The San Francisco call., 1899-12-31
EASTERN MARKETS.
Ne5u York Stock Market.

NEW YORK Dec. so-The transactions OF
the Stock Exchange to-day We're more or less
interrupted by the holiday frolics Of the
brokers on the floor. but there was sufficien;
trade in the evening-up OF accounts for the
close Of the year 10 make quite an active
market and some irregularity in prices The
Baltimore and Ohio stocks after their upward
leap OF yesterday were conspicuously affected.
the common falling back nearly 2k and the
preferred over a point. The most active OF
the Hpecialties. including Sugar. the Tobaccos
and the New York City traction stocks were
also inclined 10 react. although the undertone
was strong and there was a disposition 10
hold stocks for the expected demand after the
first OF the year. The expectations OF this de-
mand is based on the sudden relapse in the
money rates al all the leading financial cen
ters. the London discount rate falling below
the bank rate to-day and the Berlin rate show
ing a further decline. This gives ground for
hope that the export movement OF gold Will
be brought TO a stop. IL Is possible. however.
that the relaxation In foreign money rates
may be based on expectations OF further sup
plies OF gold from this country. That being
the case bankers believe there may be recur-
rences Of money stiffness in January. The
days trading demonstrated that the level OF
prices stu offers Inducements for investment
buying. The sales OF small lots OF less than
100 shares continued even more conspicuous
than on recent days. All grades OF stocks
were embraced in this demand down 10 the
prospects Of return. The prevailing sentiment
on the exchange decidedly bulish The
constant striving OF the financial world 20 an
tcipate events is responsible for the paradox
of lively recovery in prices OF securities and
easy money conditions in the last week OF the
year. This tendency OF the financial world
IS responsible FOR the weeks event in two
fold sense. Last weeks panic conditions were
the results OF preparation for the money pinch
which has long been looked Tor al the Gloss
OF the year owing 10 the extraordinary mag
nitude OF the January l disbursements this
- NHssNHH HaHaF gN1fa
itself. as such violent movements certain
10 do. and Wall street found itself unex-
pectedly flush Of funds with prices OF securi-
ties at the lowest level OF the year and a
practically universal conviction that the be-
ginning Of the new year Will mark period
OF easier money with the regular refux Of
funds from active use in business 10 the
worlds financial centers. The speculative
world therefore executed an abrupt about face
and rushed 20 buy stocks TO anticipate the
good times supposed 10 be coming with the
new year. The demand was particularly urg.
ent from the short interest, which had over
extended itself last week and worked some
violent recoveries in stocks which had suffered
most severely from last weeks panic. For
instance Metropolitan Street Railway. which
closed on Saturday, December q, at l67, sold
IN the panic at Us and rallied this week &c
l5sis, which. allowing for the dividend de-
Quoted, IS equivalent to over $50. In fact the
general level OF prices has recovered TO about
that Of the Saturday before the panic. From
the speculative standpoint doubts have arisen
whether the violence OF this recovery was not
excessive and there has been realizing by hold.
ers who bought in the panic either 10 sustain
prices in hunt for bargains and renewed
short selling at the recovered high level.
The following table will give an idea OF the
violence OF the speculative movement in this
stock market during the past year and will
account for the wide vibrations OF the last
two weeks In The attempts TO find the equilib-
rum OF the true values. Those stocks have beer
selected In which tie variations have beer
widest. but generally speaking they are alsC
those In which transactions have been largest
so that they are fairly representative OF ths
market
In the column headed About January g.
prices marked with an astersk are the first ol
listing prices OF stocks hoated during the year