The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-21
EASTERN MARKETS.
NEW YORK STOCK MARKET

NEW YORK, Sept. 2O.-The stock market to-
day presented all the characteristics of genuine
reaction. Last weeks sharp recovery elimi-
mated the short interests very largely and the
forced liquidation for profits had been mostly
completed during the previous decline. The
market was thus freed to a great extent from
technical influences and in condition to re-
spond to the prospects for general business in
the country. Its failure to do so yesterday was
attributed to the unsettling influences of the
sluLnp an sugar Inc pears We're tlmlo ABOUT
continuing their campaign further against
Sugar and were inclined to cover, so that this
influence toward reaction was removed. Never
theless the market dropped heavily toward a
lower basis with two exceptions in the
list and closed only barely steady at level
generally of l per cent or more below last
nights close The action Of the market was
not different in character from that which
prevails at a time when the business outlook
presents general discouragements, contraction
of activity on declining profits. The demand
for stocks was very small all day and prices
onerlngs, Weakness was particularly mani
fest in Tobacco, the grangers and Pacfcs.
dation of a heavy individual speculation on
the long side. The sharpest break in the
market was coincident of the marking up of
call loans TO per cent This furry in the
money market was disappointment to the bull
operators, and especially in view of the en-
gagement of over 81, 900, 900 for import and the
mailing from the Treasury Department of
checks for interest on registered per cent
bonds due October |. amounting to s..s1O. 600,
treasury's debit balance at the clearing house
also ran up to-day to S1,261, 45S rejecting a
large increase in Government expenditures.
The sldggishness of the gold movement is
somewhat remarkable IN face of conditions.
Call money in London is X per cent against 6
per cent here to-day. London discount is IA
to Is against per cent here. Last month 8
trade balance in this country's favor was
$35, 100000 on top of the favorable balance for
every month in the preceding year. In ad-
dition London has recently bought securities
in this market. 1t is fact that part of to-
days gold engagements were made by bullion
dealers here who are shipping silver in re-
Spouse to the active demand attributed to
Spanish account. There is not sufficient de-
mand for the exchange against the silver ship
ment TO make market and there is a better
profit in importing gold. Exchange is thus
clearly demonstrated to be at the gold import
point and the question arises what has been
done with the country's credits abroad that
they do not bring a larger gold movement.
The immediate future of the local money mar
ket is, however, clearly toward greater ease.
Dealings in bonds were not on large scale
to-day and prices were toward a lower level.
Total sales, 81. Sl01 10.
United States Is, old and new, were Y lower
in the bid price to-day.
Total sales of stocks to-day were ASP 100
shares, including: 40S5 Atchison preferred; H. =
725 Burlington; 1855 Manhattan AZ. 325 North
ern Pacific; 1714 do preferred: 17.275 Rock Is
land; 49, 1896 Union Pacific rs 100 st. Paul; 81 =
600 Union Pacific preferred; % 100 Tobacco; 912O
c. G. w: 1.s10 Peoples Gas: 32Ss General
Electric; 1890 Sugar; 1855 Leather preferred