The San Francisco call., 1899-09-21
EASTERN MARKETS
Ne1v York Stock Market.

NEW YORK. Sept. 20.-This was q day Of
violent fluctuations and great speculative ex-
cltement upon the Stock Exchange. The move
ment OF prices so feverish and uncertain
that the disposition among professional opera
tors was generally to close up accounts with
the day As q consequence net changes are
astOnisaingly small considering the wide VI
bration during the day. in only few instances
do they exceed fractions, and though the ma
jOrity of stocks lower there is a 1alr sprIhk-
ling Of gains. There time in the morn
ing when a long list OF specialties had advanced
bzr,se.r IL and points and during the after
noon they fell very generally to as much be
low last nights level. range of between
and points was trayersed during the Gay
by the following Industrial stocks: .,
Continental Tobacco, Smelling preleIred'
Colorado Fuel Consolidated Gas, Federal steel,
Manhattan, Peoples Car, Tobacco MetfopUiiI- POI
tan Street Railway and Tennessee CoaI. ne
railroad stocks did not move nearly SO "lueiy
as q rule but an extreme range Of between
IL and ~ was traversed by st. Paul. Rock
Island Burlington, Northwestern, Great West
ern "A" Chicago and Eastern Illinois. st.
Paul and Duluth, Great Northern preferred,
Reading first preferred and Lackawanna. The
index of the market all day was brooklyn
Transit. the dealings in which were on an
enormous scale. With total capitallzatlon OF
43O 600 shares, to-day's dealings in this STOCK
footed up 2S5. .175 shares. 1t advanced "a after
the opening fell IA a new low level at 1914,
and then retraced its course. rising points
10 S3Is and closing at the high level OF the
morning. The whole market followed in Its
fluctuations We're impossible to follow at all
times. The market was a gigantic speculative
contest throughout. The bears broke down the
gains which had been built up in the morning
with apparently little effort and dislodged some
very heavy offerings the decline from hold
ers who had vainy hoped that the fall in
prices had come to an end. There was large
selling through commission houses and the
flood of industrials poured upon the market
was said TO be due 10 the calling OF some large
loans in which these stocks figured as collater-
ais and had to be sold to liquidate United
States Milling, which sold yesterday at Sc,
sold to-day at "a, after first selling at 25, an
extreme decline OF ~ points. Inc preferred
stock, after selling yesterday at IS, sold to-day
at SO. The closing prices for these stocks were
for the common 2O425 and for the preferred
A065O There was no important development
to-day in the money situation The rise in
New York exchange at Chicago and the ad-
vance in the call loans at. some other Eastern
cities indicates that the Western demand for
money has been shifted some from New York
to the other Eastern cities Considerable sums
of Chicago money are reported to have been
loaned in New York during the week. The
outgo, however, still continues both to the in
terror and to the sub-treasury. Foreign ex
change was somewhat easy more notably so
on Paris and Berlin than London. At this
time last year when New Yorks surplus re-
serve had fallen below s. 100000 gold began
promptly to come in from Europe. Previous
10 September last year we had already i'm
while thus far this year the excess of ex-
ports of gold has been nearly SO, 600 AL
though the merchandise exports for eight
months of this year is nearly $75'OGO'0oO less
in our favor thus far this year is therefore
s2s 600 900 greater than for the same period last
year Sterling exchange is still 1h cents in
the pound above the level at which gold i'm
ports began last year.
Bonds weakened in sympathy with stocks
but the movement was not wide. Total sales
United States bonds were unchanged in bid
quotations.