The San Francisco call., 1899-10-20
EASTERN MARKETS
Ne5u York Stock Market.

NEW YORK Oct. l9-The stock market
showed signs Of continued strength during the
early part Of the trading and the covering
movement among a large outstanding bear in
terest continued in active force. The profes-
eional opponents Of the bears did all they could
TO take the market away from them by bid
ding up prices picking out individual stocks
for that purpose to increase the appearance Of
strength in the market. AS the demand from
the bears fell off later in the day, the fact
began TO emerge that there no very eager
demand for stocks among the public at large
and prices began to slip downward. Seeing the
hesitancy of the advance, the bears took re
newed courage and put out new short lines.
The fall in prices was considerably acceler-
ated during the last hour and the demand to
cover at the decline was sufficient to cause
only a feeble rally. The closing was barely
steady and the earlier gains were practically
all wiped out. The fall in prices from the top
level reached point or over in a large num-
Der of prominent railroad stocks, and in some
OF the Industrial specialties ranged from one
70 over three points. The railroads running
through the southern region came into some
prominence late in the day on account of the
that LOCALITY ana the relatively larger increases
In earnings shown by Its railroads. Illinois
Central, Louisville and Nashville, Southern
Railway preferred, Norfolk and Western pre-
ferred and Chesapeake and Ohio all showed
benefit from this cause, and the gains estab
lshed were better maintained than other
points. Individual strength was shown also
by Colorado and Southern first preferred,
Tennessee Coal, the international Paper
stocks New York Chicago and St Louis first
preferred, American Car, American Linseed
Oh and Chicago Terminal. Pullman reacted
sharply after its prolonged advance, receding
extreme nine points and losing AZ net
Consolidated Gas fell AZ. but partly recovered
The local traction stocks and Sugar were sharp
sufferers in the late weakness The reaction
was as much without explanation as yester-
days advance and could only be attributed to
the closing up Of professional operations. Gail
money ruled at . per cent for most of the day
but stiffened TO per cent before the close
The coming bank statement is the subject of
surmise and observers are unable to figure on
any Improvement. The movement of money to
the interior shows some falling off, but still
continues in that direction on balance and
the course OF New York exchange at several
important points continues downward The
sub-treasury has taken more from the banks
and the applications for anticipated interest on
Government bonds have proved entirely insig-
nifcant. With gain in cash resources from
any source. the condition of the banks could
only have been strengthened by a further con-
traction in loans The actual rate for de-
mand sterling bounded up a full p to-day
Cotton bills continue exceedingly scarce and
the demand for exchange quite large. This de-
mand IS attributed in part to the require
merts for remittance on account of the CONVEX
sion Of Central Pacific securities. The possi-
bility OF gold exports depends upon how
much further this demand shall extend. The
rate for demand sterling is now only No under