The San Francisco call., 1906-08-30
New YorI.. stock .Market.

NEW YORK. Aug. 2s-Tn the face Of further
adverse conditions, such as the PhiladelPhis : T.
ure and heavier drains on local financial re. lur-
ces. il must be said that today's stock narAet
for the greater part Of the session exhibited an
unexpectedly strong .undertone. This condition
was brought about largely by the heavy volume
Of supporting orders with which business opened,
coupled with sssurspces that the harm wrought
would be almost entirely local In its effect.
Nevertheless the inference drawn from this
last event, following. 50 soon after similar oc-
curences in Boston, Chicago and elsewhere, left
painful impressions: The case with which early
offerings were taken. bespoke support of un-
usually strong character. but served to heighten
the impression that the so-called big interests
have yet great deal sof stock. to market. Penn
large qusntsties ar the outset: PENNSYLVANIA
scored an initial gain. but Reading. which was
under pressure, made decline:* Other conspicu-
Canadian Pacific. the former selling with its
cisleena az sne rightsz on .snd, showing gain
Of almost three points. Canadian Pacific con-
timed its activity of the prezious day; soon ad-
vancing 10 l7s 6-poipt gsin. but for more or
less patent reasons the rise attracted little at
tention. The Hin stocks were streng. presum-
ably on the publication of unconfrned report
that an ore deal with the United States Steel
Northern preferred advanced to the highest price
o. the present movement, and Northern Pacific
ally reflected the strength Of these Stocks
though Ii lesser degree Sales In the first If
teen minutes were about 225.oOe shares. with
Beading contributing the largest share The
market outeted before the end Of the first hour,
but not before another drive. against Reading
sent that stock lower than before Recovery
was soon msde under the lead OF Union Pacific.
which advanced TO tle highest price of she week,
the movement being. accompanied by the now
familiar ST. Paul: story BY noon trading be
came comparatively dull. with Atcbisoa's new
high record the. most noteworthy testure. The
late session developed no marked tendency. either
way until. the last hofir. when call loans ad-
vancee 70 s per cent with g. further weakening
In exchange 10 81. $50 This latter was one OF
rhe.most significant feat lures Of the day and gave
rise 20 fresh runners Of gold imports. The drop
IN exchange resulted largely from heavy offer
ings Of finance bills by foreign banking interests.
which speedily ayailed themselves Of the furry
in call moEey. There general selling of
these bills and the proceeds were promptly
leaned at higher rates, in addition these same
interests advanced considerable. sums On a. 62
per cent basis 81 once. Despite the: rise IN
money the market gathered renewed energy In
The hnsl trading the feature being Reading;
which advanced OFer points from the lowest.
while Pennsylvania moved up smartly and the
rennsinder OF the active group gsiued a point
or more Trading was very active It. the close,
which was strong and generally at the best
prices Of the day Exclusive Of the $3.50. 900
transferred 70 San Francisco today the banks
have already lost almost So 900 900 TO the sub
treasury for the week. Aside from the freer
offerings by the foreign bankers. there was no
appreciable change IN time money rates.
Bonds were irregular. Total sales tpar vsluel
50 4s5. 600.
United States bonds we're all unchanged on
call