The San Francisco call., 1899-09-10
EASTERN MARKETS.
NegU York Stock Market.

NEW YORK. Se9t. Stocks showed some
signs Of drmness in the first hour OF the trad
ing ana up 10 the hours OF the publishing OF
the bank statement. The movement in railroad
stocks was exceedingly narrow. and the sell
ing movement. though not very pressing. was
sufficient to bring the general level OF prices
below those OF last night. Tennessee Coal con-
founded the bears by soaring an additional :
points upward, and after reacting 9l4 recov-
cred to within 2 points OF the top. Colorado
Fuel continued 70 show close sympathy and
was up over points sbesore the late reaction
Add TO these a continued large demand for
Manhattan and sympathetic strength IN Met
ropoli;an and Brooklyn Transit and good gains
IN International Paper Union Bag and Paper
and Lackawanna, the points Of extraordinary
strength IN the market are about exhausted.
The London Exchange was closed for a house
cleaning. and the recent depression from that
source was lacking. Paris was looked 70 for
reelection Of foreign sentiment, and the view
there seemed 70 be q cheerful one. In view
O. The pessirnistic forecasts that have been
aaaTl al week regarding the bank statement
thz Gears had feeling early IN the session
that The poor statement had been more than
discounted and We're inclined to cover. But
tl= statement showed q loss IN cash OF s., Co.,
0lo over the previous estimates. The compari-
son IS the average total of cash for sixty days
with the average for the preceding six business
DAYS AS the totals have been on a lessening
scale. the average underesttmates the actual
" total The contraction OF sc 0li, 40 in loans re-
cuce2 The reserve requirements by .abau. s1.500,-
outrenerts would be below 81 600 900. It is be
neved the treasury would consent TO leave on
deposit with New YORK banks the payment for
taxes. for rext week. but this would only parity
. relieve the drain. as the demand from the
South Will contiuue and no increase IN cash
reserves wouId result from the measure itself
II Is. evident. therefore, that the process Of
loan 'contraCtton IS 10 continue Tor the inIne-
date future
I; Wall street started the week after Mondays
holiday WITH a disposition apparent 70 con
test the depressing: influences OF the shrink
ages OF. the surplus reserves IN New ork
banks and the gathering war ctopd IN South
But the climbing of the money rate and the
selling Of stocks Tor longer account proved
s{Acaci0us arrangenlents against an Immediate
further advance n prices. General prices re-
fused 10 advance at any time and remained in
different To the wide upward movement in indi-
vifua, stocks whether the Fanderbtlts, the
vd.a%iIe spe&ia1ties led by Tennessee Coal or BY
St. Isa9L The movement Of st. Paul was
based on the publication Of the annual report
and was Most influential IN its effect on the
every branch OF the exceedingly varied traf-
fe u the great system, the extensive i'm
'proyenents and the betterments effected dur
Ing the year and large surplus OF earnings
Carried forward even after the generous aIlOt
r1e1t. 70 The cost of irnprov enaents from cur
rent earnings, made most hopeful showing
= ~ the condition Of the transportation indus
try and had inevitable effect On prices OF
all railroad securities. The conditions in the
market have caused greatest caution during the
reserve item OF the New York Clearing house
banks had made little, effect for several weeks
1t has been argued that there was plenty
OF money available which did not show in the
weekly Clearing house statement Ine many
new trust companies which have Deen oFg@an- an
tied and the insurance companies nave oeeh
pointed out as sources Of supply, which were
not indicated in the Clearing mouse statement
The fact that banks in the Western cities
which have been bidding for mercantile paper
IN the New York market was cited as evidence
that the interior was supplied with money 10
move the crops and need not call on New
YORK Deposits Of Western and Southern banks
Tn Vr- Ia -71r= have feeu transferred on q
large scale TO other Eastern cities, owing 10
he raoen+Iv enforced rule OF New York banks
10 charge for collections outside checks, ana
this was expected to shift Whatever demand
n ght come from the West and South Tor
has been general that gold exports were an
available means Of relief whenever Il was de-
Is ground FOR the prevailing belleI on an @ tnoss
points, but nevertheless New YORK eNchange
al interior points has continued downward
and the shipments OF currency TO New orleans
have commenced this week as usual at this
rency movement has been largely In favor or
the Interior. and the sub-treasury is still max
ing large inrOads on the cash resources OK New
York banks on account OF payments OF ta1es.
THE banks surplus reserves, already low, are
thus tending fast toward the vanishing point
The sterling exchange rate showed no dlspo-
sftfo- 70 Weld until late in the week, IN spite
~ the hard ness Of money here, as the London
market was preparing itself Tor the increasing
--oba bilitv OF war II gold imports should be
So-red under these circumstances II IS certain
tbsf American securities would be sent home
- -,s-sret on a large scale. II will be re-
-5ara5 - that the treasury came to the relief
- the money market last September by antici.
patinE the redemption Of maturing oonds ana
accrT1Ins Interest and By increasing oeposlts
a. denoSitorv banks It is the hope OF hnan-
cia1 circles that some such measures OF rellel
III Toy- he adopted by the treasury: Other
80 +Js in~-easing demands on the New 1ork
banks viii call for considerable contraction
~ abilities on account OF loans. .,
o. --l 80 market has only been moderately
active during the week and prices hays s,a9e not
80 l q -I,iron advanced I. and the fves de-
oiS-ad iii = psr cent n the bid price
o--rr YORK STOCK LIST.