The San Francisco call., 1899-09-27
EASTERN MARKETS
Ne1U York Stock Market.

NEW YORK, Sept 26.-The stock market
continued dull and lstess in character to-day.
Several favorable Incidents impaired under
tone of strength and discouraged operations for
a decline. but the soaring tendency of the
money rate discouraged all speculative demand
on the side and the day closed with nearly
all stocks showing a loss. The incident that
attracted much attention was the engagement
in London OF 1000 600 for New York. Prices
rose to the highest on this announcement and
for d number of stocks reached a level above
yesterdays close. Money, however rose up
ward by quick stages 10 20 per cent, and the
heaViness of the market renewed. The
gold engagement in the face of firmness of
exchange is obviously based on the expectation
that the money rate viii continue high until
the receipt OF gold here, when the profit of
the loaning rate may make good the loss in
volved in the simple importation. The course
of the local money market to-day contradIcts
the assertions made yesterday that the higher
rate was due to manipulation The present
and prospective condition of the money market
is undeniably tight. Rates advanced not only
here but at other domestic points both East
and West New York exchange at other points
shows continued pressure on this center. The
announcement that more gold is on the way
from Australia TO san Francisco had no effect,
the promised relief being so remote The TACT
of a three days holiday approaching had its
influence also on the prevailing dullness. The
weakness on foreign STOCK markets was an In
fluence here only indirectly and SO far IL
was deterrent to gold imports. The series OF
railroad statements which appeared to-day
a real and effective prop TO the market and
undoubtedly induced some good buying from
substantial interests, such are not dependent
on borrowed money. The overnight statement
Of St Paul for the third week in September,
showing an increase OF last years unprece-
dented level of So, 600, led the list. Even
striking was the statement of the Atchison
system for August, showing an increase in
the income from operations of SOS, 1888, "A result
in large part due to the heavy decrease in
operating expenses. In the cases of Erie and
the Southern Railway, in spite of liberal in
crcases in operating expenses, there was an
increase in net earnings for the former of
1921 1862 and for the latter of $3.50, 375. Business
on all trunk lines reported un-
precedented scale. These facts gave the
undertone Of hrmness to the market, the
stocks especially affected being those whose
reports were published The days net de-
clines reached point in only, a few
ties were ut one time to 3h points below last
night price. but covering by the shorts worked
a partial rally. Brooklyn Transit continued
very active, though American Tobacco ex-
ceeded 1T and was well sustained after early
decline, rising to point over yesterday and
closing with net gain.
lower Total sales. par value s1.32O 600 United
States rs advanced ss old As (coupon) 4 and
the new As u in the bid price.
NEW YORK STOCK LIST.
Ghares Closing
sold Bid
4.sCO Atchison .................. ............. 2oA