The San Francisco call., 1904-07-02
!Ne7v York Stock Market.

NEW YORK. July Some excited specu-
lation in the Metropolitan traction stocks was
the feature Of to-day's market, and saved II
from the iethargic condition expected on the
eve OF a three DAYS holiday. Other New York
stocks showed some sympathy, as they always
do with one another. Prices ruled generally
above last night, but the fluctuations in some
OF the market leaders were not above " The
time money market was called slightly hrmer,
but this was largely a sentimental effect on a
slightly increased demand for money in con-
nection with the July disbursements. Call
money failed 10 get above Il per cent during
the day. Union Pacific and Southern Pacific
scarcely stirred on reports of May net earn
reaction in the New York stocks in the last
hour affected the general tone and the clos
81 72o, ,Ooo
A combination of circumstances has made
this week one Of the dullest in the stock mar
cause for this the decision OF the Stock
Exchange authorities 10 close the exchange on
Saturday as well as on Monday. July A. An
other special factor in the current small deal
ings is the crusade by the exchange authorities
TO prevent arbitrage operations between the
board room and outside markets This is an
operation for making the profit of a differ
e5ce in Simultaneous prices in two markets
by selling in one and buying In the other. Only
the most direct communication between the
two markets makes II feasible. and such COM
munication infringes laws OF the Stock Ex-
change. The summary removal Of telephone
communication Of a number Of firms from the
floor Of the stock Exchange served ad-
mention TO the whole membership 70 refrain
from this kind CT trading. Stress has been laid
also on the DOiLCdl OUTLOOK IN an unCeter-
inmate condition. the Governments report Of
crop conditions and the extreme conservatism
existing in all business and enterprises and
which is accurately reflected in the stock mar
het. There have been no really important de-
velopments during the week toward solving
the uncertainties and efforts stimulate
activity in stocks have been futile. The weeks S
sdvlces on the crops were mixed and baffed
the Efforts Of operators in stocks TO make any
consistent Interpretation OF them
a general sense OF contentment over condf-
tions may be inferred from the abssnce OF
pressure 10 liquidate in the market. Shownes
Of railroad earnings are mixed, but the aver
age Of gross earnings for June is somewhat
better than last year, and traffic officials
have expressed hopes for future business with
rather greater confidence The reports Of net
earnings fer May. however, have made poor
comparisons with the previous year, and re-
trenchment in operating expenses is counted
a vital necessity for iT6proving the net return.
Such retrenchment has continued various
points reports pointing especially TO cutting
down the working forces on the Pennsylvania
system.
The broad demand for bonds has movec
many long dormant Issues. but these usually
inactive bonds have been only moderately
active and have included irregular movements.
United States 2s have declined 4 and the
old Is registered have advanced u per cent on
call during the week.