The San Francisco call., 1897-09-19

NEW YORK, n. Y, sept. 1S.-The features In
fhe dealings in to-day's brief of the stock
Exchange was the extraordinary gyrations OF
Consoidai ed stock. The stock had been compare
lively steady about 240 since its jump of 20
points early in the week. but ittook violent fall
to-day OF over 10 points fIom the opeDing and
Jumped up and down on the recovery like boiling
Jyater1u glass tube. The variations in price on
the downgrade we're as high as poin between
consecutive sales and jumped over several points
at a time in a most erratic and unstable manner
The stock closed at 233, a net decline of D. Its
eecentrlc movement served to unSettie the ,Whole
market and discJur lged trading generally.
The market sagged some ewhat., There was an
undertone of heaviness ia the speculation all day
whatever strength was apparent being in spots
though not always with special causes to account
for IT, The indications supplied by the bank
statement that rates for money would rise further
10 the future served as check on speculation and
help the decline in the final hour. Manhattan
suffered a sharp decline Of 2s4 on the authorita-
tive denial OF any projected transfer 10 surface
railway interests and or any projected change in
motive power. The coaers reacted somewhat
from yesterday g advance. Delaware and Hudson
rose Ia but lost practically all the gain
Chicago Great Western manifested strength In
its August statement. and Burlington was carried
above st. Paul, but closed fraction below. Union
Pacihc was under the pressure Of London selling
10 realize after yesterdays heavy buying Bati-
more and Ohio rose point and reacted, and Bati-
more ami Ohio Southwestern preferred recovered 2
points and retained practically all the gain. Pitts
hurp G. c, C. ana St Louis preferred advanced 9
points and Lake Erie and Western preferred 10
Wheeling and Lake Erie preferred after declining
nearly point, rsied 10 above last nights close.
out the day. he close showed prices generally
below last nights close,
The confidence Of the bears that the long-delayed
reaction was due has been aug mentfd from time
10 time this week AMI a short interest has shown
itself In somewhat aggressive moods several
times The bears were not mueh encouraged by
their efforts Monday and on Tuesday they
routed as a result Of the sharp fall in exchange
and the prediction that q gold import movement
won Immediately set in. For the rest of tse
week the market extremely irregular and
sharp advances occurred in different stocks
.t.o lfgfs 9TH 0adI "a
rnafued al an unchanged level There was heavy
] .auidation in Pit sburg and the steadiness with
which the offerings 10 realize were absorbed was
striking testimony to the continued breadth md
strength Of the support
SOME of the most remarkable advances have
been well retained and the level OF the M arket
decidedly higher than a week ago. The high
nrices OF many stocks based on expectations of
increased dividends. There is good ground for the
argu ment that prices have advanced to higher
level however, than Is warranted. The argument
is M ade on the other hand that the rate OF return
on investment has reached permanently lower
basis The long cOntin led stagnation in the
money market has tended to the same conviction
To-day's bank statement. however, gives evidence
of the rapid absorption of idle money By the grow
ing needs OF commerce and Industry
II is evident also, from the action OF the ex
{ cbange market that the expand balance OF
trade in :avor OF this country stands as a safe
guard against any stringency IN our msrket Net
changes Tor the week in The majority of leading
stocks are small, but few STOCKS show large
gains.
The business in bonds has been heavy. but ad-
vances were not 30 marked as ourlng recent
periods. Dealings in Government bonds have
been dull, and prices unchanged except for the
new fours which are lower
The total sales oT stocks to-day were 29otO14