The San Francisco call., 1899-08-13
EASTERN MARKETS
NeaU York Stock Market.

NEW YORK, Aug 12-To-day's stock mar
ket started lower on London manifesting an
anxiety as to the future Of The market. The
local bears fostered the depression, trying to
make capital OF the situation in France and
predicting a Southwestern freight rate war.
The strong bank statement however changed
the tone of the market and the close showed
net gains in the more active stocks. In the
early weakness the grangers and high-priced
specialties were the principal sufferers Sugar,
Brooklyn Transit, Peoples Gas and American
Steel and Wire declined point each. The
bears were disposed to cover at the decline
and prices rallied rather quickly. but remained
below last nights level The dullness and
hardness of the market which succeeded con-
tinued until the bank statement made its ap-
pearance on the tape, when the market I'M
nlediatey burst into activity and delivered
surprisingly buOyant tone at some points. The
stocks which had yielded most easily in the
early transactions came back most readily, and
rule they showed the best net gains 4or
the day. The shorts were in a scramble to
cover and bid prices on themselves Chicago
Great Western debentures scared upward by
successive Jumps selling at 1031B at least 81
above the lowest and 424 net advance. The
preferred stock of this company made net
gain of 29s. Tennessee Coal also made a very
vigorous advance to Sc, a net gain Of 81 The
about the top.
market for the week turned out to be a more
active one than for some time. The strength
has been largely in spots and groups and has
been not little due to heavy covering opera
tions by large bear traders. At some points
in the list there has been realizing going on
at the same time ana the readiness Wlth Whlch
this was absorbed helped to lessen the bear
ish sentiment. For the present money has be
come slightly easier, and this mas been large
factor in the strength of stocks OF companies
in the metal industries, particularly in the
iron and steel industry. This was logical
response TO the extraordinary conditions pre-
vailing in that trade, where orders for deliv-
cry in 1900 at the present high level Of prices
are increasing, showing a growing confidence
in the continuance of the eager demand for
iron and steel products There has been special
strength in other industrials. the causes Of
which have been left to guessWork by the gen
eral public The approach to the end of the
period Of anxiety regarding the crops has led
TO some buying OF the railroads in the grain
market. the conviction having become general
that no setback TO the cOuntry's prosperity
will arise from the years results TO the agri-
cultural industry. The outlook in the anthra-
cite trade has led TO strength in the group OF
railroads interested in the transportation
branch of that grade. A number of railroad
stocks have enjoyed large gains from indi-
vidual causes such as prospective increases
OF dividends settlements Of competitive traf-
hc disputes movements toward absorption
by more powerful companies The financial
centers of the world have continued TO pay
large attention to the developments OF con-
ditions in the money market IN TINS country,
and the foreign exchanges at New York have
moved strictly in response to the tone OF the
local money market without regard 10 foreign
money centers Thus the rates for both sterling
and continental exchange fell on Tuesday to
the lowest level of the present movement, not
withstanding a jump of y per cent in the pri-
vate discount rate at Berlin on Monday and
hardening of a shade in the London rate on
Tuesday When the New York money market
began TO tend toward greater ease later in the
week there a significant hardening in the
local rates for foreign exchange and the Bank
of England refrained from marking up its rate
OF discount Thursday.
The Treasury's payment with drafts on the
New York Sub-Treasury for gold deposits at
the San Francisco Mint has been an appre-
cIable fact in the easing OF the money mar
ket The principal cause was the offering Of
funds in the New York market from domestic
centers The only effect the rates on
those for call loans. lenders on time and bid
ders for commercial paper holding out stiffy
for the best rates and showing no anxiety to
MACE loans at present rates. There is not so
much apprehension recently of money
squeeze but there is no general expectation
that money rates viii work lower.
Bonds have been rather quiet and prices were
irregular United States new IS have ad-
vanced y per cent in the bid price.
NEW YORK. STOCK LIST.