The San Francisco call., 1897-10-17
THE COMMERCIAL WORLD

to-day to a small extent and afforded some sup
port 10 the market. None of the leading STOCKS
show important net chapxes but m 81 OF these
gains. Experts have been watching the mar
ket now for signs that it has turned upward
again such process has apparently been ih-
augurated twice during he week, but the upward
cours anne stop wi the ciosiug of short con-
tracts and reaction resumed Its sway.
The reactionary tendency has now continued
dominant for about mouth auc the average de-
cline in that time is about hall al much as was
the rise In the previous four months OF the bull
marke statistics might be cited OF the proper
tions of reaction 10 decline after previous great
bull markets, but precedeDtS are misleading anu
various The main fact Is hat even IN the fuil
tide ofthe conditions which induce sn advance IN
prit es of securities IL Is bly, the rne That
backward swing occurs covering material part
though not the hole, # the advance. ne proles-
sionai ders sold out their stocks month ago AT
the hic prices and they do not care 10 DuS again
soIong as there Is a prosp ct of causing luflher
declines -.
During-ahe week many holders of stocks who
have been persistent in holding on LOT ur @ No
become disguised ami have liquidated on q large
scaIeAto save 1urth er loss, thus giving ma'eii'i
Thetrade reviews ali feport continued expansion
In their lines the improvement In the IRON ln-
dustry being especia ly marked The increase IA
the outlook of vi iron apd decrease In the
stocks Indicates that The rate otcon SUN p@iun @
Increased about 40 per Cent since July i. tnrtner
engs gem ants god for expo swere-eNpe.teu .
have been made III week, but the purchase ol
exchange bAls against last week engasehlents
have kept ihT rate u exchange AooNe 'ne amp
point - l.,
This has also been lowered by the advance IN
the price gold bullion III LOnucn ahu " LuN A'S
in discount rates at London, Paris ana beriln nn
very Beevy movement OF god before lhe se"son a
ends is considered nevit able London has cesSe u "
to sell American SECURITIES in the New ofk mar
ket ana this week has been buyer MS SoNeln, M i
menps trade statement for september sho"S a a
balance OF trade for the month III favor oI .nns s
country of oyer s62. .U0O,0s0 The movement Vi Vi
cotton, now bnt jus. gaining full tde IS e4petteu
10 give heavy balance for OCTOBER III tlIs CVul'
hy's favor, 1t Is 10 be borne In MINI, RoweNei !,
that the low price OF cotton prevailing VIII ulaAe d
great difference in the amount Vi eAchanse Oe
~ and to pay for the eNpJTts
To-day's S atement OF I'm ports at New York for
the week al o shows striking lhcreas' over tast
week of 81 SS3, 55l, while the exports from ms
port for the we X fe.1 on S2,4S4..9. TINS must
modify the int rnal exchange situation 20 an Al-
preciab extent
Of the increase in specie of $685., 200 shown by
to-day's bank statement there is Included ohy
$fOO,OO0 eived from = urope. Yesterdays S
receipts OF S1.uOO,OOp and to-dayis OF neAriy
81, 4U0 U0O in gold by inc Jining are not
included In the. return The return Is strong
one without this, the Increase la surplus, reserve
pelhg dut largely to the increase Ia cash anu ~ IN
iess degree TO the decrease IN deposits thap mas
oeen IN case Of ale An a al increase III ieg al
tenders - surprise, and is measure OF the
large olminution In the demand for money from
! interior points,
/ Banks of Western and Central cities have been
! bidding in the New York market Ior commercial
paper, and the decrease in loans OF 81. o. lOo
| may be accounted for in part by this fact he
weeks declines have been heavit st IN the special
lies, sugar leading with 612 Declines in the Tali-
road list range from / 10 3 per cent The graugers,
| Southern aud Southwestern roads leading.
Railroad bonds less active and weak IN
! sympathy with stocks, but the declines less
| important. otal sales SlU S5U 0UU.
| United States bonds have been strong and
new high record
| The totat sales of ocks Today were l96s0C
| shsres, including: Atchisou, $3.50; !. and n.
olO; Northern Pacific preferred 532oi oc
IslanI, 1928; ST. Paul, 10. 100; Union Pacific
| 1868: Amerit an Tobacco. 8 64; Bay 81 ate Gas
1900; Chicago Gas, 24,445; sugar,9JlO; Chicago