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

NEW YORK, Sept. s.-There was further drastic liquidation in the stock market to-day at an expense to the price of stocks of be- tween s1 and g per share in great many cases. Disappointment the fixing of the St. Paul dividend at only 21 per cent continued tAe prevailing influence. and no attention was paid to favorable developments or to the in- dicatons of an easier condition in money. The selling was evidently in the nature of specula- tive profit taking. and came from element that has persisted In theconfidence that prices were certain of a further advance. A great part of this confidence has been based on the suppostion that the St. Paul dividend would be increased and would awaken general activ- ity and widespread outside interest as was the case with the increase in the Burlington divi- dend There was short lived period of firm ness to prices early Tn the day a demand to cover some of the shorts put out yesterday.
 The movement was encouraged by the failure precision on account of the St. Paul dividend, but the advance in prices was met by contin- ment to throw over stocks was in full force again, and prices were tumbling throughout tne almost sar n apes those stocks which have recently been sub 1ect to attack on account of individual causes of weakness there was hesitancy the part of the bears at pulling out short lines Manhattan and Brooklyn Transit were con spicuous examples. There was also some dis position to apply the ultra conservative stand ard adopted by the St. Paul directors to some bursements of expended earnings and to ques- ton somewhat the integrity of the dividends thus established The distinctly easier tone of money in the afternoon brought recovery in prices aside from that due to covering by the room traders. How far the easier tone in money Is due to the increase in new Govern ment bonds available security to release cash from the treasury and how far to the contraction of loans incident to the stock mar ket liquidation itself Is not clear. The reduc- tion of the call loan rate to 2h per cent result ed in the steadying of the foreign exchange and check to the advance of the London money rate.
 On account of the money rate New York banks continue to lose cash very heavily to the sub-treasury, and the shipments of currency to the interior show large increase over those of last week.
 The bond market showed the effects of lioui- dation. though to less degree than in stocks Total sales. 5000. 900.
 United States 2s advanced # and the new As r per cent. while the 3s. when issued declined h per cent In the bid price. There were large dealings in the 3s at from 1oo1a down to 1O5k at the close.
 The total sales of stocks to-day were 57o 700 shares. including: Atchison preferred IA loo: Burlington 29.190: Manhattan 14 i70: Metro, polltan, Ss91 Missouri Pacific, 1000; Northern Pacific, %, 290 Northern Pacific preferred 30 = 150 Rock Island. F. .e20: Union Pacific Is 3a5. St. Paul S4,S4; Union Pacific preferred 24 750 Union Pacific, Denver and Gulf, s210; Cotton oil, 323e; Tobacco. 37.945; Chicago Great West ern. s24o; Peoples Gas, 1S,57O: General Flee tric. 4300: Sugar. 70,420 Tennessee Coal and Iron, TOTO: Leather preferred, 7i20: Rubber 7275; Western Union, 1850.