The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-05-26
Stocks Firmly Held.

NEW YORK, May IS -Bradstreets financial re-
view will say: The short interest in railway
stocks and the manipulative influences in charge
of the Industrals furnished nearly all the specu-
lstive activity OF the week. While the renewed
depression when set IN last week produced GER
tain amount of liquidation it was apparent this
report represented closing out Of speculative
accounts on the long side OF the market and that
the main stocks are firmly held. Meantime opera
lions for the bear account had increased in volume
and the share interest by last Wednesday was
ripe for an upward move Occasion for this was
furnished by the tenor OF dispatches from Washing
ton indicating improved prospects for the speedy
passage of the Senate tariff bill and by the
action OF the Western railroad presidents
in harmoniZiug differences and forming a
organization for the maintenance OF rates.
RumOTs that settlement of the coal strike
hand also mad share IN making 4 buiish temper
ament. and rapid covering movement ensued,
carrying up prices OF railroad STOCKS and afford
ing opportunity for manipulative rises IN sugar
ana other lndustrlas' London also helped tbs
movement along by purchasing a talr amount of
its specialtes and the market mOmentarily as
sulheu an appearances OF declueu strength. AS
soon however, as the short interest had been suf-
fcienty reduced the advancing tendency dtsap-
peared and the market reverted into dullness.
followed by an attack of the bears Though on
Friday. after vigorous attempts TO break various
stocks. the market rallied on short covering IN
duced by the small amount Of gold shipped to
Europe ana by Washington rumors that the
amendments to the interstate commerce
act permitting railroads to form pools
would be adopted. Railroad earnings continue
to play a part In the market Reports of gross aud
net, which show light decrease the latter by
means OF sweeping reductions ia expenses are no
longer fayorably received. The feeling on mis-
subject that in many the roads must suffer
in such process. Such was the reception given
10 the St Paul statement for April, showing loss
OF 1881. 900 in gross. and OF only S9I 900 Ia net
Finally the Pennsylvania in its figures for April
showing a loss Of SlI31,i76 in gross, the net de
clinlnE $2SS,2S2 This tendency OF trunk line
earnings seems responsible for the decline OF y w
York Central. which was based on reports Of a
heavy shrnEage in earnings for the current
month. and on renewed intmation Of reduction
IN the dividend. Snort selling ana a liquidation
OF q oiock OF long STOCK seems 10 have contrib
uted equally to the decline. which carried the
price from siito 9Sl4' with arally TO 96I4.
Business Pretty Dull.
NEW YORK May 25.-Bradsureet's Trade Re
view tomorrow VIII say: The unfavorable condi-
tions prevailing in commercial ana industrial
circles throughout the country, together with tie
prospect for no material Improvement during the
summer. mark the present season a s probably the
FULLEST relatively for twenty years. At 10 time
since the panic and business depression mani
tested themselves last year have reports as TO the
volume OF sales of merchandise, the manufacture
ofsJaple goods and the indlspOsitiOn ofmerchants
generally to buy for except immediate wants been
pronounced and so general throughout the
country as during the past week.
Superficial examinations of business conditions
leAuing 70 uhWarIahJed optimism c conclusions as
to the nearby future or trade have not been want
Ing AS matter Of fact based on comprehensive
and careful examination, the next few months
should prove continuance II not an intensifying
Of existing conditions OF extreme dullness and de-
preston.
Quite uufavorable advices come from PIttsburg
where there are numerous shutdOwns, involving
a large number OF men. The total number OF in
dustTial employees i'd as result OF the coal strike
is about 25,OOO and the total number idle on &C
count OF strikes as now appears likely is 200 600.
In other industrial lines Is 900 men are reported
idle a result OF strikes. making the total mum
Der now idle 235, 600. An encouraging industrial
feature is the probable settlement OF seasons
iron and steel wage scale without a strike.
Exports of wheat, flour included both coast
United states and Canada, this week equal 2,3l5-
uF.aNu n1rnar uhggG
g lO6,OOO bushels year ago. The price move
ment to staples CONTINUES TO see-saw. cotton,
wheat. and oats all reacting slightly from
former depTessions, while wool sugar, lard coffee
and livestock all show declines. The stress II fnau-
cia panic and trade commissions ia the latter por
tion OF 1913 pushed many of the weaker business
concerns to the wall, so that February l last the
average number OF tailtngs weekly in the United
States mad got down to normal proportion. The
total is 237 against 1877 last week. compared
with PAT In the week year ago, when the total
began to expand under special conditions, and as
compared with III in the week in 1892,