The San Francisco call., 1899-09-29
EASTERN MARKETS
Ne7u York Stock Market.

NEW YORK, Sept 2s.-The market for Sc
curities to-day a small and tame affair by
contrast with the violent fluctuations of the
earlier period Of the money stringency. The
rate for call money vibrated between u and IA
per cent during the periods of active demand.
but after that satisfied well by quick
stages TO per cent. The need of borrowers
over the ensuing holidays satisfied in
large part in anticipation of pressure for ac-
commodation to-day, and consequently to-day 5
higher rate did not reach within per cent of
Yesterday The bank statement was unfavor-
able beyond all expressed anticipation Al
though the oUtgo to the sub-treasury was re-
duced to 81 1856 000 four days Of business, the
losses OF cash to the interior brought the total
reduction in the reserve up to $4,54o,8oo. In
spite of net reduction in loans OF $I.752 700 the
meager surplus reserve was still further re
duced 81 239 250. It is obvious that loans made
in the last few days on the Stock Exchange do
not figure largely in this showing, ana the ac-
commodations were probably secured by dealers
in money who had supplied themselves uIne
loans some time ago ana VINO put ineIr sup
plies again at the prontaple ruIlng rates
in place OF the loans called by the banks to
meet the October settlement 1he showing OF
The bank statement and the continued tIght-
ness OF money were offset by the addltlonal en-
gagements OF gold Tor import anu tlle NY "a Ia
the rate for sterling exchange to very nearly
the regular import rate. The sentiment on the
Stock Exchange that further relief to the
money market from this source is now avail
able and that regular movement OF gold Is
NV inaugurated No pressure of liquidation
was manifest and present holders Of stock
await a more favorable turn of affairs. The
confidence in further gold imports was EN-
land to advance It's official discount rate not
withstanding the fact that the principal de-
upon the central institution by reason OF the
higher prevailing private rate OF discount A
fall in sterling exchange in response 70 the
former discounts there suggested additional
pressure in London for gold from that source
alone. With gold moving to New aork; so some nlt,
day may be accepted as a certainty. The IN
terror money markets in this country gave no
evidence of a relaxation OF the pressure upon
New York for funds New York exchange at in
terror points tending rather downward; some
relief Is anticipated next week from dlVldend
and interest disbursements and from the
money left in the city by the visitors to the
Dewey celebration. Except tor a recovery OF
81 in Tennessee Coal, gains of "a and in the
St Louis Southwestern stocks and wide move
,,1en+s in a few usually Inactive stocks, to-
dav's market was without notable incident.
The total dealings fell to the level or the mid
summer period of dullness; Dealings in oonds
were on a small scale and price changes were
mixed. Total sales, par value, Sl325, GOO
United States new As declined Is in the bid
The elimination Of two days from the busi-
ness week and the prospect Of dullness next
centuated the speculative stagnation which
always follows a period of unusual activity IN
the stock market and limited the TRANSACTIONS
The hope is Expressed that the dividend and
interest disbursement may serve to relive some
what the local pressure upon the money mar,
ket Many wildly varying estimates are heard
also of the effect Of expenditures by Dewey day
visitors on the local money supply. But as to
the main causes of the depletion of banking re-
serves II is manifest that the needs or the IN
terror for money to move the crops are not yet
appeased Neither is any cessation of the
absorption of the money by the treasury IN
sikht as the Governments expenditures are
now running well under receipts. The August
surplus viii apparently be doubled in Septem-
her and the July deficit is more than wiped out,
leaving a growing surplus as the f1Scal year
progresses. There has been constant demand
for all the gold certificates which have been
( as these simply served to convert the gold of
New Iork banks into a form more desired by
the depositors their distribution has aug
mented rates rather than relieved the decline
on New York banks. Many of the clearing
house institutions started the week with their
/ reserves under the legal limit and with addi-
tonal demands upon them there has been
further calling OF loans. The stock market has
been unprepared to move upward under the
circumstances, but II has shown signs OF resist
wary OF raiding stocks. II is evident that
stocks are much less Vulnerable to attack and
! that weak speculative holdings on margin and
with borrowed money have been shaken down
trinsic merit taken such times by
powerful interests not dependent upon
dipary money market reserves. Some OF these
provided themselves with funds in time TO
answer before the present stringency set in and
have a handsome profit available by re-
loaning call. No small part of the current
| transactions in money of this character and
naturally do not affect the showing of the
banks at all There have been several monthly
reports by great railway systems during the
week. showing extraordinarily favorable re-
suits and reports of weekly gross earnings
show the high Level well maintained. The
Transvaal developments caused but slight in
fiuence on the local stock market