The San Francisco call., 1898-10-09
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK Oct S-The stock market to- day continued in the hands of the professional trading element. Transactions were Of small volume and not widely distributed. Such they were, they reflected a decidedly unsettled and hesitating frame of mind on the part Of the traders. The opening tendency down ward. affected by a break of point in Brook lyn Transit and continued pressure North ern Pacific. The foreign markets were unset tied by the political outlook in France, tight money in Berlin and the public agitation in Spain for payment Of interest on Government bonds in pesetas instead of francs. This had some Influence the opening here, although Americans had been supported in London on orders from New York. Strength in Tobacco, which rose 21z per cent, supplemented by sup port in Brooklyn Transit Peoples Gas and Manhattan and covering of shorts in Sugar. Northern Pacific which drove the shorts to cover and which was accompanied by rumor that conflicting views of the interests dominat ing the party had been adjusted. The pro fessiOnal traders then took the long side of the market for a turn and there was a general bank statement added to the bullIsh feeling, as it was fully as favorable as could be expected. Although the reserve requirements had been raised by SI IlbS,62o by reason Of the larger de posits the increase of s, ,5s6 100 in cash left the surplus reserve 8, 4lG 450 higher. The expansion of loans, though less than $l00O, 600. indicates the turn in the tide of the money market, and Is the first increase in that item since Sep tember 2. The loan contraction from that date up to last Saturdays return was s36, col, 100 Even for last week fl will be remembered the gain in cash reserve was only accomplished by a loan contraction of S6 5S9. 800. This week the strengthening of the reserve has not prevented an extension of credit to the extent of sS0l, ,8O7 Ii is not improbable that the nearly developed investment in long sterling exchange for the purpose Of lending credits abroad figures in the item. Expectations that the downward turn in prices would to end this week in the stock market were disappointing. though there were many indications of a returning confidence in the underlying strength of those conditions and the value of securities
 Most of the endorsements which have been cited to explain the failure Of prices to rise have been removed. Money ih working stead fly to an easier basis and the process of loan contraction and consequent forced liquidation Of securities has come to an end. The Gov ernment has collected practically all of the S200, 900, coo bonds subscriptions and has com nenced it's disbursement by the payment of obligations account of the Imports of gold to the amount of less than $20 900 0O0 have brought adequate relief and have ceased while the continued accumulation of credits abroad Is evidently heinz left there as interest as re- iected in the investment in Hong sterling in the increase. Approximations that the holding back of winter wheat for higher prices would result in decreased earnings for the railroads as compared with last years high level have been dissipated by the large earnings shown in the traffic statements of St. Paul. Northern Pacific and other important grain carrying roads, showing the large growth In general ment The large and persistent foreign de- nand for breadstuffs and the advancing prices with the markets free from large speculative manipulation give increasing ground for conf dence in a profitable disposition of the coun- try's crop. But in spite of the numerous favorable factors in the situation, prices of stocks have failed to advance materially. One reason has been the unsettling influence of the violent fluctuations and feverish activity In the great industrial specialties. Tobacco suf- fered from the completion Of speculative lIqui- dation. dropping to 113 with subsequent rally of over 10 points. Sugar has been affected by the opening Of the war in the trade and there were breaks in other tndustrials and as violent advances st some points, notably Metropolitan and Brooklyn Transit The most potent in- fiuence in checking the advance in the market the weakness Of Northern Pacific com mon, which offered in enormous volume and in spite of & large absorption sold off to 59B. The rumors of differences between the two largest interests in the property, If true. would involve such grave consequences in the whole railroad world. and especially among transcontlnetal railroads, that the weakness of the stock had strong sympathetic influence on the whole list.
 The bond market has shown improvement during the week, especially among the specu- lative bonds, Wisconsin Central 1sts advanc- ing extreme six points.
 United States old 4s registered advanced hs the 2s F. the 5s Jz and the As coupon js per cent in the bid price
 The total sales of stocks to-day were 125 o00 shares, including: Manhattan. l7ss; Northern Pacific. 2s, ,600 Northern Pacific preferred 3l20; Tobacco, B. 155; Sugar. 2s,445.