The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-08-28
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK Aug 27.-The bears manifested
considerable confidence that q reaction IN the
prices of stocks was due to-day, and they soiu
at the opening advance and carried prices at
one time materially below last nights close
They had on their side a disposition by many
holders to take profits, but the demand was so
considerable as to absorb all offerings at the
decline and the bears were forced 10 cover quite
heavily lifting prices sharply above the lowest
and in many cases above last night. The drop
In Sugar at the opening was an unsettllns lac
tor and determined drive against Peoples
Gas finally knocked off IL from the price OF
that stock It was evident also that there was
an abundant supply OF stocks OF the sIaaeef
and of Northern Pacific to be had on any con-
siderable advance in prices. The opening hlgn
prices were partly manipulated for purposes el
realizing prices of Americans having peeh ao-
vanced in London by cabled orders from New
York A number OF prominent STOCKS showed
vigorous resistance TO the declining market
and were potent factors in enecting the raIy.
Most conspicuous OF these were the Choh "a,
cities. The common rose l9s on oeInano AZ; aIIu
sold down nearly a point on the reactins- me
recovery carried ii up an extreme rs Inc
preferred stock was firm above last night
figures. Denver and Rio GRANGE Prele I
showed continued strength, as did southern
Railway preferred. Erie first preferred, norfolk
and Western preferred and the Wabash securl-
ties The heavy decrease in the surplus reserve
nj the banks was unSettling influence IN the
late trading The closing somewhat irregu-
lar, some stocks showing effects of renewed
buying while others suffered from continued
profit taking.
rather feverish at reactions in the speculative
issues The stock market has gone through
an extensive process OF liquidation of profits
during the week and has demonstrated such
q firm basis of underlying strength as 10 have
encouraged the re-entry into stocks of many OF
the influential financial interests who had sold
out to the public after having manipulated the
rise to the extreme point they considered posi-
hi But the week events have shown that
3utside speculations were waiting to take stocks
al any marked recession in prices 1t also
showed that the profit taking had resulted In
the actual digestion of larger amounts of divi-
dend paying stocks and bonds and the eonse-
ouent reduction of the floating supply In the
market The active return in interest and
dividends make these attractive investments
while money continues cheap.
To-days bank statement shows that the
amount of the increase in loans has been more
than withdrawn from the deposit account. 1t
has in fact, been diverted to the United States
treasury and there have not been sufficient
Government bonds available for the banks TO
offer security to maintain the Government
money on deposit. The result is a loss of cash
amounting TO 49, 500. 800. although New York
banks have had net receipts In the interior
currency movement during the week The con-
sequence is q decline in the surplus of 81, 1885,
300 II the demand from the interior for NOV
ing crops should rise TO normal proportions
surplus reserves would have to be promptly
replenished from some source
United States 2s have advanced ! per cent,
the old As registered have declined II per cent
the new As a per cent and the IS, when issued,
q per cent in the bid price.
Total sales OF stocks to-day were 2S7. 800
shares. Including 1886 Atchson preferred. ssh
l. & n. $3.50 Manhatt 21.S70 Northern Pa
cifc. $3.50 do preferred, 1895 Rock Island. 90 745
Union Pacific, 1884 St Paul. S265 Southern
preferred, q. $50 Union Pacific preferred 9345
ern l5.47S Peoples Gas, "a. 100 Sugar, 4757
Leather preferred.