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

NEW YORK. Aug 7-An imposing show Of
strength resulted from to-days trading IN
stocks. A study OF the list in detail reveals
that the market was somewhat narrow and
restricted. in spite Of the general appearances
ot strength The inertia of large proportion
of the standard railroad stocks was a striking
feature Of the market. which is only DUH, how
ever, by considering what not done in
trading as well as achieved. The closing OF
the London Stock Exchange for q holiday, and
the continued vacation absence of large ele-
ment Of the Stock Exchange membership here
are factors in the comparative dullness of the
market. But these qualifying considerations
90 not obscure the fact that some very strik-
ing advances were accomplished during the
day. The buying which caused these was con
centrated upon the specialties TO a conspicuous
extent in the same way that the market or
last week was affected. The motives for the
demand were. however 10 a large extent in
the general conditions. The news of the day
was pretty favorable in it's general tone and
covered crop conditions and prospects. railroad
earnings and traffic, demand for anthracite
large orders for ali classes of steel products
and sustained ease in the money market Re
PoIts We're specinc OF the very large orders
being placed for iron and steel products sOmc
o. the mills refusing as It was said, to con
slQer new business except for shipment late IN
the year. or next year. as they are already
overcrowded with work. The iron and steel
industrials gave evidence of organizei sllppOrt
and moved though a speculative party had
embarked in a campaign for higher prices
The United States Steel stocks did not meet
the widest movements, but had an important
sentimental influence on the general list Rail-
road traffic officials were quite unanimous in
reporting q volume OF Iraf0C which fast
absorbing the greatly expanded equipment IA
ciities which have been added by all the great
railroad systems IN the last few months Grain
has commenced to move freely, except fol
some backwardness in the corn movement, and
orders for all grades Of merchandise are re-
ported to be a large scale, based on the
growing confidence in the crop out-turns- The
grangers were relatively backward owing to
the comparatively small movement OF the
grain and the critical period yet to be passed
for its maturity. The action OF the market
was due in no small part however, TO the ma
turing Of the conviction that the country's
grain crops are practically assured and that
they viii prove large The Southern railroads
regard TO the poorer outlook for cotton. Satur-
days unfavorable bank statement was the
subject Of some discussion. but the sustained
ease OF the money market soothes all appre-
tensions based possible future develop
ments. There was some proflt-taking late in
the day. but prices recovered again, and the
closing was strong and quite active
There was a large demand for United States
Steel second 5s The movement of prices in
the general bond list slightly irregular,
but mostly strong Total sales. par value
81 1872 0OO
United States bonds were all unchanged on
call.
New York Stock List.
E F. Hutton & Co, 40 California street
San Francisco members Of the New York
quotations Of that Exchange: