The San Francisco call., 1897-08-14
THE COMMERCIAL WORLD

ern Pacific preferred. These selling movements
soon extended to the Gran ers, Burlington selling
off 21s, which /: recovered part the wno1e Ast
being or less affected.
supporting orders appeared soon after midday.
which see med 10 check the downward tendency of
the stock market The shorts were also disposed
to cover at the concessions and general re- ov-
cry followed. The bond market continued 10 move
upward
kets may or may not have been sympathetic, but
they were at least synchronous. The de line in
wheat was to-day's sole deve!opment further
more to which the tendency OF the stot mtrket
could be finitely referred although III search for
props TO their con ent!on as 10 the lmminence of
reaction room traders advanced the whimsical
notion falling OF Friday on the 18th of the
month was itself omen OF evil.
such n argument is evidence OF the raucity OF
their claims but in view of their speculative bias
the coincidence on the calendar was no doubt an
additional stimulus to their own market poncy.
At any rate room traders were more aggressive In
their attacks upon The market tnan hey nave
been for some days ana were also more success
ful. The ket is broadened TO such an ex-
tent that it is no longer 10 be expected that the
bulk of outside dealings will have been of one
trend, or that advances of prices that have been
registered this week can be daily maintained he
decline in wheat is ascribed falling off in the
export demand of that cereal. and foreign houses
reported free sellers
This is not unusual in view of the rapid advance
in that market, but the withdrawal OF forelgn
orders for wheat need not be regarded as aught
but temporary, an increase In the latest esti-
mate of European requireme nts for the season by
q cons servatIve London trade urnal places the
total at 1872, 600, 600 bushe 8. The day was with
out he encouraging influences derived from the
reports OF increasing traffic by the railways such
as were comprised in the news of Wednesday and
Thursday.
In dealings up to noon the market was again
active, but subsequently there was marked con-
traction in the volume of business. Foreign
houses had large orders here on both sides of the
account, which fact OF more significance than
that selling orders as ain preponderated. Indeed,
foreign houses reported the execution during the
past few days of several large buying orders for
account OF their European correspondents and
change in the long maintained disposition Of for
eign dealings here seems TO be impending.
The market more featureless than for some
time, the list moving pretty much in unison
throughout Activity was greatest in granger
shares Union and Northern Pacific and in
number of so-caled speciaties which recently at
tracted attention, An appreciate influence was
the return b: large lender of money of stocks
which he had been carrying for the account of
number OF traders whose bank balances cid not
permit their filing the requirements to the
margins exactei by the banks and trust COM
panies. This doubtless neCei isita ed the sale of
considerable amount of stock, and the market
must De regarded In a safer position by reason
of this liquidation. Call and time money
charged. Domestic exchange on New YORK and
San Francisco. sight 712c premium, telegraph
1012c premium.