The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-15
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Oct. 1.-THE local stock mar
ket overcame successfully the opening depres-
sion reflected from the earlier transactions on
foreign exchanges and the unsettllng effect OF
early weakness in some of the industrials.
relapse later in the day in a rather extended
list OF specialties put stop TO the upward
movement of the market and brought trading
in the general list almost TO a standstiu. The
list of stocks traded in was largely curtailed
and activity much diminished even in the
stocks which led the decline. The relapse car
ried prices for the most part a fraction below
last nights close and the reaction from the
highest reached a point in some railroad
stocks Sugar Tobacco. Manhattan, Brooklyn
Transit. METROPOLITAN and Northern Pacihc
the latter the only active railroad stock, were
all active centers of weakness Some OF the
Southern and Southwestern railways were con-
spicuously firm, the belating movement of cot
ton serving to improve their earnings None
of the large speculative interests which took
the lead in yesterdays market were al all
prominent to-day. There was a disposition TO
take rather more account of the depressed con-
diton of foreign markets, with a growth OF a
conviction that the money situation in Berlin
and the resultant effect on other financial CEN
tiers is more responsible for the depression than
political questions. The problem of the inter-
national exchanges seems &c nave devolved it
self into a question OF how TO shift the pres
sure of credit balances in favor Of the United
States. To-day's additional small engagement
of gold for import is significant, in view of the
high money rates prevailing in Europe. 1t is
& fact that money is cheaper in New York than
in any other great financial center. excepting
possibly Paris. Yet the heavy demand for ex-
port of our wheat and coarse grains continued
to-day. Rates for ocean freights strong,
not only for present but for future shipments,
and the large offerings of exchange in the mar
kets for future delivery said to be against
grain engagements for November and December
and even into January. There is no room for
surprise in view Of the preliminary statement
OF the foreign trade for September given out
to-day at Washington. showing an excess Of
merchandise exports over imports of over S42.-
land in advancing the minimum discount rate
10 per cent and in borrowing from the market
in order to make that rate effective and in 50
doing secure control of international exchange
with view Of protecting specie reserve. 1t Is
evident that the pressure OF this country s
credit upon the old worlds money markets is
destined % increase in the near future.
There were continued evidence Of investment
demand for high grade bonds as well as stocks
Total sales, 81. 200 900.
United States old tours registered the new
tours and the fives were Il higher and the old
four coupon L higher in the bid price.
The total sales of stocks to-day 291. 100
shares including: Atchison preferred 1882
burlington STA, L. & n. 1882 Manhattan $780,
Northern Pacific %, $40 Union Pacific 1920. do
preferred 413S. St. Paul u. III. Southern Rail-
way preferred 1892. Tobacco IS, 495 Sugar 1o0,-
$50, Chicago c. w. 5535.