The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-14
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Oct. 12.-The advance in prices
in to-day's stock market was even more signih-
cant Of the improved tone Of speculative sentl-
nent than that Of yesterday. For one reason
this was true because quite a large short inter
est was eliminated from the market by yes
terday's advance. Another fact that might
have been utilized by the bears was the de-
preston in foreign markets so marked as to
suggest some knowledge of pending political
combinations in the deeper financial currents
Not only was this indicated by the heaviness
OF securities fall Of 5-16 IN British cOnsols
and OF 10 Centimes in French rentes. but the
excited condition OF the foreign markets. The
opening in Wall street brought orders to sell
$50 shares or upward of stock for London
account. The bears did. in Iact, avail them
selves of this opening TO make a drive against
Tobacco, Sugar and Northern Pacific, but the
confident manner in which all offerings, ooth
Tor London and for the short account, were
absorbed, took all the assurance out Of them
and their only other aggressive move curing
the remainder Of the day was a drive against
Tobacco. The bears have counted much on
the damaging effects OF the war in the sugar
refining industry. the conflict over the plug to-
bacco trade and the reported divergence Of
ideas among the powers of Northern Pacific
preferred over the question of a dividend on
the common stock 70 check any advance in the
market on account of very favorable reports
Of railroad earnings and the generally pros
porous outlook for business. The movements of
prices in securities gave warning of COM
promises and adjustments and took away the
mainstay Of the bear movement. The process
of covering short contracts therefore proceeded
offered aggressive support to the prices of
properties in which they were interested. A
significant feature Of the day s trading the
investment demand for small lots of gilt edge
stocks. There were conspicuous movements Of
this sort in St Paul preferred, Pullman. Great
Northern preferred. Manitoba, Albany and
Susquehanna. St. Paul and Omaha preferred
and Pennsylvania. The advance in Pullman
Manitoba and Great Northern preferred ex-
tended from 81 to "a per cent. and Manitoba
closed with bid ~ higher than last night
This buying Is a natural concomitant Of the
growing ease in the money market. Call loans
made at per cent to-day, and there is
q constant increase in the supply of money
offering both for time loans and mercantile
paper. Short selling slightly frmer in tone
in response TO the advances in the Bank of
England rates. A small engagement of gold
for import was without influence on sentiment
To-days net gains equal a point for many
stocks.
The demand for high grade bonds was a re-
Election OF the growing abundance OF surplus
capital. Total sales s. 005 900.
United States IS, the old IS registered and the
As advanced Il in the bid price. The IS
coupon sold at. 1052. the highest yet.
The total sales Of stocks to-day were 306, 400
shares including: Atchison preferred, $685.
Burlington 6956; Manhattan. "A 325 Northern
Pacific, 43 $50; Northern Pacific preferred $780,
Union Pacific. $500; St. Paul, Il 62S; Union Pa
cifc, 10 go; Tobacco, Is, 1855; Peoples Gas, $685.
Sugar. 6152o; Rubber 1892.