEW YORK. Sept The advocates Of
higher prices for stocks met less encourage
from that OF yesterday. There little news
70 account for the reaction, as there was TO
explain the advance. The volume OF dealings
vas wei up 70 thai OF yesterday, but the buy
Ing of Etockzs from outside sources and through
commission houses selling a little in
riod q activity. The conclusion was general
thar the dealings are largely due 20 operations
~ parties OF SPECTATORS or Of large individual
traders who make an avocation Of operations.
IL was quite evident that many OF such opera
tors who were conspicuous buyers in yester-
daye market were free sellers 10 take profits
to-day This IS the sufficient explanation OF
the actual movement OF prices and IN order
10 Adequately judge the value Of the price
movement as an index Of conditions and values
it would be necessary 70 know the motives
and information which prompted operations.
There were no public Developments 10 throw
light o. this subject. In view Of yesterdays
wide advance in the Pacifcs and the subse-
Quent public announcement Of hopeful views
cL prospects Iof fal1es from an oIhcial quar-
TER connected with the system thus affected.
some CT -the speculative followers OF the move
niefl ehlQeilli1 feared tnat the emecrYe bny-
ing thar they had been following might be con-
sidered 10 be now concluded. The pressure 70
take prohtE IN the PacifCE IN consequence wac
showed nOulentsry effect from the interview
referred 10 but these were the highest prices
or the day Their subsequent decline proved
Of decisive effect sentiment In the railroad
list efforts 70 confess the reaction we're rather
inedectual In a section OF the industrial list
however considerable degree Of strength
developed and served a partial offset 20 the
heaviness In the railroad list. The iron and
steel stocks were most conspicuous in this
movement. but other metal stocks and also the
railroad equipment companies which make a
large use Of iron were affected in
sympathy. II was argued that the
agreement of the pools IN steel products 10
reduce prices had done away with the danger
Of an open market and harmful competition.
Reports were also current OF some large orders
FOR rsilroad construction and equipment which
were awaiting the reduced prices Of steel prod
ucts. These conflicting influences kept prices
moving irregularly all day. The reaction was
fn force st the closing. which heavy An
Eprreciably frner tone was evident both for
call and time loans q consequence OF the
decline IN the banking surplus and the in
creasinE demand for money in connection with
rhs stock market speculation. Some attention
also was paid 10 reports Of corn crop damage
from the Southwest. Neither OF these factors
seemed 10 be sufficiently pronounced 70 have
much influence on the movement OF prices.
To-day's reports q railroad gross earnings
for the fourth week IN August were uniformly
encouraging.
Tho bond market continued broad and gen
ezzily hrn- Total sales. par value, IS. ass, 600.
United States bonds were unchanged call.
NEW YORK STOCK LIST.
z =. Hutton A. Co, 40 California street.
ean Francisco, members OF the New York
etocr Exchange furnish The following official
quotations OF that Exchange;