The San Francisco call., 1906-09-02
EXTREME DULLNESS
MARKS MARKET.

NEW YORK, Sept. 1-Extreme dull
ness marked the course of today's brief
session on,the stock exchange. The at
tendance Of traders was much be-
low the average. a great many having
apparently availed themselves OF the
approaching holiday to leave town.
Those who remained followed the Lon
don market, which reached slightly
higher range for American securities.
The halting tone of the market was
doubtless due largely to concern re-
garding the showing of the associated
ranks in their weekly returns.
The known movement of money for
the week as shown in yesterdays pre-
liminary estimates very strongly sug
gested a complete wiping out OF the
legal reserves, but il was hoped that
the large amount of foreign loans
placed here al the higher rates for call
and time accommodations would prove
an Offset to this drain. Some comment
was provoked by the statement con-
tanned in the monthly circular of
prominent financial institution which
offered suggestions for the relief OF the
money market and again urged the
pate the retirement of at least a part of
the four per cent bonds of 1907
UNION PACIFIC LEADS.
Just as on the previous day, Union
Pacific was again the leader. if SO dull
a market can be said TO have one.
Union Pacific opened close to it's record
price and before the end of the first
hour established a higher price than
before. st. Paul also exhibited much
strength and again there was general
disposition to couple the movements of
those stocks as a part of some colossal
deal. New York Central also made a
material advance at about this time.
The final trading disclosed some real
izing profits but the tone was fairly
strong. Returns of the Louisville &
Nashville road for July showed gain
of over 100000 in net earnings and
those of the Rock Island system for the
same period increased almost S375,0OO.
Bank clearings throughout the coun-
try for the week Increased over 20 per
cent sales OF stocks in the exchange
exceeded those of the same month last
year by over 11.500.000 shares. though
bond sales decreased over $33,0O0,0OO
The Hartman issue scared to higher
Hartman issues scared to higher
flights and with them St. Paul, Atchi-
son and some other issues of lesser
prominence The Hill stocks also were
all to the fore. though definite details
regarding the much discussed ore deal
with the United States Steel Corpora
ton are still lacking. The ail-impor-
tant factor and evidence a-plenty was
at hand To show that conditions had
undergone no change for the better.
BIG GOLD SHIPMENTS.
In addition to the natural drain upon
weakened resources this week there
were fairly large shipments of gold to
Canada and currency to Philadelphia,
the latter call being in response to the
failure of the trust company there.
The market took on a political tinge
toward tho end. with the return of
Bryan and there was no little curiosity
TO know what the credit OF two Presi-
Dental campaigns might have to say
on the issues of the day. His first
formal utterances were not of a char
acter to give great encouragement to
the financial community
The bond market ruled dull and unin-
teresting. though hopes for early bet
ter conditions were expressed. No news
developed during the week regarding
the reported plan of the Government to
retire part of the 4 per cents of 1907.
IT seemed TO be the opinion of shrewd
observers that no small part of the re-
Gently acquired speculative profits
would soon be put into purchases of
bonds OF the better class.
Cuban bonds made a sharp decline
during the week, but recovered almost
ali their loss at the close.
In Government bonds the IS regis
tered and coupons advanced h per cent,
with an advance Of ] per cent in the
new rs.
The Financier this week says: Last