The San Francisco call., 1897-11-07
NEW YoKk STOCK MARKER

NEW YORK. Nov 6.-There was some natural
tendency toward recovery in prices AT the opening
to-day 10 view OF he heavy and rather excessive
trains Of yesterday and OF The covering movem nj
in II gress at the close OF the yesterday
J her. had been recovery in prices OF Americans
on the London exchange before the opening here
The opening there showed declines TO the New
\ ork party, tui the Ievei was sharp above The
New OK level b. the time the mara ct opened
here. This encouraged purchases here. aad
number OF stocks opened over point higher thar
last nigh The UHdon market for merlCa
shares has grown 50 narrow, a,d he floating sup
lily OF stocks there is small that prices are
easily subject TO rnauiuulatlon Tor effect on fhe
opening Iiad .IE here.
There seem d ground Tor suspicion that his
orDings rise IN LonIOu vas due 10 some such
y, lich MAS thus !mulate1 mere led to quick
tAeIu@ OF y ohls ard 10 some further liquidation
of long accounts carrying prices below last nights
level They hardened again aud eased on, finally
leaving fractional mel gains in the inpjorIty OF
cases The decrease in surplus reserves shown
by the bank statement probably induced some
selling. though the change was uue in greater part
TO the heavy increase IN deposits ard the conse-
queut raising o. the legal reserve limits than 10
the actual decrease in cash.
The large Ia crease of loans IN face OF the heavy
sfeculatve accounts that have been c used o II on
has do with tie Mon Pacific The week
has been a tota! loss Of confidence on the rart OF
t4e buI operators, who have cen looking hope
fu-ly Tor the turn In the Tide a reaction the
> ock Ncahtge- On Friday there WIS heavy
prices and 30 ar appearance % no buying sup
port for stGcSS a. any tnceaSoH however VIC ent.
! he ostensi6le motiv- was fear OF r WILD spain
on acrcuI OF CUB inie tslled b. the al from
the Chamber OF onIfDercP for inCrsa.ed orce TO
man DUr toas def.hses aad by the nature OF the
publ ute aces OF the nj &c STAT eX-Ainiser
-pa %.
IN depression took on rather an nr ifcial and
frv-riSh tone be t0rV the day Wa over and ab-
su:dly sensational rumors ere p.t in e rculation
Il Keep ps.ceS Gown while sh -rLs covered. These
incidents coupaed with tod vs. recovery, are
~ lrt,ftt fi,,,,
OF marked nov men Just as h-avy buying,
lTre-uia ION OF roseate views shaiD Uses 10 r Ces
AID The 7tIrrin- Of d al stocks arr the :echnl-
cal coneomitants o. the Gu mination Of q sustained
Use. he declines tte week have ed 10
points ~ sugar. 558 In New Jersey Central and 3
points or over al through The active railroads and
industrial stocks.
sugar special weakness has been due to the
sc l0uS Illness or the preside Z OF he company
he decline Of pri as continued racti-
caiIy without interrup on of any i'm portaBce since
the second week in Septem Der. when The cuimiua a
uoh OF tbe rise Was r ached sep EN- ber 5
tne average rice OF twenty railroad stocks was
about % 81 a share Il d last night fbe average
price or the same stocks Was $50 ~ On septem-
Der ~ lie aVera-e e prce OF we've leading indua-
IIiaa was 500. o. share. Last night 1t was
go -. 1t IS an invariaDle rule hat an upward
SolT5e % prices IN the market does not terminate
uHllt II mas app renty exceeded Itself and reAc-
non IS ertainty, corr bJra,ed b. abundan. his
@ @Io'lCa. precedent even IN face of continuing ia
Ile rise when cnlmInated in the second week
. emoer can be traced its sources in the
part oI july. There had been improve
before then aud speculate the prospect
" s.he5s reNiVd- ut the Fl nal passage of the
tahA 81 WAS accepted as clearing he Industrial
SItuat4ph ana glViIG settled condition to work on
inelt rs some reaction n some prlces afterwerd
on poht taxing, but for the most art the course
was kttAiAy nDwarI.. Z ne growth of a conyic-
tou d tonn ifui harvest and of An urgent ce-
Inand fof our Frodu Is from abroaI were ref scted
in the Dun market Of that period. a comparison
OF prices o., leading stocks ruling to-dal with
iho5u ruinS on July u last show ilteresIing re-
sulIs.
1hs average price that date of twenty railroad
stocks ~ as $o1 % share, compared wi, n s57. 90
last night for The same stocks The price- OF
twpfFe ind stria sto' ks on July "a wa, -SST 81 a
share as compared with $45 rs last night
in Ihe lls OF t"eVe industrial, only three show