The San Francisco call., 1899-10-31
EASTERN MARKETS
Ne7u York Stock Mdrke..

NEW YORK. oct so-Prices Of stocks moved
inward IN the early dealings to-day according
70 the general anticipation, but contrary 10
expectations a serious obstacle 70 the ADVANCE
was met In the violent rise IN the rate OF call
money. The advance did not extend far into
the second hour when the market began TO
drift downward and met no eftectual check
until the close. which was at about the low
POINT and with prices still giving way 10 pres
sure No serious net losses are shown IN the
railroad list. but the earlier gains which
amounted TO q point and upW ard n many
cases, We're pretty generally wiped out Inc
market opened with a strong and animated
tone and q large volume Of outside buylns
orders invited by the unexpected strength OF
the Saturday bank statement The demand was
particularly large tor the grangers and South
westerns and Tor some or the southern rail-
road stocks. notably Louisville. which was Up
u at one time. This stock resisted the later
depression with some success. but closed ;
below the best. Even the much hammered
industrials had some share in the early
strength. Sugar rose an extreme points be
fore yielding 10 pressure and the iron and
steel stocks had a short-ltvet period Of vigor.
Pressure promptly developed against Steel and
Wire and IL was weak for the rest Of the day,
affecting other members of the group by sym
pathy. Federal Steel was exceptionally nrm.
The Leather stocks continued 20 be largely
.-t tEe gain in the preferred was
entirely lost before the close. The International
paper STOCKS were ferCely attacked, the COM
mon being forced down 5is and the preferred
points. The latter recovered 3 points Of
i.s loss. RumCgs coming from Holland OF the
faI OF Lauysmith were without much effect,
London seemed disposed 10 GisCreGit them.
The September statement Of ST. Paul had a
discouraEing effect on Spectators, showing as
& did the large increase in gross earnings
obliterated by the heavy increase in operating
expenses, 50 that the net earnings for the
month already over S-61, ,0l0 less than In
September Ut last year. The effect was es-
peciaIly marked upon all the grain-carrying
roads. The days events in the call money
market showed that the extent OF the reCu-
peration by New ! Au-k banks grossly eN-
eggerated IL the first enthusiasm over the
Saturday statement The rate opened at S
per cent, and after dropping 10 - per cent
rose violently in the late dealings TO 80 per
cent Bids were made for 20 per cent, but the
closing transaction was at - per cent 1t was
a striking demonstration Of the unfit condition
Of the money market 10 maintain an active
speculation New York exchange feil sharply
at some southern and Western points to-day
although Il was harder al Chicago and al
Boston. Il Is evident that the demands OF the
interior are not yet exhausted The sub
treasury has absorbed a considerable sum from
the banks since Friday and some extra dernan nd
is coming on the market for November set
t!ement- Wall street opinion upon the money
outlook fell quickly from extreme optimism
down into the minus figures of pessimisrn
Bonds moved In sympathy with stocks hut
the early gains were not entirely wiped ou;
n the late reaction. Total sales, par value.
s., IA, COO
United States IS iregistered) advanced u. and
IS tcouponl and IS = IN the bid price.
NEW YORK STOCK LIST