The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-19
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, March Is-The change in
stock prices compared with yesterday was very
narrow. In the early trading prices drifted
downward. notably Continental Tobacco, In
ternational Paper. Glucose, American Steel
and Wire Brooklyn Transit. Burlington Texas
and Pacific and Metropolitan Street Railway
The movement seemed to be in the nature of
discounting unfavorable bank statement,
for when il published, showing a de-
crease of over a, 900 600 in the surplus reserve
but a contraction of some three and a half
millions in loans, a covering of soft con-
tracts set in. Metropolitan, Brooklyn Rapid
Transit and most of the other stocks which
had shown earlier recessions were lifted smart
ly. Interest very largely centered in Sugar
again to-day. and the stock closed within a
fraction Of the high point. 172h, yesterday 8
closing being 1914. Tennessee Coal and Iron
also showed improvement on the day. There
were declines of from fractions to per cent
in Tobacco and some of the new industrialS
including Continental Tobacco International
Paper, American Tin Plate and American Steel
and Wire. The railways left off practically
on parity with yesterdays closing The
market closed strong and active.
The stock market OF very professional
character throughout the week. with standard
unseasoned industrials, but Sugar marked
up over 80 points, with some influence on Ger
tain stocks. The money market was the all
important influence, call money averaging 4
per cent, although at time IT touched g.
There was reflex easing IN sterling exchange
and hardening OF money rates In all the
markets. Banks were In receipt OF urgent
requests Tor notes. especially from Western
banks, put the scarcity OF currency here was
reflected in the payment early this morning
of per cent of the customs duties in gold.
The payment of Sc 900, 600 TO the Government
in partial payment of the Central Pacific OBJ
legation, together with the purchase OF Chi
cago and Alton stock, for which a large sum
was transferred to the former owners, were
partly responsible for the hardening in the
money market. An unfavorable bank state
ment had been expected, and when it ap-
peared there was some covering. The de-
crease in surplus reserve OF over S4 600 600 was
thought to be largely due TO those SDeCfal
transactions. The uncertainty at this season
regarding winter wheat together with predic-
not be up to expectations, had a depressing
influence in the railways On the other hand
earnings for the first week in March showed
an increase Of about ! per cent. The de-
crease of some eight and quarter million
airy exports. compared with last year. was a
subject OF comment in relation to our foreign
trade situation. but that 1t showing IN
crease in the exports of manufactured articles
was the source of qualification.
Regent OF Spain being expected caused nc
response in the market. The industrials and
ings than at any time hitherto. All the ad-
Vances of note were made in securities Of this
class, with Sugar the leader. This stock after
remaining comparatively steady suddenly
sprang into activity on Thursday on transac-
tions OF over a quarter Of a million shares. rose
2SA points above the price OF the previous day.
reaching 10. and then reacted to ISL, and on
Saturday it again rushed up to 172h. Various
runlors attended the remarkable movement in
Sugar. All these stories met prompt denial.
Among the other notable advances were New
York Air Brake 1914. Tobacco 1885, Brooklyn
Rapid Transit IL. Glucose IA. while Chicago
Terminal. Great Northern preferred. People
Gas Tennessee Coal and Iron and Iron and
Metropolitan Street Railway were up about
points each. The largest declines Con-
solidated Gas g. Continental Tobacco 513. Con-
tinental Tobacco preferred g. American Steel
4% international Paper preferred Az, Third
Avenue A. and Kansas City, Pittsburg and
Gulf 3i5.
Business IN bends decreased during the week
with the market showing a yielding tendency.
United States threes old. tours registered and
the new tours coupon advanced 81 and fours
coupon registered the fives and old fours cou-
pom u in the bic price.
Total sales of stocks to-day were 351. SOC
shares. including the following: Atchison
preferred 21.O51; Burlington, p, 350i Manhattan.
1881: Metropolitan, 1855; Northern Pacific. 6o45;
Union Pacific, $50: do preferred. $500; St. Paul.