The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-02
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Oct. 1.-The stock market dur-
Ing to-day's short session gave striking evil
dence that the power of the bear faction had
not diminished in effecting lower prices The
break in Tobacco was the more sensational in
view of the half holiday. No new develop
ments concerning the speculation in this stock
announced and the bears pursued the
same diligent tactics that have been responsible
for the tremendous drop this week New spots
Of weakness have appeared every day and to-
days development was Consoidat ted Gas Com
petition OF the electric lighting companies and
rival gas plant furnished the basis for a
break of 6La.
The railway list had some strength, but the
influence of the specialtes was overpower-
ing and losses resulted The bank statement
exceeded the favorable expectations and its
publication checked the break. In a discussion
OF the financial developments of the week the
industrial group must have first consideration
Pyrotechnical movements of these stocks dis
turbed general confidence, and this condition
Sound expression in an enormous liquidation in
NJ classes of securities. Rumors regarding the
%atus Of industrial properties were circulated
freely and the operations by the bear faction
were conducted with marked brillIancy. In1u-
entail speculative interests were apparently
banded together TO create Generalization among
the holders and bad faith between interested
clques assigned as cause for the soas-
Ihodic attacks in various quarters. Liquidation
in the group was uninterrupted throughout and
the volume of stop orders reached exceeded
previous outpouSing of weeks. Margin ac-
counts were swept away, and banking in
situations in cases took exception to the
industrials collateral for loans. Difficulty
in protecting holdings necessarily caused sacri-
fees of the standard railway stocks, and the
advantage secured by the bears in this con-
nection responsible for the curtailment IF
the outside demand. Monetary conditions also
exerted important bearing on the course Of
the market, and although apprehension as to
the stringency was considerably allayed the
occasional flurries that occurred unsettled spec
ulation.
Tobacco was the dominant feature and the
deluge of stocks which accompanied the break
loading It. Gossip had 1t that the recent Jump
above $50 for the purpose of squeezing a
powerful short interest, and that the in
cdent closed the downward course received
acQuiescence from the manipulattve interests in
control. The numerous coups that have been
effected in this speciality since its introduction
TO the stock market have chilled public dealings
and reduced trading to the daring pro-
fessionals The magnitude of the trading in
the specialties naturally served to promote a
sympathetic tendency in the railroad list and
included many favorable factors which stem
med the reaction. In fact, standard issues on
ers and moved independently at intervals, but
the persistent raid elsewhere robbed the list
of monetary advantages. The bears followed a
systematic course and devoted their efforts
from one stock to another until the entire in
dustriai group hammered.
Domestic conditions reflected q continuance
of the business expansion. which Is particularly
marked in some lines. Activity in the iron and
steel trade, which Is considered fair baromA-
ter of the general situation. confirmed conf
dent predictions to the general outlook and
the steady increase in west bound traffic earn
ings offset the light grain movement. The lat
ter must eventually be remedied by increased
movement on higher wheat prices or forced