The San Francisco call., 1897-11-21
NEW YORK STOCK MARKET.

NEW YORK Nov 2O.-The stock market was
almost inert to-day, and drifted under very
well defined motive toward a lower level Lon
don's great fire seemed to exercise a rather de-
pressing influence that financial center and for
lack of another initiative the local stock market
followed that lead. Dealings we-e on very small
y 4ie, and the movement OF prices outside q few
social cases very narrow. Even Consolidated
(Css took on a rather subdued aspect and brought
its variations within a range of three Joints ex-
traordinary moderation for that eccentric stock.
Metropolitan Street Railway notably strong,
and continued its advance of yesterday 20 the ex-
te ut Of two points additional
The local political situation is cited as being
likely TO inure to the benefit OF this property.
There was 10 other notable feature in the market
The declining tendency seemed be somewhat
check ed at the last, and The closing showed some
slight recOVeTles on the short covering The bank
statement was without any iufiuence on the
trading, as it showed about what expected
The Increase in loans is undoubtedIy due 10 the
operations connected with the sale OF the Union
Pacific, the first payment for which, OF nearly
$4,000 900 is to be made on Monday The ex-
cess or the increase in deposits that in loans
reflects III return from interior banks, which
depositng Idle funds In both the New YORK and
Chicat banks in large volume.
outside OF the Union p cifc operations there is
10 doubt thai the loans OF The banks would show
a substantial increase. as there has been a large
qu datiOn OF merchandise accounts during The
week AID the money marke- has been very dull
in al departments. Bid1ing for choice grades Of
commercial paper hai been very acilve, but the
market has been almost bare of offerings. The
money market has not shown the Ightest 1utter
over lh approaching S13p00O0J payment 10 the |
Government on account OF The Union Pacific sale |
This payment viii in fact amount 10 little more |
than series OF book Neeping entries the transfer
OF creds in large pa-t being confined 10 the books
haH1ling bo.h accounts.
These banks have deposited in the treasury at |
Washington Government bonds 10 the full amount |
OF he paymen- as security, and the Government |
has arranged TO leave its funds deposit in the |
vaults OF these banks
he stock market has been q rather trivial |
AFFAIR all week trading being Of small volume and |
the movement of prices slight The average |
price of stock is slight lower than last Saturday
sible fer bringing down the average. Elsewhere
In the list there are few prominent stocks that
show a net change exceeding fraction either
way. Sugar snd con Solidued Gas have absorbed
the result i, shown in gains OF less than per
cent.
Consolidated Gas has sold as high as l931a and
as low as 1T, closing a; about TWO points below
th9 best. The variations in this stock have fol-
lOIF ed the mutable utterances put forth by In
N gjng The local ras companies, and II has Eept
I'M sock quite active 10 Keep up with these
chahf.es. Union Pacific has been markedly heavy.
Outside Of these and few OF Lh Specialties Specu-
Iaitou is apparently cead for the time being. on
Thursday he total sales Of a stocks fell TO less
than 10000 shares This apathy Of speculation
is The more notab in view Of the amplitude and
he cheapness of the supplies of money ana the
large reserve OF money supply made available by
the heavy rade balance in favor OF this country
The halt in spec ulation cannot be attr buted to
existing conditions, which continued 10 be very
favorable, but rather doubts regarding the
future. II is usual for Wall street 10 come 10
pause IN its operations In November pending the
assembling of congress, the publication OF the
Presidents message and the perception OF the