The San Francisco call., 1898-04-03
COMMERCIAL WORLD.

founded on their very severe experience last Monday They saw powerful support oHereo to stem the downward tendency at the open ing The analogy was so close to the course of things last Saturday that it had an unset ting effect. Important commission business with Washington connections were tnS ne |, lhs.i M G u ments used for much of the buying. This gave the appearance whether well founded or only designed to seem so. of orders to buy stocks possibly on information obtained in Washing ton on some favorable turn in the prospect Of affairs. This development or maneuver was not lost upon the bears. IL Is not improbable also that some of the buying was due to that class of investors who come into the market 10 ouy stocks at low range of prices Tor the aetuai
 London was a buyer to some extent here. in spite of the significant weakness Of spanish As on the foreign exchanges. It IS evident that foreign exchanges look to New iork Tor an initiative for the present. Badly stated It net advance in the prices of securities on the Stock Exchange in the week which witnessed Board of Inquiry and the apparent abandon ment of diplomatic negotiations iooKing 10 tle conservation of peace with Spain The fact in all of the points that make up the bulk Of the business on the Stock Exchange. This was due in part to technical conditions in the mar ket.
 When the bears attempted to take their level induced by the presentation of the Maine Board of Inquiry report they found themselves forestalled by powerful bull clique; who had secured a large part of the available floating supply of the stocks. Not for years has there been seen so sudden advance in prices as seemed to have been designed originally by some of the large bear operators themselves with the purpose of shaking off some of cover their contracts and thus leave the way open for further decline. The big bears were supposed to have been caught in their own trap, and it was generally believed Monday night the shorts were practically eliminated fl in on Wednesday, showed that there large outstanding short interest. and the belief pre- interest was still large: The sensitiveness of the market to the faintest suggestion of a peaceful @ of the Cuban question New York from other domestic centers for money showed a marked increse and the losses in currency in the latter part of the week are probably not adequately reflected In the banks returns. Those losses are shown to be more than offset by receipts of imported specie. But the calling of loans yesterday and the marking up of call loans to per cent in measures to strengthen themselves Estimates and opinions vary widely to how far the imports of gold. which now amount to over against Cuban grain and cotton bills. and how much of the accumulated exchange against for loans. That there is still a liberal supply Of exchange to be liquidated Is generally be- fin Wall street are believed to be in substantial accord regarding the course to be pursued to insure the greatest safety and stability in the event or the shock Of war.
 Bonds have moved In sympathy with stocks but have not been as active. Prices are to 3 per cent higher. and in exceptional 5 to per cent.
 Government bonds have weakened in the lat ter part of the week but they show net ad- vances over last Saturday amounting to 9s. in the new 4s coupon In the 4s registered l in the old Is coupon and F in the 5s and 2s Total sales Of stocks to-day were 277 SO shares. including: Atchison preferred 4025 Burlington, 32. 150: Louisville and Nashville 523O: Manhattan, h. .250: Metropolitan 2s60: New York Central. Go4e; Northern Pacific 4S20: Northern Pacific preferred, S765: Rock Island. 5t2O; St. Paul. ITO; Union Pacific 20. O.oi5: Union Pacific. Denver and Gulf 6l50 Tobacco 7l50. Peoples Gas. 54 .5SO: Sugar SO S1o "