The San Francisco call., 1906-08-11
New York stock Market.

NEW YORK, Aug. Io.-Todsy's stock market
Wes held suspended between the Influences OF
the rising rates FOR call money and the extra
ordinary figures of the Governments report on
ne conalaon or the great cereal crop. There
vas nrlet and slight hardening OF prices OF
Stocks Following the publication Of the Gov.
S-nment crop report, which served only TO about
restore ne level OF prices to where they left on
last night. But the market fen back again
INTO torpid state after this brief sign Of ant
nAuon- The promise OF the crops. according 10
TIE estimates OF the Agricultural Department
served "a explain the growing confidence In
financial circles that the emharra ssu ents IN the
situation, due 10 the heavy Over-conmitments
or cnpitnl In fixed forms give good promise OF
workout. The Indicated winter wheat crop is
ne largest on record, promising IL does TO
come wlthln seven million bushels Of the half
billion bushel mark. The estimate Of the spring
bumper crop OF 1901, exceeds that OF any other
year and brings the indicated figures Tor the
total wheat crop, estimated on present condi-
uionst 70 be the largest 10 the cOuntry's history
The hgure rising 10 above T72, 600. coo bushels
Lne estimate Of the corn crop, based on present
conditions, nIes ngure In excess OF last years 5
bumper crop and also Is wen above the esti-
mate tKed at this este last year. The moder-
ate eject OF the report either IN the grain mar
kets or ia the stock market was due partly 70
the confident expectation Of its favorable char
ecter previously held But the money situation
undoubtedly had an important part IN the re-
straint on the stock market. Cail loan rates for
time loans were also higher. Estimates Of the
slight movement on balance against New York TO
be added 10 the 81 600 600 lent the Sub Treas
course OF the movement, thus slightly indicat ted
has turned definitely against New York for the
season. Weekly Withdrawals from the cash re-.
serves OF the New York banks are TO be ex-
pected therefore for an indefinite period Relief
from other sources depends New York S
ability 20 draw gold from abroad. Conditions
are moving quite strongly toward the point Of
pront on gold imports. A further wide decline
in foreign exchange rates today brought that
point nearer. IL ls believed that arrivals
of gold IN the London market VIII be available
for New York under present conditions although
they DO not allow withdraw walls from the Bank OF
England for shipment. The Official figures Of
the production OF gold in July were OF interest
IN this connection, showing the increasing ten.
deEcy OF the output stil in progress, the month
ly production rising 10 s9l. 7l3 fine ounces, the
greatest in the history Of the Transvaai The
desultory show Of strength IN a few stocks
during the day, principally the Hartman Pa
rilcs ana the Pennsylvania group. WAS attrib-
ttpd g hopes Of early dividend Increase The
general market was sluggish and narrow through
cut. The freedom OF the call loan market from
q final furry. which somewhat feared.
prOmpted a stiGening OF prices nt the last.
which established the days gain Tor the few
strong stocks. Net changes q rule, however.
were trivial Tie closing tone was steady.
Bonds were heavy. Total sales, par value,
g 40. 600
United States bonds were all unchanged on
call