The San Francisco call., 1899-11-07
EASTERN MARKETS
Ne7u York Stock Marke::.

NEW YORK. Nov. 6-The course OF the
stock market today effectualIy dtssipated the
symptoms of weakness which we're engendered
by the Saturday bank statement. The course
or prices was downward in the early dealings,
but practically all the declines were recovered
and some striking net gains were established
in considerable Of the list Of stocks The
downward course proceeded TO the extent OF
] % points IN a number Of the prominent in
dustrials and reached as much as a point
In number OF railroads, including examples
from the grangers,' SOuthwesterns, Southerns.
coalers ana trunk lines. Northwestern dropped
at one time 2iz. In the leading industrials
level Of prices was subsequently established,
reaching generally a point above saturday.
The railroad group was not 50 resilient but
It's downward course Of the morning was very
generally retracted and fractional net gains
are the rule. In Southern Pacific the recent
large and organized buying was resumed after
the decline had reached 2. and ii was advanced
lss and closed there. The speculation in
leather continued enormous scale, the
price being raised on running sales Of 10000
shares at the opening from = below TO =
above Saturdays price. subsequently the loss
OF Saturday was more than recovered and the
price lifted to within a shade of Il. There
was heavy realizing in the stock in the late
dealings, but Il was firmly supported at 40.
The renewed support by the speculative pool
IN leather had small influence in dissi-
pating the fears Of a more general break in
prices. There were many soothing eXplana-
tions offered Of the eXhibi; OF a deficit in
surplus reserves by Saturdays bank statement.
The favorable explanation among spectators
was that II was due TO error In the re-
turn Of a single bank, or rather TO the rectifi-
cation Of an error made In the previous week S
return. It was this error, so II was said
which had caused the unduly favorable state
ment Of October o. and the allowance for It
what made the showing of the deficit
Of last Saturday and upset the stock market
The comfort found in this explanation was
somewhat disturbed by the rise in the call
money rate 70 y per cent and the calling OF
loans by the banks. But the conviction became
general that Saturday, bank statement was
not fair index of the actual condition Of
the banks. The continued hardness of New
York exchange at important interior points
aroused expectations that the movement OF
money is about to turn in favor % New York
The short contracts which were put out in
the morning were very generally covered be
fore the close The eve of the elections was
also the occasion for covering of some short
contracts which had been put out or the
theory that this years election might be the
prelude 10 the unsettled business conditions
which are looked FOR in a presidential wear
The drop in the money rate to per cent la
in the day accentuated the buying demand
for stocks. An incident Of the day was
sale of United States Milling at y. compared
with "A for the last preceding sale some time
since.
Prices Of bonds only partly recovered from
the early decline in sympathy with the stocks
Total sales. par value. 50, or, 600
United States old IS (coupon) advanced y
In the bid price.