The San Francisco call., 1906-08-24
New York stock Market.

NEW YORK. Aug 23-Wfth call loans open
rates for time accomtnoda tIons and no material
change for the better in the weak bank position.
i was entirely natural that tOday's stock market
would develop an irregular tone. Trading at the
outset was heavy especially in the Hill and Har-
rimsn issues. and at generally higher prices. the
market apparently taking Its cue from London,
where keen demand for American securities
was reported. 1t wilI be interesting, however.
70 know just how much Of this demand was
Ior New York account The most interesting
feature Of the day developed with alleged
plan Of the Secretary Of the Treasury to refund
az an early date the four per cent bonds of
1907. This issue amounts TO almost S117, ,000. 600
and rurnOrs had Il that the Government,
relief measure might anticipate the retirement
Of these bonds with the proceeds of the new ,
per cents. The possibilities Of this plan opened
the way TO much discussion. Trustworthy in
formation shows that there is absolutely no fOun-
dation for the notion that the Secretary conten-
plates renewing his gold anticipation order Of
D last spring. Pressure on the local banks was
slightly induced by the Secretary's action in de-
posting $4,000. 600 in interior banks Foreign
exchange developed increased weakness. but the
sltuation with regard 10 gold imports Is stiu
without change. Advices from London indicate
that Russia is negotiating for the next conslgn
ment Of the metal from South Africa and may
outbid American bankers. The return Of the
most conspicuous ngure in the Great Northern
properties was the signal for a renewed upward
movement in these issues which shared h0nors
At the opening with Union Pacific and United
however. upon authoritative statements that no
immediate announcement is likely concerning
Great Northern or its ore lands The early moves
record for this movement, saEOred strongly Of
manipulation. though trade conditions according
70 competent authorities, are better for the cur
rent month than at any time in the history Of
The industry Manipulation was also marked
feature Of the movement in the Copper shares.
the strength and activity of Amalgamated and
Anaconda being accepted by reports of larger
diEidends. Incidentally these issues were helpd
By increased dividend in the shares OF a
minor company and the hrmness Of the metal
In London. The days business limited in
large part 70 half a Of the more active
stocks. They included United States Steel North
ern Pacific Amslgamsted Copper. Reading. Ana
conds St Paul, Great Northern and Colorado
Fuel Trading in the afternoon was hardly in
keeping with the pace set during the morning
session, business falling 70 relatively small pro-
portions. though prices we're holding well. In the
final hour call money was freely offered al y
per cent. but this hardly sufficient 10 Offset
the steady selling. much OF which was presum-
ably induced by fears Of unfs Vorable bank
return Aside from the further rise in Ana
conda Copper the list reactionary and lower.
Great Northern preferred losing practically all of
Of its gain aud the Granger group as whole
selling lower. The closing was active, but ir-
regular. Some ground was recovered by the
hanks IL their operations with the Sub-Treasury,
but their loss is still In excess Of 81 500 0on The
only railway return of importance was that of
Chicago and Northwestern. showing an increase
IN gross earnings for July Of S5S2, 0O0
= Bonds were asy- Total sales, par value.
81 .E55 O00
United States bonds were all unchanged on