The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-11-06
NEW YORK STOCK MARKET.

NEW YORK. Nov. 5-The market was dull
and sluggish throughout the short session but
with an undeniably firm undertone. closing at
best prices with disposition to take profits
after the two days rise, such might com
monty be anticipated at the end of a week
given over largely to professional trading. The
market, in fact, resisted an attempt to reduce
prices after the appearance of the bank state
ment. the attacks centering local securi-
ties Third Avenue, Metropolitan Street Rail
way, Consolidated Gas and Peoples Gas ali
showed the effects of the bear attempt but the
market generally continued upward to the
close No effect was produced by the action of
the Spanish Peace Commissioners in refusing
the American proposition for the disposltion
OF the Philippines. The speculative mind was
almost prepared for a rupture OF negotiations.
The reassuring words uttered last night by the
British Premier and the semi-ofhcial statement
from Paris served to clear up apprehension of
foreign complications. The various weekly
as TO the business outlook, and there were
strong statements OF railroad earnings from
Louis and San Francisco, Flint and Pere Mar
Quette, Louisville and Nashville and other
roads The demand for bonds was very large
There were heavy Individual blocks of the
Baltimore and Ohio 31ss when issued. and
Atchison and Union Pacific As.
The bank statement showed a rather I'M
expectedly large decrease in cash, but the fact
that credits have been extended S1l. 6l2, 500 in
the face Of a decline of over s.. 900 900 in cash
reserves is convincing evidence OF the conf
dence felt in the money market outlook. Since
September l last loans have expanded s42, 465
OOG while cash has Increased only s14 $40 500
AS consequence the surplus reserve is hut
S2I9. 450 higher than 1t was month ago. a
large proportion of the loan expansion, OF
course. represents money lent abroad. The
recovery in stocks during the latter part of
the week indicates that the selling early In
the week did not extend far outside professional
limits and for short account. dull and walt
ing market is almost sure to invite this class
of professional operations. There were various
istive mind in the earlier part i Of the Week
outside of the small group of industrial spe-
cialtles. which were under violent manipua-
ton and the dealings in which made up the
larger proportion Of the total transactions on
the exchange One of these factors was the
proverbial disinclnation of stock operators to
make fresh commitments the eve Of a gen
eral election. Another was the threatening as
pect of European political affairs. This factor
was emphasized by the news of Wednesday
from China reporting the hostile preparations
of the Russian and British fleets and indicating
the possibility that France and Russia were in
cooperation to press upon Great Britain solu-
ton of sundry. vexed problems of international
relations which would threaten an immediate
embodiment of all the powers.
Apprehension this score was somewhat
fculty had been solved by the withdrawal of
Major Marchand. 1t also appeared that the
partly due to the process known borrow
ing from the market by the Bank of England.
from the banks reserve Of Government Sc
curities The bank is resorting TO this device
rate with view to shift the possible de-
mand for gold upon continental centers. The
money strlngency IN Berlin ana London is IN
fact a continued factor in the outlook for the
worlds financial markets. OF domestic affairs
there several r--+ors incItfng to caution
and conservatism notwithstanding the unfav-
orabe outlook. The unsatisfactory condition
Of the boot and shoe leather .sl cotton and
weeks business in wool at Boston shows an
encouraging recovery.
Something of disappointment over Bur
lngtons poor September showing carried
over from last week. but was partly offset by
st. Pauls strong return for the same period
and for the last week in October. Numerous
other favorable returns from the South and
West aided the late recovery in stocks.
The railroad bond market has shown greater
activity and strength many issues selling at
the high record prices. The reorganization is
sues. especially the four per cents. have been
favorites. United States old tours coupon and
the fives coupon ex-interest have advanced Il
and the old tours registered II in the bid price
The total sales OF stocks to-day were Ill. 200
shares including: Louisville and Nashville
1883; Northern Pacific. $40; ST Paul. 9325
Union Pacific preferred. 31sS; Tobacco "a 900:
Bay State Gas 500: Federal Steel, a. 5SS; do
preferred, Ss4O: Sugar, 1912