The San Francisco call., 1899-07-16
EASTERN MARKETS
NEW YORK STOCK MARKET.

NEW YORK, July 15.-To-day's short market
was so narrow and so nearly stagnant that
movements of prices were of little significance.
There was perceptible tone Of frmness. how
ever which was emphasized after the appear
ances of the bank statement by the hasty COW
erfng Of some small bear contracts in the
grangers which had been put out just previous
TO the appearance of the statement Probably
the greater part of the days business was
given over TO the closing out OF short contracts
Nv +h4 hears This contingent has been partic
uiarlv active in Brooklyn Transit during the
past week on the persistent talk or a penang
strike Their buying to cover to-day made that
stock the most active the list and moved II
up two points from the opening decline. sugar
was largely bought ana rose al one 5itie s. ~
~ rom yestea ~ or +be dfscbaree of the
voting trust and the Implied guarantee of pre-
ferred dividends to the amount OF 10 per cent
IN yearly installments. Cotton Oil rose over a
point. Manhattan and the Southwestern rail-
roads were also inclined TO strength. The bank
statement was up to expectations IN the item
tion in deposit liabilities. 1t unexpectedly
favorable in the showing Of gain in cash
Treasury on customs payments during the week.
The local money market worked still lower to-
fraction and London discounts were also hard
er Sterling exchange at Continental centers
sounded by the weekly English financial publ
cations over the immediate future of the Lon
The week in Wall street has offered evidences
that eager speculative contingent is watch
side of the market. There is evidence also
that large portion Of the contingent not
tightness Of the money market and the success
ful Vaccinations OF the bears have checked the
precipitated considerable speculative nquida-
ton A number of individual stocks, however.
have shown aggressive strength on large buy
ing and have sustained the general list. The
activity Of the market for call loans on the
Stock Exchange, even at the high rates, also
Indicates confidence in some quarters in the
early clearing Of the situation. The extended
period of the hardness of money after the July
! period upset the calculations Of many OBJ
servers, and last Saturday bank statement,
showing surplus reserves down to near $1,000
600 and lower than since the panic OF 1893
caused something like alarm Ihere were large
was certain that many loans wouid De caIed
10 reduce deposit accounts or the banks that
phases Of the TransYaal SITUATION ihtertered
with values abroad and emphasized the money
strngency in all foreign centers: WIN a,nts Ine re-
stock for sale in New York. Finally there was
on fears of strike and in People 1aS on re
ported plans for an opposition plant; The com
through most of the list and an active selling
movement. The almost complete recovery on
the following day, on only two-tnrds me vGa, ba
precipitate selling had been well absorbed and
the amount Of stock for sale greatly dimin-
The technical position of the market was
thus much strengthened by the shaking out OF
weak holders II came to be better under
stood that Saturdays bank statement, being
based on averages of the totals for each day
IN the preceding week, did not fairly reflect the
actual condition Of the banks the date when
II was made At the same time 1t became
known that some very large loans made
count of the organization Of the tube industry
and TO the New York City government pend
ing its sale Of new bonds had been liquidated.
and that funds disbursed on July I for divi.
dends and interest were coming back into de-
post accounts Of New York banks But the
relief afforded on this account gave way to re-
newed uneasiness when II perceived that
the rate for demand sterling was hardening as
the local rate for money became easier. II
was feared that the continued urgent needs Of
the London monev market would cause a fur
ther drain OF gold from New York and keep
the local rate high for considerable time to
come. The downward tendency Of long sterl-
ing under offerings of futures against merchan-
disc shipments partly answered the fears on
this score.
The bond market was moderately active and
rather irregular, Southwestern Railway issues
moving up in sympathy with the strength OF
the stocks
United States 2s and old As registered have
declined 4 in the bid price.
The total sales OF stocks to-day amounted to
126 $50 shares. including: American Sugar. 12-
500; Anaconda 800; Atchison' preferred $500;
Brooklyn Transit, 10 400; Burlington 5000; Man
haitian, $500; Northern Pacific 1000; st. Paul,
800; Chesapeake and Ohio. 3O00 Missouri Pa
cihc 70o9.
CLOSING STOCKS.
AEN