The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-08-20
EASTERN MARKETS
Nc5u York Stock Market.

NEW YORK, Aug 19.-The stock market was
strong and active to-day, after a brief period
Of hesitation and reaction after the publica-
ton of the bank statement, new buying orders
of CONSPICUOUS stocks lifting them to the top
level Of the day. There was some getting IN
der cover under this bidding Of prices. and a
few weak spots made the market rather irregu-
lar at the close. Yesterdays vigorous upward
movement attracted quite a large volume of
puying orders to the commission houses. and
the tone q the market was thus strong from
the opening. The weekly reports of the various
trade and commercial agencies and the in
creased earnings OF practically all the rail-
roads reporting helped the upward move
ment- The organized buying in Louisville and
Tennessee Coal continued in evidence, and
Central Pacific was bid up Southern Pacific
in spite of large dealings, was held back by
proht-talIing, and shows only moderate net
gain in the day Louisville rose an extra 2lk
and Tennessee Coal shows a net gain of 356
Takings of st. Paul were on a very large scale
and were accompanied by rumors Of an inten-
ton 70 declare an extra dividend on the stock
Other stocks notably strong We're Norfolk and
Western common and preferred. the common
gaining IL. Pacific Coast common and second
preferred rose 2la points each. Hooking Valley
preferred, Atchison preferred, American Cot
ton OIL National Steel preferred. Steel and
Wire preferred and a few other stocks snow
gains Of point or over. On the other hand
Sugar Brooklyn Transit the tobacco etocta
and some of the steel and iron stocks were I'M
der from pressure, and losses were shown here
and there in the railroad stocks. which were
only lightly dealt in. The bank statement was
rather puzzling in that the deposit liabilities
We're not increased by as much the cash
and loan increase But the smallness Of the
changes LETT little ground for anxiety. After a
momentary hesitation traders decided TO take
the optimistic view OF the statement. Southern
Paciuc collateral fours when issued were taken
IN large amounts with gain OF l per cent.
Speculative sentiment has been in good deal
oil a hurly-burly all the week An inspection Of
the price list discloses some very wide move
ments of prices in contrary directions.
Industrial stocks as rule are lower. the ex-
ception being in the tobacco stocks. Some
very striking gains are shown in individual
railroad stocks, but the changes in the major
ity Of those stocks were surprisingly small I'M
til to-day considering the activity OF the mar
ket and the furious speculative contest which
has been waEed from time to time. So far as
an effort TO cause a general reaction IN prices
is considered the bears have suffered total
rout and have shown symptoms OF exhaustion
and a disposition to cover snort contracts, as
the week promised. A marked sentimental
effect produced early in the week by pub
lished announcement from a STOCK operator
noted for his boldness and many successes that
he persisted IN his belief that prices were too
high and certain to go lower. This announce
yoent Induced a considerable following among
the board room traders, who have constituted
the greater part OF the market for some time
Monday, following the favorable bank state
ment Of Saturday, did not awaken any general
demand for securities There was a watchful
anticipation OF a bear raid. which came on
Tuesday with a fierce Onslaught upon Brooklyn
Transit and American steel and wire. On
Wednesday the battle was continued ana
shifted to Sugar. Tennessee Coal and the to-
baco stocks, when signs Of realizing sales, after
the large gain in those stocks. made them vui-
nerable. Only slight effect produced on
the standard railroad stocks. and individual
stocks in that department continued to show
striking gains Quite a number Of obscure
gtocks were brought forward and the price run
20 RAPIDLY on special favorable conditions of
the uroperty Pool operations also came into
evidence The organized buying of Southern
and Central Pacific and Louisville and Nash
IiiIn were particularly notable. AS there
heavy holdings of these properties in foreign
hands the stock became scarce for delivery and
the rise was thus aided. The pressure from
bear sources was largely removed as the week
progressed Late IN the week the market
brpadened quite materially and began
70 show signs of an outside interest being at
fracted by the leadership of the organized pools
which had set about billing stocks: Call money
has eased an additional fraction in New YORK
under continued offerings from outside domes-
tic centers Increased confidence In the money
o.,tinek has been the prime incentive in the ad-