The San Francisco call., 1905-08-16
New York stock Market.

NEW YORK, Aug I5.-The tide Of de-
mand for stocks was reduced to-day aa,s ana 40
strength they were not predominant as Tor
some time past. The disposition to take
profits evidently had its part in the selling
and the failure of the efforts to get the mar
/ ket move upwards prompted an attack IN
/ the latter part Of the day by the bears
/ which showed some signs OF concert ana or
ganization. The attack had little success IN
/ dislcdging any stock and a rather hearty
movement to cover shorts followed. Some OF
/ the principal selling much concentrated
: in character and the ground for the
/ s7lpposition that some of the large operators
/ who accumulated stocks early in the present
movement were tightening their loads 1t was
/ even surmised that the supply of stocks might
/ be coming from some Of the large banking
/ interests under a precautionary motive ana
with a desire to check speculative excess
! with the period approaching Tor the reonc-
( tion of banking reserves in New YORK py the
demand from the interior. The problem or
this interior demand for currency is the only
] present question which seems 10 weigh at ali
upon the market. Attention 10 it is stiInu-
/ lated by Yesterdays telegra phic transfer 70
Chicago of $500 GOO although the approaching
4 turn in the tide Of the currency movement has
I been manifest for some time past in the
course pursued in the interior in effecting pay
] by drafts on their New York correspondent
banks, which is an indirect transfer or re-
Quirement upon New York reserves. Reports
1 from Chicago show opinion amongst brok-
ers there that money rates are likely soon
! TO work closer. The great promise OF the grain
crops indicates extraordinary demand Ior
currency TO effect their movement, and the
stimulating effect on business and industry
in general is reflected in a growing demand
for credits in the West, which promises the
full normal requirement in this center The
.supposition is taken account OF also that yes
-terday's conference Of prominent Jewish bank
ers with the Russian peace envoy may have
the effect ultimately of pating the way Tor
a participation on the part Of the New York
bankers in future Russian loan. While the
present view of the peace conference is that
a favorable outcome viii result there is the
reserve caused by the possibility OF the failure'
which would unquestionably have some de-
pressing effect on the stock market. The
weekly crop bulletin of the Weather Bureau
was regarded as giving every encouragement
great yields at grain centers. The outlook OF
the crop was shown TO be less favorable. The
beginning Of Investigation by the Interstate
| Commerce Commission Of the charges against
the various railroads and private car, lines,
which are charged with violating the regula-
I tiOns for uniform rates, something of
weight on the list Of railroad stocks which
were most affected by the pressure to sell.
The coTn-carTyinR railroads were relatively
firm except for the realizing sales in Missouri
Pacific and Atchison. New York Central was
the most influential railroad stock to make
hea6way against pressure and speculative
trials and specialties again. OF the high
priced stocks Great Northern alone continued
the upward movement sustained by professed
belief in an early disposal Of its iron
lands TO the United States Steel Corporation.
Buying for London accounts early
sustaining factor. the easing of the discount
rate there prompting some increased demand
tor Americans Net changes here show that
the selling pressure was Of small effect and
the market closed firm and in course OF
covery.
Bonds were firm. Total sales. par value,
United States 2s advanced X per cent.
and the new as Der cent call.