The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-15
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK Sept. 1.-THE unsettled tone of
the speculative. mind over the money market
outlook was relieved to-day by the announce
ment of further gold imports. Actual engage
ments were announced of $500 600 and ru-
mors were rife of very heavy additional sums
which to come this week. Rates for call
loans on the exchange broke sharply to 21t
per cent from high point in the morning on
small transactions OF Az per cent. very
active buying movement developed which was
in large part from professional traders who had
gone short on the market on a conviction that
that call money would be subject to occasional
nurries from the calling OF loans that would
shake out large liquidation Of stocks The
course of the exchange market gave warning
early in the day that relief at hand for
the money market in the form OF gold imports
Posted rates were marked down u and actual
rates fell y, the price for demand sterling
reaching 81 81, which is easily within the gold
import point The market during the earlier
part OF the day was largely confined to the
specialties. Sugar. tobacco and the constit-
uent companies of the new Federal Steel Com
pany We're all markedly weak The railroads
failed early in the day. but were weakened
by the decline in the specialties. They offered
strong resistance TO decline, however. and ad-
vanced easily and quickly all through the list
after midday. The local traction stocks in
Guiding Brooklyn Rapid Transit, Manhattan
and Metropolitan, were also strong. The in
dustrial specialties recovered nearly all their
losses in the afternoon on covering OF shorts
Sugar was an exception. This stock opened
dividend. 1t rallied 2 per cent but in the late
dealings 1t fell an extreme ~ per cent. There
was very determined support at and below l27
and the bears desisted from their attack This
gave time for the general market to rally again
TO about the best the closing being active and
nrm at net gains reaching point or over in
many stocks. The grangers and Pacihcs were
conspicuous in the railroad list. The effect of
the easier money market was in large part
sentimental, as the stock market depression
has been due to apprehension of future strin-
sency, rather than to actual conditions The
conviction had gained force for several DAYS
that the scarcity Of money is apparent rather
than real and the fact that the payments on
the Government loan are almost completed
gives promise Of early relief from the drain
on that account The Government disburse-
ments in the form OF expenditures and the
distribution Of the new bonds are certain to
result In plentiful supply of easy money at
an early date. There was a growth OF de-
mand for bonds and prices rallied in sympathy
with stocks In the latter part Of the day. To-
tai sales 81 500, 000
United States IS advanced x in the bid price.
to lo5as the latter being the last price
Total sales of stocks to-day 499 100 ehares
including $3.50 Atchison preferred, a. 534 Bur
lington, 2,20S Manhattan 1892 METROPOLITAN.
b4l0 Missouri Pacific 80, $50 Northern Pacific
1859 Rock Island, 12 $50 Union Pacific az 245
81. Paul. 1850 Union Pacific preferred 10 500
Minnesota Iron 327S International PAPER Com
pany, GAPS Cotton Oil, 2s s2S Tobacco, $3.50 Chi
cago Great Western, 1850 Peoples Gas 334o
Steel, s7.4sS Sugar, 1905 Tennessee Coal and
Iron. 34l5 Rubber ~