The San Francisco call., 1897-08-22
NEW YORK MARKETS.

NEW YORK. n. Y. Aug. 2l.-The stock market
opened with easier tendency, but the losses were
light
The market steaded on the appearance os sup
porting ORDERS but the bears attacked the list
with renewed vigor and precipitated a sharp Sc l.
ing movement which carried the grangers south
westerns and southern shares down notably. Re
ports OF frost in the West and damage to crops
helped the decline. The industrials showed some
resistance TO The trend OF values, but eventually
receded traction ally.
The market rallied sharply in the second hour.
gains extending to 2 in leather preferred, 3s in
} arlington and point over in st. Pau, leather
preferred. sugar and tobacco Trading was quite
animated on the rally, aud there was lively COW
ering of shorts. The closing WIS 4trong frac-
tional net gains extending TO near a point in some
shares. Total sales 1876 10U shares
Trading In stocks WAS again under the influence
OF the grain 81 uation to-day. and so far as the
further remarka bic adva ce In wheat may have
reflected the crop damage the Influence WAS un-
Sc. tling. The stocS market was very Irregular
The opening being firm, with fractional gains gem
eral in the lis Upon the opening the wheat
marker advanced 10 D cents bushe, which was
taken to mean verificafon of the current reports
of injury o spr ng crous, aud rapid decline took
place i'm the general arket under the iead of the
scale, and the professional element of the street
was temporarily in control OF the get Later
reports from the spring wheat sec, ion were
ceived which indicate that the extent OF The
damage was exaggerated, and the STOCK market
be- anne fiImer.
Traders directed their attacks upon S.. Paul
which road having a large mileage in Dakota,
q TO be the greatest Snuerer from the re-
duction in the spring wheat crop London quota
tioHs for Ameri STOCKS were generally lower.
but foreign dealing, here were q small scale
nd d no particular effsct on The local market.
Outside OF tue g.anger stocks interest largest
In Louisville and Nashville, southern hal way
and he Gould are. Il
In final dealih4s The whole market developed
decided strength and activity and recoveries ex-
ten ling to oie int were made in The granger
hares Buyins for both accounts and the
ton was more ontident than IL has been since
tIe early part of the weeS.
The sudden turn of the market is explained only
by the advlces noeI in regard TO The crop atuation
aud the largest buyers of the market were the
same houses WHOSE sales were effected in the reac-
tionof the week. The weekly bank statement. OF
averages showtd increases IN he following items:
beIosits increased So 100000 as result of The
increased cash holdings # $2.222.0O0, ami of sn
increase in loans of S3,447, 900. The incre-se in
the latter the most SATISFACTORY feature OF the
s.atement and reflected grI ater business a tivity
Uf the Increase in cash holdings 81 1000 was IN
Legal tenders. and IN view of the beginning OF the
outflow IF currency TO the south was rather puz-
ziIng surpln, reserves increased $SfO,0oQ and
the banks now hod s39, 75X 0Uo in excess OF lerAI
r, quirtmeiIts-r Time and csll money was pn-
changed GoveFnment and railway and misce-
laneous bonds were firm and slightly higher. Do
mestic exchange on Kew York and IAN Fran
CISCO sight cents premium: telegraph 71sc pre-
MUM.