The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-23
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Oct 22.-The stock market
again showed itself Independent of the de-
pressing influence Of London and Europe, ex
cept at the opening, when few of the inter-
national stocks were allowed to fail below the
London parity. The selling Of London stock
on foreign account made up for considerable
proportion of the days business and was we'll
absorbed at advance at long prices. The
buoyancy OF the wheat market made the grain
carrying roads prominent in the movement the
buying of the Atchison securities, particularly
the preferred, again occupying a conspicuous
place. But the stocks of all the Western roads
were well bought and advanced in price. Sugar
ended its downward course very early and
closed near the top with a net gain Of IA,
the underlying strength manifest in the market
making the bears timid about leaving short
contracts uncovered over Sunday. Tobacco also
was marked up to 1925, with every evidence of
violent manipulation. and shorts were driven
to cover heavily at every stage of the advance.
Even the coalers showed the effects OF the
uncertain temper developed by the bears and
made recoveries on short offerings. The bank
statement was just about expected, and
had little effect one way or the other The
gain in cash had been in imported gold and
by outgo from the sub-treasury and the heavy
increase in loans OF over $40, 01O,O0 represents
for the most part loans on sterling, which is
an element in the tendency of the lending of
money. The increase of deposits from this
sourre exnanded the reserve requirements so
far that the increased cash only served to raise
the surplus by So, $50, 775. Business in both
stocks and bonds was well distributed and &C
tive and the market showed a decided ten
dency to broaden out. The amount Of busi-
ness done was larger than for any half day
for time
The market has shown growing strength and
activity the week advanced, and has fairly
shaken off the lethargy which even the long
array Of favorable factors in the situation has
seemed powerless to awaken 1t from. Even so
FOR the second week in October. the largest in
the roads history, and nearly $4,000 over
those Of last year served s only 10
ton for a decline of the board room traders in
stocks It is a maxim of professional traders
bound to produce a general reaction. The un-
certainty of the European political situation
son of dullness and declines. But curiously
enough. the more threatening developments OF
European politics have, indirectly at least,
given the stimulus to the stock market which
enabled II to shake off its toTpidity.
The weeks events in financial circles have in
fact given a striking demonstration of the
strength of this country's financial position and
its power to treat with Indifference the Old
World developments. There has been nothing
in the domestic situation which has caused
doubts to financiers than the low price
in prospect for wheat when the CROP temper
arily held back, should come forward. But this
week has seen the crop coming forward in I'M
the foreign demand for our product that the
largely augmented primary movement has made
but little impression on the visible supply.
Even the domestic demand proves unexpectedly
keen indicating that the sweeping out of the
worlds reserves by last years high prices
had evidently left void which unprece-
dented demand was needed to fill. The later
of the military and naval preparations
in France, and to-day in England, resulted in
feverish demand for wheat, which is main
tained would mean incalculable advantage to
this country, already enriched by last year s
bountiful harvest at high prices. The pros
perity of the Western country from this cause
is cOnclusvely demonstrated by the large
Western movement of merchandise which car
ried earnings OF Western railroads well above
last years level and even before the resump-
ton of the grain movement The weeks recov-
cry in stocks logically begun therefore, among
those of the Western grain carrying roads, and
owing to Individual causes Atchson prefer
red took leading place in the movement. The
money markets have shown themselves equally
fmpervious to the influence of the strngency
existing in European centers, the Bank OF
France being the last Of the Government aided
institutions to advance its discount rate
which it did on Tuesday from to per cent
Meantime, the large excess of our exports ovel
imports, which the grain and cotton move.
ment aided. had been making exchange, and
instead of drawing this. it has been left at in
terest mostly in Germany, to be liquidated II
the future.
The money stringency and the war scare
abroad have thrown not far from 100, 600 share.
Of stocks on the New York exchange for IL