The San Francisco call., 1899-09-22
EASTERN MARKETS
Ne1U York Stock Market.

NEW YORK, Sept. 2.-The tone OF the
trading in stocks was much quieter to-day
than for some time past. No such pressure
OF forced liquidation was observable as yes
terday and several preceding days As a re-
suit there was a very general and substantial
recovery IN prices. There q large demand
from the extensive outstanding short interest
and probably this constituted a principal ee-
ment in the recovery, but there was also a
very good absorption OF some of the railroad
stocks which had the appearance of coming
from large interests who were satisfied to take
on stocks at the present level. Brooklyn Tran
sit continued to comprise a large proportion
of the dealings and the cessation OF pres
sure against II and other members of its
group had important influence in the re-.
covery in prices revised Interpretation OF
New Yorks new franchise BILL which would
beat less heavily on corporations than had
been expected, found general acceptance among
spectators. The enormous selling for some
time past OF Brooklyn Transit gave color TO
eop,a c,IrraD+ r,Iuors that the control Of the
property has changed TO new and strong hands
Those two influences were effective in reev-
attacks to which they have been subjected
for many days past, and removed from the
situation the most potent element OF depres-
the advance and they found vulnerable spots
in Peoples Gas. Sugar, Tobacco and Tennes-
see Coal. But their success in arectlng the
general market was very moderate and their
efforts to cover in the very stocks which they
had attacked helped on the late advance In
oped in Southern Pacific, but an excellent de-
mand spread to other points in the list. not
ably the grangers, which are all up from
TO IL on the day. There were notable move
ments in Pullman, which rose s7s, and Ana
conda, which jumped Az points in the late
market on the declaration of a dividend. Chit
cago Indianapolis and Louisville stocks gained
212 and 2&4 respectively. The Chicago Great
Western stocks showed rather sensational de-
clines. but later rose above yesterdays level
except for debentures, which are of 4 points.
London was a seller in the early dealings
owing to anxiety over to-morrow's s meeting
Of the British Cabinet, and thus aided the
bears in the early part Of the day A favor
able effect was exercised by the reported pur-
chase in London of $500. 900 of gold in the open
market for shipment TO New York. No trace
could be found of the destination OF this
shipment and foreign exchange houses main
tanned that gold could not yet be imported at
a profit. Sterling exchange dropped frac-
ton nearer the gold import point, but is still
well over one cent above that level. The
call loan rate in New York dropped late in
the day after the days demand for money
had been practically all met But the con-
dition of the local money market was not
materially changed. drop IN New York ex-
change in Chicago indicated renewed pressure
from that source for funds. Saturdays bank
statement is now expected to show the New
York banks in a somewhat stronger position.
The bond market was firm in tone. Total
sales par value s1256,000.
United States IS and old 4s registered de-
clined u and the old As coupon IN the bid