The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-25
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Sept. 24.-Speculation was in
clned TO wait on the bank statement to-day.
and there was much doubt concerning what the
showing would be. The realizing movement in
the stock market upon its appearance indi-
Gated that the return is not regared as al
together favorable in spite Of the rise in
the net surplus reserve Of s4,0lz.475. The
increase. in The cash less than 81, 200-
0G0, the remainder of the increase in sur
plus was due to reduction of reserve require
ments by fall of 81, 314, 800 in the deposits.
reflection from the contraction in loans of SILL
l02, 400. 1t believed by some people that
last week heavy decrease OF over s12, 900, 900
in loans was due in some way TO the mysterious
system of averages used by the banks But,
in that event. there should have been some
bookkeeping compensation in to-day's state
ment 1t is certain that there has been no
such drastic contraction of open market loans,
either last week or this as indicated the
PLANTATION is that advanced in this review
last week, namely, that the liquidated loans are
largely those made to outside banks to finance
subscriptions TO the Government loan. The
delivery of bonds by the Government has been
delayed. but is now progressing more rapidly,
and the loans are liQuidated with the delivery
of the bonds The bank returns indicate other
wise the turn In the money market toward
greater ease. The stock market showed a quiet
but large absorption of railroad stocks, notable
OF the Pacif1cs and Changers the traffic re-
turns of those roads. The miscellaneous list
showed tendency TO reaction, which was
checked by the frrnness of the railroad stocks
The list under the realization movement was
weak.
The expectation was quite general that the
upward movement Of prices on the Stock Ex-
change would be resumed this week and that
the tightness Of the money market would be
lifted. The expectation is still general that
the events simply delayed In the various
reactionary incidents of the week On Monday
the violent break In Sugar and the continued
tightness of money has checked speculative
ventures during the whole week. The con-
tinued hardness of money has been particular
disappointment to spectators, as various fac
tors were looked TO confidently bring forth
surprises.
The different factors have proved effcacious
as the week advanced to cause lower rates for
money, but in the meantime a number Of banks
have fallen below the reserve limit The call
money rate went to per cent on Tuesday the
hlghest point of the In spite of the
heavy engagements OF gold for import The
TACT that the gold movement has been inaugu-
rated In force just at the time when the money
market has passed successfully through the
strain OF the Government loan is significant
OF the Governments enlarged needs for money
The bond market has been dull and heavy on
the light money market. Old as regular have
declined Y. old As registered r. new As cou-
pom and the IS. when issued. u. and the SIS
have advanced u in the bid price.
Total sales of stocks to-day. Isl, 500 shares
including: Northern Pacific 9l47; Union Pa.
cite i' g 9;o St Paul 11,s25 Union Pacific pre-
70; Sugar 1880; Rubber 1000.