The San Francisco call., 1899-07-30
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. July 29.-The stock market for
to-dav's short session was strong. A large
volume Of realizing was well digested by rea-
son of an increased demand. Commission
houses and the market stood UP we'll under a
bank statement that was unexpectedly weak
the majority OF stocks showing net gains when
trading was ever for the day London contin-
ued TO buy stocks here with considerable con-
fdence and this the prime factor In the
o0enfng rise and IN the further decline in ster-
ling exchange rates. The money market was
largely nominal but there IS evidence Of quite
liberal offerings of funds from outside sources
The high level Of railroad earnings shown by
all companies reporting and the reported eager
demand 70 buy. borrow or rent freight cars
from many sections of the country was
potent source of strength for stocks. Northern
Pacific. Pennsylvania and Pittsburg G. I. g
and ST Louis enjoyed the benefit OF the pub
lished June statements showing largely in
creased net earnings. Burlington's strong
Jllne statement brought realizing. The coalers
ley rejecting 4 growing improvement in the
i-yy.ey dsTrassed anthracite Industry Reports
of the unprecedented activity and strength in
the Iron trade caused advances in the prices
Of Steel and Iron stocks, with the exception OF
Federal Steel. American Steel and Wire rose
over point This factor helped the railroads
situated in the Iron regions, notably Louisville
and Nashville. American Leather Company was
marked up several points on light transactions
and with no news to explain the rise. Inter
rose two points. The decline after the bank
statement was checked by good absorption, but
closing was quiet and firm. Bonds were well
held on a moderate volume of business.
The course OF the stock market during the
week has shown evidences of a weakened Inter-
est and strength. The principal apprehension
has been over the future of the money market
All accounts have agreed upon the unusual
abundance Of funds al all interior centers. but
the activity of trade and industry is also un-
precedented and the enormous volume of bank
clearings throughout the country shows that
ployment every week than ever before. The
question has been whether in moving the crops,
the usual demand would be made upon Eastern
Centers for money or WhetheI the large tunds
interior points would prove ample
This question Is not answered definitely yet.
Call money in New York has continued pretty
firm and it developed during the week that
many stock exchange houses were resorting to
time loans This resulted in a hardening ten
dency Of the time money rate and there was
apprehension that a money squeeze in the call
Loan department might intervene when de-
rnands began 70 be made for crop moving
purposes Except for domestic disquiet in
France. the outlook is for easier money
abroad and sterling exchange at New York
has shown a sharp decline toward the end OF
the week New York mercantile paper has
been reported selling on the chicago mar
ket. The money condition IN New 1ork Is
affected by the failure Of some new industrial
securities TO meet expectations some OF these
have declined sharply from the SUBSCRIPTION
prices OF from the prices taken as a basis for
distribution Of new securities In exchange for
those Of constituent companies. Money sup
piled for underwriting has thus been kept tied
up waiting 10 realize Not little OF the long
continued speculative doubt has been due TO
the threatened Transvaal trouble, with spe-
cial view to its probable effect the gold
production of the Rand The expected large
supply Of gold from this source is factor in
the estimates Of the future world prices, The
various causes Of inactivity, however. have
tended toward amelioration during the week
The period OF hazard to the crops has come
nearer It's end. Industrial activity continues
unabatsd. international trade and railroad
earnings break all records and the export
trade IS proving itself permanently established
at a new high level The strength Of stocks
which developed first IN few obscure and
isolated cases. then in the Southwesterns and
Louisville. and later the grangers, has per-
meated pretty much the whole list throughout
the West.
The bond market dull during the early
part Of the week and has not responded to the
late strength to the extent stocks.
United States IS registered declined u and
the IS coupon 4 in the bid price.
NEW YORK STOCK LIST