The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-20
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Sept 19.-The stock market
started off this morning as though it had
shaken off the incubus of the recent tight
money scare, but the marked weakness of
sugar, which made up two-fifths of the total
transactions unsettled the tone early and car
ried prices below Saturdays level The decline
was quite steady and general for the remainder
OF the day. Evidently last weeks sharp recov-
cry was the result of extensive covering of
snort lines by spectators and the general SPEC
ulative public is prepared 10 pause and
take breath TO study how far the last oscilIa-
tlon OF the market has brought prices to the
true level OF values. 1t is more and more evil
dent that the late apprehension over a Squeeze
IN money was largely fictitious. How far the
Efforts 10 manipulate the money rate were in
nuenced by the natural desire of money lenders
10 obtain better rates and how far by pur-
pose TO effect reaction in the stock market
cannot be definitely ascertained, but it might
De ascertained that very powerful financial in
terests who have a dominating voice in the
cohlrol OIL vast surplus capital hadtta their
pronts IN stocks and were willing to see a re-
action. 1t is obvious, however. that their mo-
i've IN taxing prohts must have been a
Vlctlon that prices were equal to or in excess
OF their true value. The problem of to-days
Ex-senator is Whether the reaction has carried
prices below their values or whether conditions
nave so lar changed to have Increased their
value. Inc monthly report of the Treasury
Bureau OF Statistics just issued threw some
light on the money question. The circulation,
after deducting sums in the Treasury on Au-
gust l, was 1852 l2l, POS greater than one year
before. Saturdays Treasury statement showed
that the cash balance in the Treasury had in
creased since that time little over S63 600 coo
This would leave increased circulation for
the year of about 500, 600, Co., not counting the
imports of gold and the increase in bank cir
culatlon since August !. Neither does this take
account OF the large increase in the last few
weeks of Government deposits with banks
There is room. therefore. for a very largely
increased use OF money in the country in spite
OF the Treasurys absorption by the loan. The
actual surplus reserve of New York banks al
though reduced to less than s. 600 900, also re-
quires some qualifying considerations. For one
thing the Government deposits are secured by
Government bonds, thus obviating the necessity
of actual cash reserves TO secure them Some
of these banks do not report their Government
deposits at all in making out clearing state
ments. Furthermore the surplus reported is
above the Is per cent requirement. although
the State banks are required by law to main
tain only 10 per cent of reserve. These facts
explain why the measures of relief offered by
the Treasury Department have not been availed
OF.
Bonds were dull, but yielded slightly in the
late trading. Total sales, s.. 9s5. O00
Government bonds unchanged
Total sales of stocks to-day S9s 400 shares
including: Atehison preferred. 1892; Baltimore
and Ohio, $500; Burlington I0405; Man
haitian haitian. $50; Missouri Pacific, 500;
1907; Union Pacific, 10, 100: St Paul. 1855:
Union Pacific preferred IL, 400; Tobacco 81 900:
Chicago Great Western. 9255; Peoples Gas
$500; General Electric, $40; Sugar 146 600; Rub
Der, 345S