The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-08-25

LOSSES FOLLOW
SMALL ADVANCE

NEW YORK, Aug. 24.-operations on
the stock market today were governed
largely by circumstances attending the ar
rival of E. H. Hartman. Almost all other
considerations were overshadowed by this
one event. It was, in truth, a waiting
market-waiting for word, good, bad or
Indifferent, concerning the distinguished
passenger on the transatlantic liner. The
street was showered all day with bull
letins recording the progress of the ship
toward port, and some encouragement was
manifested in a wireless message sent by
the railroad magnate to the Associated
Press some hours in advance of his land
ing wherein he spoke of his condition as
being good and reiterated his statement of
June l last, the substance Of which was
that the country was going forward in a
highly satisfactory manner.
Opening prices were a reflection of the
uncertain undertone. The movement was
irregular, with fractional advances in many
of the better known issues, which soon
turned TO substantial losses. From this low
level there was a rally and some activity
until noon, when announcement of the reg
ular dividends on Union Pacific common and
preferred and Southern Pacific common
gave the shorts another excuse to sell those
stocks. Recovery was very rapid, however,
and by l o'clock practically the whole list
was above the previous days best prices.
Reading and United States steel were the
most conspicuous issues, the latter advanc-
ing to within a fraction of its recent high
record.
Union Pacific and Consolidated gas ad-
vsnced materially, with later movements
in Erie and National lead The market, as
whole, was rather narrow, with marked
diminution in the volume of business.
Firmness prevailed curing the final hours,
with some revival of the early activity, but
the closing was dull ana generally lower
than the previous day.
Among the few exceptions were Canadian
Pacific, Denver and Rio Grande, Reading
and Wabash among the railroads, and
United States steel, Consolidated gas,
Brooklyn Union gas, National lead and the
local fractions, all of which registered net
gains. Londons operations here were too
trifing for comment, probably less than
100 shares either way.
The commodity markets were again IN
settled at Chicago. September and Decem-
Der wheat options closing lower. Corn was
up on buying, said to be influenced by bet
ter weather conditions in the southwest
An acknowledged authority reported that
available supplies of wheat stocks east of
the Rockies had increased by $50, 600 bush
els during last week, with an increase OF
69S,ooo bushels in Canada.
Apart from rather sanguine forecasts re-
garding the earnings of the United States
steel corporation for the current quarter
the most interesting industrial news of the
day was an advance by one of the indie
pendent mills of 81 per ton on steel bars.
1t is believed that this move will be fol-
lowed by other manufacturers.
The local monetary situation was ex-
= tremely dull and uninteresting. Last weeks
promises of an increased demand for money
at higher rates are thus far unfulflled.
The bond market was irregular, in SYM
patty with the movement in stocks. Total
sales, par value, $685., 900. Government
bonds were unchanged.