The San Francisco call., 1905-08-12
New York stock Market.

NEW YORK, Aug. IA material broad
eriug out in speculation was a gradual process
80 tl-1sy's stock market. the early trading
showing only irregular strength and consider
able hesitation. The growth in speculative
elrlGeace had as its underlying basis the Gov
eminent report OF the conditions Of the grain
crops, but among the railroad stocks imme-
ciatsy influenced by the promise Of great
crops 10 be moved the early movement was
irregular and haltng- The corn grangers
seemed notably reluctant 10 move in spite OF
Jae stress ana upon me promise o. d bumper
corn crop The character OF the adNlces
which Went out on Wall street last night in
tH- shape OF letters and telegraIns from COM
MISSION houses based on the returns OF Jne
gram crop We're circulated 10 excite speCula-
T.ra activity and these had their effect in the
trading. Before the day was over the irreg
ular character Of the market was repaired TO
q large extent and a fairly comparative ad-
vance had been achieved by the process Of TO
tauen from one point in the market 10 an
other. High priced investment stocks were
stI feature and The sensational movements
in this class exceeded in number and extent
anything witnessed IN the stock market with
in The memory Of men. Not much attention
was paid 20 the constant ruTnors OF transfer
and combination Of control which were set
al al as nominal explanation tor many OF
these movements The stocks affected were
varied and SO totally disconnected on any pos
e-b-- grounds Of comparison that the rumors
concerned them so Tar as they sought 10 asso-
ciale them IN any way were given little
oe-ce- These feverlsh movements were still
suspected 10 De OF nanipulatlNe origin but
the day or operating in such mercantile secur-
ities on any marginal transaction and the
enormous resources required for their actual
taking up in such volume as the transactions
Of yssterday and to-day represent added to
thC MYSTERY Of the movement. It's demonstra-
Il the tenacious hold OF owners on these
fHa--s even at the phenomenal price levels
maintained was taken as evidence Of strong
confidence in future values Foreign markets
were watched with attention for any indica-
lions Of the probable outcome OF the peace
conference at Portsmouth The stock markets
abroad manifested no uneasiness. but the
sharp advance in sterling exchange at Paris
was indicative Of a purpose 10 accumulate fur
ThHr reserves there. Discount rates hardened
IN London IL response and the foreign
change rate advanced here also. The local
r--reT market was totally unaffected This.
Dr. spite Of the very considerable demand for
funds involved In the more active speculation
IN the stock market. especially IN the trans
actions on the very high priced stocks. The
mates for the currency movement for the
FIRST tinae Of the season that the banks have
lost cash 70 the interior the balance of the
nroveslent The amount seems 70 be small an5
even added 20 the week ABSORPTION by Sub
serves 10 be shown in tO-norrow's weekly
statement IS not expected 10 be large. II is 4
urerlonition of the beginning Of the seasonal
demand in the interior that the incident has
dav's advance unsettled The late market but
there were rallies which carried last prices for
some stocks 70 the highest of the day. but left
the closing tone irregular
Bonds were steady Total sales, par value.
s. SIS 600
T-rifed states bonds were all unchanged on
New York stock Market.
r Hutton & Co.. $50 California street.
san Francisco. members Of the New York
stock Exchange. furnish the following official
quotations Of that ENchange: