The San Francisco call., 1898-11-20
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Nov. 19-The market had the burden of several unfavorable factors to carry at the opening to-day. The advance in the rate of discount by the Berlin Bank from 5l2 to per cent had unsettled foreign markets and depressed the internationally listed stocks here. Union Pacific leading the decline with drop of point. The Pacifcs also suffered from the specific reports of rupture between Northern Pacific and Oregon Navigation. There was fur ther and sudden collapse of 1 to points in the Federal Steel stocks on the reported fail ure of street railway interests to pool Open ing prices were, however. the lowest for strength quickly developed at points which served to sustain the weak spots and finally in the weak stocks themselves. In Manhattan. Sugar, Peoples Gas and the coalers all moved up" ard. The quick rally in Federal Steel on the large buying at the decline conveyed the suggestion that the failure to agree, as re- ported, might be in a purely Pickwickian sense and prompted by the discreet purpose to observe the letter Of the Joint Traffic decision of the Supreme Court. The opinion of a high officer in the company that there dis position to maintain prices is confirmatory. In -SCTlHerh Faclnc IL was not only evident that there was inside absorption of the offerings but the recovery of prices of other roads af- IscteC py me dlssenslon suggested renewal or efforts to patch 1t up. Finally the unex- pears eIectually- or S l3,SOO increase in cash not more than Sl, 900 900 can be accounted TOT py suD-tteaslry operations and the inter Io- movement Inc source or the balance is as much q mystery the sudden de- crease of S. 600 in the return for November ., me continued ease or the money market during the week in the face of large clearing house operations is, however. explained. Not SpIe strength was shoWn by Atchison preferred, Northwestern, Omaha. Baltimore and Ohio and number of other stocks. The stock market mas shown in all the variety and irregularity during the week that usually characteris- tic of a market in whc.l the speculative and investment public IS taking a large part. A large aggregate of individual small transac- tions bore the market up into irregularity in- evitably and takes 1t partly out of the hands of the professional cliques and pools which are able to maniDulate it easily in time of dull ness. The interest of the public was amply manifested by the volume of business coming to the floor of the exchange houses which have been crowded with customers all week Appar- ently many of these waiting for & reac- the sharp break came on Wedhesdav the biiv ing from these houses was very heavy and ral- lied the market easily and effectuaIly Prices have shown prevailing disposition to po m but have been held back at intervals by one or two causes. At the opening of the week the sharp fall in surplus cash and srIrnlus reserve shown by Saturdays bank statement was a shadow on the speculative mind. The known stringent conditions of the Berlin money mar ket and the measures taken for protecting at other financial centers made it doubtful whether relief could be had promptly by gold imports in case of a local squeeze without sharp competition in discount rates, in spite of the heavy outstanding balance to the credit It is highly significant that the easier condi- tion of money in London was brought about sterling exchange bills, coming forward to New York for grain and cotton and with money
 
 easier basis as the week advanced even in the face of enormous clearing g-house operations. One reason assigned for the weakness of Northern Pacific also has been the low ratio Of its operating expenses, which have aroused fears in some quarters of a stripping of the property. Northern Pacific has suffered chiefly, however, from the belief that projected new lines in the Northwest foreshadow the hrAeL-~-5 up of the entente cordiale which has existed among the railroads in that country The liquidation in Northern Pacific has had influence in checking the general advance in the latter part of the week.
 There has been a large business in bonds dur ing the week. though by means up to last weeks high record. The market has shown the same irregularity that for stocks United States fours coupon and the Ayes coupon have declined R. and the old fours coupon, the new fours registered and the hves registered Is in the bid price
 The total sales of stocks to-day were 273, 200 shares. including: Atchson preferred 21 635 ; Burlington, S920; Denver and Rio Grande pre- ferred, 542O; Manhattan 1885,. Northern Pacific 16450; Northern Pacific preferred. 3143: Rock Island 5000; Union Pacific, 5505: St. Paul. TO- BS5: Northern Pacific preferred, 11175; Tobacco 4230 Federal Steel. 11,438: Federal Steel pre- ferred. 30 445; Peoples Gas. 932O; Sugar 10,2o5 Chicago Great Western, 4S00.
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