The San Francisco call., 1897-12-12
THE COMMERCIAL WORLD

e9' se' prices at the opening Manhattan beinr
a sr,ou ' zee ana sugar yielding point after
fo1ti gain but TINS failed to induce any large
1t's 'ns anu 1t became apparent that yesterday a
hquIuauoh had run its course for the nrasant Tba
ouh contingent was prepared 10 ofYer vigorous sr,,
account 10y ms 0'0ei0 t0t 'He
0usar was the center OF the market S strength and
M ~ III resistance OF prices drove the bears to cover
mere was noticeable sluggishness of price move.
- :" soIile Oh the most prominent hares in the
HarRet' sugar quite baoyant and rose 10
MN waahlh about two points OF the highest of the
80 eeH' cioslng with a net gain of 13l Its range
iOI the uay was points.
ies beslaes the technical causes for the rise the
dtt was aided by the recurring poss bty that
a ueclsion may be handed down by the Supreme
Sourt on Monday in the Nebraska maximum
freight rate case ~ 1iiAN I Niii
Wal-street traders in railroad securities main
an an abiding faith that when this decision does
81 {; IL VII be In favor the railroads. and the
iact that Monday decision law with the surname
~ O.lt - mas mas made Saturday day OF timdty with
me snorts ever 81 ce the decision has been ending
with The court in session AsSertions u-ara also
gwen consideration that there is a growing poss-
oiity OF favorable action by oneress on bills to
tbiI 5t Le PouIng and against ticket scalping, and
80 @ - aCileu TO le strength OF the railroads North
ern Pacific preferred enjoyed the benefit OF tbe
i Us Nluehd declared yesterday by the directors
San 1le reorganization OF the company and of the
laNoraole statement of earnings given out at the
same time . 80 WV ~ 'N'
% ne sight recessions from the best at the close
we're we're nrobab V induced by the bank statement
ne urge shrinkage in the surplus is due not one
a
creas in0Iease IN deposits, but by an actual de-
crease In cash of Sl,0l 700 The items of toa ms
aNu oeposlts with the Iarge increase shown are
80 ~ - pE the 1urther payments on account of
the I mon Pacific sale. There has been a move
Hi Hvis OF currency 10 81. Luis and New Orleans
GuIIhE the week which probably accounts ior the
decrease IN cash " "
The price Of the United States new fours was bid
~ 70 per cent and OF the old fourS registered IA
-, ne Week s net tins have been redur Ell, as Was
] me case last week, by the prof-taking of profes
sionai operators on Fr day. The manipulation of
tAAN dIhet DE the large interest when has
oarhel upon a Uull campai gn very obvious
durlng The week, and strenuous efYO.ts were made
10 keep the course of prices upward by vigorous
support at weak points and bv iucting sharp rises
in individual stocks TO sustain the general list
Some OF the reports set ahoat effect thls latter
purpose contradlcted themselveS in the course OF
The Week, and nothing could then prevent A 4 p
c4lhe IN tue price Of the particular STOCK, with
consequent unsettliug effect on the m rket thus
sugar wss pushed up to i4512 reports that an
.Ntra dividend on the stock was certainly forth
coming, and the declaration of only the regular
dIN dend drove the price down below 40
l MON Pac fic was persistently weak on account
OF tht Presidents order that Government
should qualfy bidder the Kansas Pacific
sale a"Q the subsequent request tor postpone
ment of the sa e. The week returns of railroad
earnings have made AremarAab Y favorable show
ing. koaIs IN The south and Southwest ha We
, nom spec!aly heaVy increases and their stocks
nave hown the largest gains in prices.
NJ Money has continued cheap and easily obtain
aot' ana there have been offerings of Chicago
money on time lOa in his market Notwith-
standing the ease "f the iccal money rates and In
spite OF sharS Stlhenlng OF discount rates in
London and Berlin rhe foreign exchange market
mas SHOWN increasing weakness \ tual rates for
STERLING exchange have fallen 12c during the
week, que 10 the offerings OF b Is against grain
and cot. on, AID 20 an abatement of the invest
melt demtnd for iong sterling. Chicago credits
are reported 10 be loaned in Berlin per cent
TO the extent OF several million dOla $ The
abundance Of grain bills, which has served 10
weaken exchange, is SAID to be due 10 the opera
uons OF the buII clique in pushing exports of
wheat
2 he strength and activity OF the bond market
during the week have been even more remark
able tnan in the stock market. High-grade bond j
ed a iuoN
10 prohibt!Ve pr.teS the GpVernment bonds ris-
ing with the c. hers The demand mas shifted TO
mid e grade bonds, which have shown material
advances OBSERVATION-DISCLOSURES have moved in SYM
pathy with STOCKS but are higher on the week
[ Unlted states new tours have been bid up during
he weeks the cd fours registered IS, the iives
IS and tu- Did four coupons a
Total sales of stocks 1z6 900 shares, Including
1904 Burlington, 1888 l.. and n, o746 Man nat
tan. 5l6S AIissouEi faclie. 1870 ew Jersey Cen
traL 526J Northern Pacific, 10 100 90 prefe rred
577l T. Paul, 442J Southern. 47l0 Chlc.g0 Gas
1886 Peoples Gas, 56,270 sugar.