The San Francisco call., 1901-11-13
EASTERN MARKETS.
Nca0 York Stock Market.

NEW YORK, Nov. 12.-There was rather less
buying demand and rather more irregularity in
! the stock market from the outset to-day. The
/ hesitation in the advance grew and turned to
] sharp reactions in the late dealings. Selling
I to take 2ronts Joined to extensive snolC
! lines put out by the bear party on the argu-
helt Ihdt the rise IN prices dIter enduring Tor
50 great Iehgth OF time must have made the
market vulnerable TO attack bat there still
We're persistent points u strength in the mar
ket and although the extreme advances in the
strong stocks were notably curuailed, many OF
! them nave considerable net gains 10 show for
The local traction stocks were conspicuous
examples. In Metropolitan the advance reached
SO at one time, and IN Brooklyn Transit 25s,
while the net gains are 2A for Metropolitan
Street Railway and Is for Brooklyn Transit.
The anthracite and soft coal carriers selling
below par also showed continued strength, as
did the iron and steel indusurials. The dIspo-
sition to take attractive Dronts as the consId-
erable advance in l,rice which has occurred
was emphasized by the expectation that sew
| eral millions OF gold will go out this week on
/ Thursday to Paris and on Saturday, probably,
/ to London, as the rate of sterling exchange
/ to-day advanced to a point which makes gold
strength of sterling here was in spite of carrier
money rates both London and in Berlin and
/ London gold. The necessity of a large move
ment of gold from New York at this time of
/ year calls renewed attention to the extent OF
! the American borrowings in Europe earlier in
the year with the expectation that our foreign
trade balance would continue so favorable that
these lcans could be paid at pront out OF the
abundance of the foreign exchange bills in
New York. The fact that this expectation has
not been realized and that exchange bills are
scarce owing to the falling off in oil export
traae causes some surmise whether the high
prices of stocks reached earlier in this year did
not also represent undue expectation. In the
present movement than stock has
reported record price and all stocks are un-
deniably high-priced. On the other hand the
extraordinary railroad earnings and trade ac-
Z tiYity natural incentives to speculation.
/ TO-day'S return of gross earnings tor the first
week in November show such increases over
/ last year 50 per cent for Rio Grande West
ern, p per cent for Chicago Great Western, 81
per cent for Canadian Pacific, II per cent for
Wabash, Is per cent for Chicago and Eastern
Illinois and per cent for St. Paul. The Gov
ernment estimate on the corn crop, although
J il offered very unexpected information, re-
newed the depressing influence of the heavy
shortage in the crop, and the corn-carrying
railroads in the West and the Southwest were
! therefore most acutely affected by the profit
/ taking. The cut in the price of sugar espec-
! tally affected that stock. The market closed
active and weak
There was another large days business in
/ bonds, but TIE price movement was irregular.
I Total sales, s., ,290, Geo.
United States bonds We're all unchanged on
/ the last call