The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-13
EASTERN MARKETS.
NEW YORK STOCK MARKET

NEW YORK, Sept. 12-There was a con-
tinuation of apparently urgent liquidation on
the Stock Exchange this morning. caused by
covering of short stocks. which speedily wiped
out the recoveries of Saturday and carried
prices sharply below the lowest level OF last
Friday for nearly all standard stocks. But the
pressure OF liquidation seemed TO be relieved
by noon and there a disposition to pick
up stocks quietly and to accord support to
weak spots notably St Paul. The dealing in
odd lots in some of the standard dividend
payers also became quite feature. indicating
a supply of money for investment, notwith-
standing the stiffness of the local call money
market Weakness in some OF the Industrial
specialties caused the market to ease off again
before the close but the last prices of the rail-
roads were in many cases at sharp recoverieS
from the lowest. Nevertheless marked net
losses resulted from the days trading, owing
10 the severity OF the pressure early in the
day. There was continued apprehension over
crop report and the snow storms in the West
were also material factors The crop report,
though bearish on the corn crop as a whole,
showed sharp deterioration Tor Kansas, Ne
braska and Iowa. This coupled with the snow
storms in the belt, very largely In
Dictated in the weakness OF Rock Island Bur-
lngton and Union Pacific. There was no ac-
tual development to account for decline OF
apprehension over the money market outlook
and how far this feeling connected with a
reported conference OF leading bankers is not
certain. There was growth OF a conviction
that there is large available supply of money
at least outside OF New York City. Money
rates are easy at interior points, and there Is
even buying OF commercial paper In the New
York market by Western banks. 1t Is quite
possible also that larger amount of the new
Government IS might be made available both
Tor purposes Of circulation and security for
Government deposits in the banks than has
yet been the case In the event Of any real
stringency OF money. Nevertheless the drain
OF cash from the banks to the sub-treasury on
account of subscriptions to the loan continues
and the sub-treasury a creditor al
the clearing house to-day on account of an
accumulation of drafts from interior depository
banks in which Government deposits have ex-
ceeded their security by reason of heavy in
ternal revenue collections There were rumors
all day of engagements of gold for import but
none OF these were confirmed. The easier tone
Of the money market and the consequent recoy-
cry in the stock market were apparently due
10 other causes. The large foreign demand for
In the wheat market in face of the bearisb
Government crop report had some influence in
the stock market. The bond market was dull
and showed some weakness in sympathy with
stocks. Total sales. 81. $40. 900.
United States rs advanced u and the old A
registered u in the bid price.
The total sales of stocks to-day were 37e soG
shares. including: Atchison preferred II 9o0:
Burlington, 16405; Louisville and Nasbyille
64s2 Manhattan. 11.3S5; Metropolitan. Il. 3e2:
Missouri Pacific. 1892 New York Central 3l63:
Northern Pacific. go; Northern Pacific pre.
ferred. 400; Rock Island. 10. $50: Union Pacffc
Y lO5; st. Paul. Al, 316; Southern preferred 455s
Union Pacific preferred. l6 4s6: Minnesota Iron
s9SO; Cotton OIL. s2oO: Tobacco 56.565; Chicago
Great Western. 1900; Peoples Gas "a ok,
Sugar. 1854; Tennessee Coal and Iron i0ss
Leather preferred. 1921; Rubber, $685.