The San Francisco call., 1899-12-03
EASTERN MARKETS
Ne7U York Stock Market.

NEW YORK. Dec. s-To-day's stock mar
ket vas sluggish and drifting throughout Pro-
fessionni traders we're Inclined 70 buy storks
az the opening with the idea % discounting =
favorable bank statement. The appearances OF
the statement the tape was the signal for
a light realizing movement and as there was
no outside demand 20 absorb IL. prices fell
away. The closing dull. but distinctly
easy. the downward drift having establ.she,
q liberal sprinkiing of net losses where the
Level had been higher throughout IN the early
deallnEs sugar and Glucose wee strong on
the reported plan FOR consolidation and absorI,-
tion % competitors. There were evidences o,
strength ID Union Pacific. Northern Pacific.
burlington and Chesapeake and Ohio aud in
one 0r two o. the less prominent industrlals.
None of The gains were well maintained The
whole list being affected by the easier ton in
tho nnal dealings. The bank statement was
fully favorable had been expected,
though the liberal expansion ~ the loan ac-
uloueg ana the satisfactory security offered
are attractive, Inducing the banks TO keep their
loans close q The 4lisit o. the legaI allowance
Ahe lack o. response 70 the bank statement
yraa due % the understanding that the recup-
GRAFTON IN reserves Sas wholly due 70 bond
redemption operations with the sub-treasury
The fact that the movement OF currency Is
Ffiu in favor of the interior on balance and
the prlgress of the sterling exchange rate to-
wards ihe gold export point. further stop of
which vas made to-day. leaves the future o;
the money market stan unpromising from the
Activity IN stocks during the week has been
restricted 20 few individual securities ana
tie general list has been rather neglected
The crupplng tendency o. prices was partly
Cfset by the heavy absorption of the great
trunk lines stocks and the sharp upward
movement IN the prices OF those properties
The reports put Ia circulation O. explain these
movements are mostly anonymous and are far
Irom being explicit They range from allega-
tions of n consolidation of ownership % rnllder
iutimatlons of a friendly and mutually advan-
taEeous co-operatlon- Though lacking explicit
knowledge The Wall street public nnds con-
frfuation from the stock tape OF its conviction
that policies have been lnauguarated which
Er1 fnise substantial Improvement OF the trunk
line situation. The special held of the benefits
a. accrue De- indicated by the way some other
railroad stocks have suffered account OF
fhi lflng o. hol6inEr into trunk line stocks
besides the Ercat trunk line stocks there has
heen a movement n a number of extremely
low price stocks selling under so and a Few
even undcr 80 per share. The strength OF these
stocks was attributed almost entirely 20 .ndi-
fidual causef. but the general tendency to-
ward consolidation. either of small lines with
each other or small lines with powerful exist
inE companies Was q conspicuous element in
TIE explanations offered OF these movements
fuch movements have resulted IN fair
HprlnklinE % net gains through the list But
tle majority of stocks are slightly lower Dis
appointment over the failure of the money
rlazket 20 show up easier IN spite of las,
Saturdays improved showing OF the banks