The San Francisco call., 1906-08-23
New York Stock Market.

NEW YORK. Aug. 22.-More nearly normal
conditions prevailed In the stock market today
The frenzy Of the four days following the So
called Hartman episode gave place 10 saner
and safer course Trading was only moderately
large compared with the previous days OF the
week and the trend Of events seemed working
toward more logical conclusion. 1t eTi-
cent that the element TO which responsibility
attaches for the recent movement had begun TO
take heed Of the impending financial conditions.
Indeed the dsys- developments in that quarter
were highly interesting snd called for serious
consideration. Not only did caH money ad-
vance 70 per cent, the highest figure in sew
ersl months but there was also a decided stiff
fleming in tine loans, per cent being demanded
for practically all periods. With the present
weak bank position the surplus Of the asso-
ciated institutions its lowest for this particu-
lar period ID thirteen years and enormous crop
demands approa ching 1t was quite natural that
money conditions should undergo a marked
cnsnge. There were persistent reports Of early
gold imports. and the further weakness IN ex-
change lent plausibility 10 these Stories but ex-
perts figured that none would develop before the
coming week II then. The early feature was
the movement in the Hil stocks. which carried
Great Northern preferred TO the highest level
reached in the present movement Northern
Pacific participated IN this movement and the
uhreaobare story Of the Oregon deal" with
resultant rights to holders OF the Hill issues.
was revamped with more less wealth of cir
cuInstantiel detail. AS q matter OF fact the
financial community is Of the hpinion that the
negotiations between the Hill interests and the
street corporation control Of these Oregon prop
ertes have been practically closed That
some very material benefits will accrue to hold
ers Of the Hi securities is also believed. but
signs DO not point 10 an early announcement OF
this very important matter. The regularity
which characterized the opening Of the local
market doubtless q reelection Of conditions
IN London which sold American securities and
later taking the same attitude in this market.
Trustworthy reports agree that that center has
taken huge profits IN American stocks on the
recent rise. The Hartman issues manifested a
halting tone at the opening but later moved
up with the remainder Of the active list, keep
ing wei sbove the previous days closing quota
lions lhey held rather better than certain
other active issues, whose early gains were
wiped out IN the beginning Of the afternoon
10 the highest. II was at this juncture that the
room traders took an aggressive attitude on the
bear side. ofering stocks at marked receseions
IN the hope Of catching stop orders. This move
which these offerings were absorbed soon brought
substantial rallies. After brief period Of dull
j. ness. during which Great Northern preferred.
Northern Pacific and Colorado Fuel lost the
started new move under the lead Of United
States Steel. The common stock was taken in
enormous quantities, selling as high as 46%
the highest price reached IN four years. The
buying was reported to be OF impressive char.
acter and was accompanied By rumors that this
stock VIII be placed on a per cent basis its
original status, at the next quarterly meeting
The rise IN Steel brought out a lot Of stock
and the price fell on The market underwent q
complete reversal in the last twenty minutes q
terrific drive By the shorts and the Western
the list Not only were all the days gains lost
sn this movement, bur a number Of material
declines were registered, the market CLOSING
quiet. There a further loss BY the banks
10 almost So. .OO0. 0OO In addition 10 this los
II IS understood that some Of the banks have
been making heavy direct shipments Of currency
Bonds were nrm. Total sales, par value
United States bonds were unchanged on call.