The San Francisco call., 1899-03-05
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, March 4-The stock market
to-day worked upward under the impetus OF
yesterdays movement until the appearance of
the bank statement showing a loss of over
s.. 900. 600 in the surplus reserve, and another
expansion in the loan accounts Prices i'm
mediately gave way sharply in many shares,
the recession being from l 10 points. and
leaving the standard stocks fractionally below
yesterdays figures. A good tone prevailed on
London exchange for Americans but advices
as to the nature OF the purchases were con-
fiicting. some intimating that the movement
was initiated from this side, while others af-
firmed II to be confident buying for English
investment account. There sharp ad
vances early here in the steel stocks, the an
thractes, Tobacco, Brooklyn Transit General
Electric and prominent railways, the latter
improving in some cases. Reports Of some
of the large bull interests seemed to lend sup
port to Burlington and the Steel stocks. New
York Airbrake was a very strong spot, after
the appearance of the bank statement, when
everything sold off. Many OF the early buy
eys threw over stocks and the market closed
weak at the lowest. Stocks in which losses
occurred for the week outnumber those which
advanced over 212 to l. The market opened
with a show Of strength Monday, and there
after sagged until Friday, when a better tone
prevailed up to the appearance of the bank
statement, when prices eased OH. The more
prominent declines Third Avenue Rail-
road, 21: Metropolitan, Z; Pittsburg c. c. and
81. Louis. - burlington, central Paclnc and
Pacific Mail over each. The conspicuous
exceptions to the general tendency Am
erican Tobacco and American Steel the former
rising 8l4, while the latter was up 3as
A false rumor that Admiral Dewey had sunk
a German cruiser exerted an unsettling infu-
the market which not altogether
dssipated by the emphatic denials of the
rumor The underlying conditions were no less
favorable than formerly, while there were
many evidences of prosperity in commercial
and financial circles. The prevailing feeling
OF confidence reflected by the advance in
the wages of iron and cotton workers in Yari-
Gus sections of the country. The balance of
trade, usually considered dependent largely
upon the foreign demand for cereals was
strengthened very much by the increasing ex-
ports Of domestic manufactured articles which
are exceeding the imports by about p per
cent Indeed, the exports of such articles
average in value 81. 900 900 for each working
day. Commercial activity was also shown by
the increase in the bank cearings of 40 per
cent for the week, as compared with the cor
responding period of last year. The continued
demand for iron and steel products at rising
figures had a stimulating influence on shares
of companies connected with the trade The
gradual contraction in the surplus reserve
shown in the weekly bank statement, together
with an expansion in the foans cannot be re-
garded remarkable when 1t Is consideupsd
that money has been needed to finance many
railway deals, but more particularly colossal
industrial combinations.
The capitalization Of such concerns organized
within two months exceeds 81, 500 000 O00 Then
stocks returned from abroad. but there were in
dications that some of these stocks were al
ready beginning to be reshipped to London. A
hardening rate for money appeared at one
time. call money touching Az, but subsequently,
casing Oh 10 Zt2 per cent. The higher rates
were established on securities which lack an
active market It is usual for money to be
moving toward the interior at this time, but the
temporary appearance of a higher rate started
influx OF money to New York
The Enforcement in the money rate was
promptly followed by a decidedly easier tone
in the sterling exchange market, which was
taken to indicate the probability of America $
drawing UDOn its funds lodred abroad should
the money rates rise sharply. The import OF
nearly $25 900, 900 in gold at San Francisco with
in the last seven months has not attracted
much attention in the East This inflow how
ever, has been fully reflected in the weekly
bank statement of New York institutions from
week to week Scale buying by the leaders (
the street. together with some commission
house purchasing, absorbed the offerings of
.irnid holders and traders at times when prices
were about lowest.
The bong trading during the week was very
IRREGULAR, with a marked undertone of firm
ness United States threes and the twos ad
vanced p. the fours registered "a new
fours coupon IS, the fves 4 and the old fours
registered Il.
The total sales of stocks to-day were 4O9. .4OC
shares, including: 6159 Atehison, 34.43O Atchi-
son preferred 1o,625 Burlington. $40 Read
tario and Western. 1880. Rock Island 543O
Union Pacific. 3,270 st. Paul, 400 Southern
Pacific 1880 Union Pacific preferred. 80 SIS To-
hacco a. 794 Steel, 10134 Steel preferred 1900
PEOPLES Gas. 1880 Brooklyn Transit 10 GA
sugar T90 T. c. and I.