The San Francisco call., 1899-09-15
EASTERN MARKETS.
Ne1U York Stock Market.

NEW YORK Sept. 1.-THE greater part OF
the gains in prices which were established yes
terday and during the early part of to-day
were wiped out in the latter part of the days
trading. A period of almost stagnation sue
ceeded until the announcement of the fixing Of
the St. Paul dividend at the regular rate The
large selling Of grangers induced by this news
was met by supporting orders, which rallied
prices from the lowest Losses are the rule on
the day. however. which extend to a point in
many active stocks. The rate for money was
not listed above the lower level established IN
yesterdays relapse. and the reaction in prices
could not be attributed to calling of loans. 1t
was rather due to q reconsideration of the
optimistic view engendered yesterday by the
easing in the money rate and the sentimental
effect Of the Treasury DEPARTMENTS decision
TO anticipate the payment Of October interest
on Government bonds. Yesterdays upward
movement has been reduced to its true propor-
tions OF bear scramble to cover short con-
tracts after having oversold the market in the
rush or heavy liquidation on the preceding
days. Estimates varied widely as to whether
the liquidation proceeded to sufficient. lengths
10 re-enforce the banks against the present and
future demand upon their cash resources
Money continues to to the interior and the
banks have parted with upward of $4 900 900 to
the Sub-Treasury since last Friday There was
no evidence to-day Of further urgent con-
traction Of credit but the outlook for the fu-
ture is that further liquidation may become
necessary. Foreign houses are reported to have
put out considerable sums in loans yesterday
and to-day, and this may account for the com
parative firmness Of the foreign exchange mar
ket. Discounts hardened to-day in London and
Berlin in spite Of the improved condition re-
hected by the Bank Of England's weekly state
ment, and London bought stocks moderately in
New York in continuation of the fortnightly
settlement. The failure to increase the st
Paul dividend is accepted ntimation that
the present prosperous condition of the rail-
roads are not so we'll established but that ample
provision must be made against a recession
The extreme decline from the early high point
ranged from to points very generally among
the active railroads.
The grangers and trunk lines were especially
affected In the specialties movements were
wider. Brooklyn Transit under pressure
all day and in the final dealings broke Its pre-
vious low record the movement and fell
to 94l at which point it closed. Az below yes
terday. Tennessee Coal ranged over 3I1 points
and closed with a net loss of q
Sugar Tobacco the local municipal stocks
Peoples Gas and the iron and steel stocks were
all weak before the close. A number OF OBJ
scure stocks showed wider movement than the
average. Pullman, Twin City Rapid Transit,
Mobile and Ohio and Pacific Coast common and
second preferred gained between 2h and
points and Knickerbocker Ice dropped 5I5.
The United States milling stocks continued
their upward course and gained IA each. Bonds
were only moderately active. Total sales, par
value. 81, ,sS5, 600. United States bonds un-
changed in bid quotations.
NEW YORK STOCK LIST