The San Francisco call., 1899-01-29
NEW YORK STOCK MARKET.

NEW YORK. Jan. 2S.-The stock market was
quite irregular to-day. The opening was strong
in spite of the irregularity in the London mar
ket because in part of the absence of dis
quieting Philippine adviCes, which apparently
had been expected by the traders, who started
covering short contracts. Presently there
a renewed attack values predictions of
unfavoTable bank statement. but when the
statement appeared il upset all calculations by
being very favorable. This was the signal for
the repurchase of stock sold earlier, which
gave a strong tone to the closing. There were
some reCessions in the railways. however, on
the evening up of contracts for the week.
Sugar and Glucose gained over point each,
but it seemed TO be the impression of traders
that Sugar advanced in the interest of
sellers. while in other quarters the simul-
taneous advance of Glucose and Sugar was
surmised TO point to favorable trade develop
ments Among the Pacifcs there was an ad-
Of over a point in Northern and South
ern. The movement in Northern Pacific was
attributed to more confident gossip regarding
its dividend standing. Pacific Mail was strong
on the more favorable outlook for the mail
subsidy bill in Congress. Minneapolis and st.
Louis at one time displayed strength on the
possibility of the first preferred stock being re-
tired. The prospective advance in coal rates
at Western points reflected in some
strength in Reading. Among the ioW-prlced
shares St Louis and Southwestern preferred
rose points and ST. Louis ana san FRANCISCO
second preferred pa. Z. c. c. and St. Louis,
American Express and Southern Railway were
also strong. Among the industrlais American
Steel preferred and American Malt were weak
Canada Southern and c. G c. and ST. Louis
preferred also showed declines.
This was Vanderbilt week in the stock mar
ket. The dealings were over 600 shares,
with fiuctuaticn ms showing great irregularity but
with an upward tendency. There were many
reported deals associated with the Vanderbilts'
name and the stocks affected moved widely,
according the various rumors were believed
or discredited. The unrufhed condition Of the
money market in face Of the unprecedented
volume of transactions in stocks and bonds
was reassuring and in sense conrrmed the
public conception of the marvelously favorable
fGndGni fgTa snd nsnea Circles in 4meTca
Excellent railway returns came to hand from
various sections of the country. Sxty-one
railways increased about 9h per cent in gross
earnings for the third week in January.
Among the December statements of net earn
third of a million dollars, while Burlington in
creased $4,000. The bank statement was far
more favorable than anticipated, showing over
seven and a half millions increase in surplus
reserve. The shading of discount rates in con-
tinental centers, including a reduction by the
Bank of Belgium, following the action in Ber-
lin and London. was taken as evidence OF less
tension in foreign politics The favorable de-
velopments in the iron trade and the enormous
eidera HE sttention Allowing for speculative
. slueI aoie 80, - 5aaIiros ,aNected n
great absorption of money in high-grade Sc
curities. Another evidence that the public had
taken a firm hold Of the market was the un-
precedented distribution OF the dealings and
the infrequency of individual stocks appearing
transactions. The varying phases of the Phil
ippine problem had not much weight in specu-
lative sentiment. Monday was by all odds the
most sensational day, both in the tremendous
volume Of business and the extreme violence
OF fluctuations, that the street had witnessed
The conflict of buying and selling orders at
the opening gave the appearance OF such ram
pant speculation that market leaders were dis-
posed to check the movement in order that the
technical position OF the market might not be
weakened. There were large sales OF stock
carried over from Saturday in expectation of
the advance and considerable liquidation both
Of foreign and domestic holdings resulting In
material declines for the day from the early
high prices Among the sensational variations
that day rise OF 1873 in Z. {. Z: and st.
Louis. a drop of is and net gain of AS. Can
ada Southern lUl2, st most OF 1t and
gained Glk c. c. c. and St Louis jumped Sla,
dipped 1 points and closed within point of the
best. There were many other wild changes
after the initial bulge that day. subsequently
the marked irreguiarty advanced with almost
daily bear attacks in the afternoon and re-
coveries on each succeeding morning. London
was generally a seller. but was occasionally
nightly settlement in London showed a great
reduction in the floating supply of Americans.
throughout the week the facilities of the ex-
change were taxed TO the utmost, and the
clerical forces in the brokerage Offices worked
overtime to keep track of their large accounts.
The largest net advances for the week were:
Metropolitan, 1894: Capitai City Traction II;
Twin City Rapid Transit, 1S; Pittsburg c. c:
and St. Louis preferred 1O12; Tennessee Coal
and Iron preferred. II; the common, ~; Long
Island u; G. G. G. and st. Louis, 9l2; Com
IneFclal 'able, ~ General Electric, SSf, Rlo
Grande S's; Pacific Mail. SI4: St. Louis and
Southwestern preferred. ~; st. Louis and San
Francisco second preferred, So; do common, 81
Lake Erie and Western preferred 6h; Lake
Shore, s; Peoples Gas. 55s: American Express.
5l5; Chicago and Great Western debentures'
Reading first preferred and Baltimore and ohio
AZ each; Rubber, 50; and Toledo and Ohio
Central, .. There were gains. too of over
three points in Sugar Lackawanna and West
ern. Northern Pacific, Ontario and Western.
Minneapolis and st. Louis and Wheeling and
Lake Erie preferred. "'-
The losses OF note were confined to loss ar
tive stocks the largest being New Yorl Az
Gas each.
Pronounced strength characterized the hond
trading, the market showing less feverishness
than in stocks
Many issues were brought prominently for
ward. owing to dissemination of rumors re-
other properties. Dealings were on an i'm