The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-16
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Oct. 15.-There was little
change in the character Of the stock market
to-day. the cratic tendencies of the leading
industrial specialties keeping the general list
generally unsettled The opening decline was
general and reflected from abroad. Both
tobacco and sugar went down at the opening,
but Sugar reached the point of resistance and
encountered large buying which put the bears
on mettle again. They covered quite freely.
and the price UP to 112. Urgent demand
then stopped for the day, but the range was
held above last nights close. Tobacco dropped
off 81 points to 1l454 and closed at about the
lowest. The continued disposition OF Northern
Pacific to sag also checked any upward tend
ency and discouraged activity in the railroad
the late dealings In Louisville and Southern
preferred trade attributed TINS 10 the pros
poets of relief from the yellow fever by the
coming of cold weather, but in the Of
Southern railroads there were reports of an ap-
preaching dividend declaration. The picking
up of high grade dividend stocks in small lots
was continued healthful feature of the mar
ket. A feature of the dealings in the outside
market the new Federal Steel Company,
the securities of which to be listed the
1oyed a brief upward reaction toward the mid
die of the week owing TO a recovery in the
settling influence for some time past; but
a recurrence Of weakness in the
stocks has led to surmises whether their re-
coyery was not due simply. to the closing Of
q bear speculation, leaving them for the future
outstanding snort interest. The advance in
the general list has halted on account of this
count IN spite OF the many undercurrentS
strength which have manifested themselves.
There is a general confidence In the strength Of
the financial and business outlook that when
Tobacco began to advance on the strength
OF the announced acquisition OF an opposi-
ton plug TOBACCO plant and Sugar
gave evidence OF resistance to the
long decline with the reported advance in
price Of low grade refined sugars and Northern
Pacific was heavily bought by the same brok-
ers whose earlier selling said to represent
inside conflicting interests the small room
traders all turned from bears to bulls, and
large nnaucldl interests proceeded TO bid the
price Of properties in which they were Inter
ested right merrily. But Sugar, Northern Pa
cifc and Tobacco all turned downward again
and brought TO the surface only more the ele-
ments of doubt and hesitation.
1t is accepted as the natural order of things
in Wall street that there shall be period Of
dullness and reaction preceding a Congress
sional or Presidential election. There is felt
TO be room for some uneasiness also over the
foreign political situation, the domestic IN
rest in France, the Anglo-French situation
the conflict of interests which may be precipi-
the money stringency in Berlin. The latter
part of the week has a relapse into dull
ness In the Stock Exchange and a renewal Of
bear tactics which is always q feature of bull
markets. The events of the week in financial
circles were the advance in Bank Of England s
the sharp rise in the private discount rate in
London in response to banks borrowings
from the market and the rise in the rate of ex-
change in London and Paris. The effect has
been while the demand and cable transfers on
London have hardened In New York those in
Paris and Berlin have fallen in spite of the
advance in discount rate of the imperial Ger
man bank to per cent and Austrian bank
to ~ per cent on Monday. It Is clear enough
that the Bank Of England is maneuvertng TO