The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-21
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Oct. Acknowledging the
apathy and indifference which have recently
been asserted the stock market the resist
ance made to-day on the depressing influences
existing in all of the security markets was
rather remarkable. Even at the opening prices
refused TO yield TO q parity of those estab-
lished in London for Americans but our OPEN
ing and the rather heavy volume of offerings
for London account was easily absorbed at
level sufficiently higher to make a very nice
profit for the arbitrage brokers. After the
London selling had ceased in the forenoon the
market took on a hardening tendency and
Prices OF the grangers and other railroad
stocks. including some In the list OF those dealt
level or, at the least retrieved the early losses
Many recently inactive stocks were brought
into the movement and there was a resump-
ton of the buying IN small lots of some of the
well secured dividend paying stocks. The ex-
Pianatlon OF ths lay in the fact that what Is
european poison is TO a certain extent our
meat. The striking evidence OF this was dis
closed In the grain and provision markets,
which were al excited and higher the
eager competition for products reflected
from all European markets as a result of the
FEARS OF coming hostl!ties between Great Brit
ain and France. With wheat crop of unpre-
cedented dimensions to move this DEVELOPMENT
= was bound to have an influence on the grain
carrying roads. In former times threats OF
war in Europe had brought with it the dread
that the large foreign holdings of American
securities would be forced to liquidation on
the New York market. The Indifferent mood
in which this possibility was viewed to-day is
q striking proof of the large reduction which
has been worked IN the foreign holdings of
our securities as payment for last years trade
balance in our favor With the trade balance
all in our favor is also the ground for indiffer-
ence OF the money markets abroad. European
government securities declined a sharp frac-
ton and money rates advanced in sympathy
at all European centers. Yet the only effect
in the New York market to harden the
rates for foreign exchange fraction. AS for
the local money market. not a ripple was
caused and rates for call money actually de-
clined to IL per cent against the recent mini
mum OF per cent; with range up to 21 per
cent. The strength of this countrys financial
position could not be more strikingly illus
trated. Sugar found support at a moderate
decline and Tobacco was firm all day.
The market for bonds was not active but
prices were well held Total sales, 81 765, 600
United States Is declined r. the IS coupon
u and the old As registered and the new As
coupon and the IS registered Is in the bid
price.
The total sales Of stocks to-day were 175. 700
shares, including: Atchlson preferred. 1913:
burlington. 1920; Louisville and Nashville
3s75: Manhattan. 3o,33o; Metropolitan. $3.50
North American Company, 300; Northern Pa
cifc, 1915 Northern Pacific preferred 44s9;
Union Pacific 1880; Union Pacific preferred.
1850; st. Paul 1892; Union Pacific, Denver and
Gulf. 1900; Tobacco 1880; Sugar Is, $50.