The San Francisco call., 1899-07-09
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, July S.-The character of trad
ing in stocks much confused throughout
to-day's short session of the exchange. There
were points OF aggressive strength which en-
couraged maintenance of prices. but the GER
tainty of unfavorable bank statement en-
couraged the continuance OF prOht-taking in
some OF the stocks which have recently ad-
vanced several points in price. On the publt-
cation of the bank statement the whole mar
ket sold off and gains were preserved in
only a few cases. The liquidation was by
means heavy and the bears covered short con-
tracts at the decline causing rally from the
low point. The deneIs of the reported alli-
ance between Pennsylvania and New York
Central led to declines in those stocks but the
amount was remarkably small. The bank
statement on its face presented an eAtraordln-
ary condition OF affairs. 1t is almost unprece-
dented to have the cash reserves down TO with
in little over $1,000 eco of the 20 per cent re-
Quired by law this time OF year. Yet the
banks expanded their loans during the week
nearly $1,000, 600 when they were already at
the highest figure record last week. The
conclusion is unavoidable that the banking
authorities see prompt relief in certain pros
latter part of the week shows that the re-
lief is already at hand. 1t comes in large
accumulated for the disbursement of semi-an-
nual dividends. 1t is also taken into consider
with money than before, that the
victon is held in banking circles that tight
ness in the New York money market would
bring funds from interior points TO New York.
The action of the stock market this week has
securities last week in the peIef that oppor-
tunity would be offered to realize profits quick
". The expected demand for stocks was forth
coming, but it so freely fed with offer
ings accumulated last week that the strength
enlng effect on prices was Offset and the tide
turned in favor of reaction. Thus in spite OF
very active market Tor the short week after
the long holiday period, the net changes
not conspicuous in the majority OF cases.
The profit taking was most effective early in
tral and the Nanderoilts. Selling was not
heavy IN either of these, but the large and con-
hdent buying OF last week was discontinued
and prices were not supported. Much stress is
laid on the large amount Of the years earnings
that have been reinVested in railroad prop
critics. resulting in higher efficiency and paving
the way for future reductions in the ratio OF
roboratiEe OF the earlier rumors Of far-reaching
combinations OF control of railroad systems.
calculated to make possible more economical
administration ana 70 facllltate cooperative
measures for conducting traffic. But in spite
of these factors of strength in the general out
look the tendency toward reaction In the rail
ways prevailed on account of the recent condi-
tions. Profit taking was the main factor, but
there was IN ADDITION some apprehension that
spring wheat mad been damaged by heavy
road properties by the Texas floods. The most
potent influence toward reactions was the fail
pected under the distribution of half-yearly in
terest and dividend disbursements. Time money
could readily be had at $685. per cent bat
call loans were slow to yield below per cent.
In London both call money and the discount
taxation OF pressure for the half-yeary settle
ment. Enormous loans were Hquidated both
France. The strain the money market in
Berlin and Vienna not much relieved
exchanges continuing TO run against London.
But confidence was shown that the stringency
there would also relax and that no further
demand would be made on New York for gold.
The easier money conditions in London brought
large buying of stocks in New York for Lon
don account, until money rates there began to
harden again.
The weeks trading on the Stock Exchange
has been distinguished by reawakening
Of interest in industrial issues, the market
for railroad stocks fell into dullness on the
reaction. The older dividend-paying industriaIs
have been favorites, but of the newer ore
and metal combinations have also shown signs
of life. notably the coppers Amalgamated
side market but is still well below the orig
inal subscription price, and Anaconda has been
active and strong.
Bonds have shown increased activity and
strength.
United States new As advanced II the as
u and the IS Ii in the bid price
Total sales of stocks to-day amounted to 2sO =
l37 shares including: American Steel and
Wire 22O0; Sugar. IL. 800; Tobacco 3400; Atch-
ison 16. 600; do preferred, 1880; Baltimore and
Ohio preferred, $500; Brooklyn Rapid Transit
10 900; Chesapeake and Ohio, 500; Chicago Bur
ungton and Quincy, II, 200; Colorado Fuel and
Iron 1900; Federal Steel. 1000; do preferred
2OOO; Louisville and Nashville, 320O Manhattan
500: Ontario and Western 1000; Pennsylvania
5000: Peoples Cas- 2200; Rock Island. 7400; ST
Louis and Southwestern. 1000; St. Paul. H. 500;
Southern Pacific 2900; Tennessee Coal and Iron
$500: Texas Pacific 1000; Union Pacific, 3400