The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-15

NEW YORK Oct. 14-Bradstreets Ffnan-
cial Review tomorrow will say: Speculation
in the early part of the week was dull ana the
market heavy. Later 1t assumed more actlVlty,
displaying a tendency to rally from the recent
depression Professional trading and manipu-
lation sunplied however the bulk OF the
transactions throughout. and the pubic mas
been conspicuously indifferent. 1t would seem
that the decline in the industrials, the alleged
unfavorable influence of election uncertainties
and the unsettled political outlook In Europe
have combined to reduce the outside interest
to very small dimensions. Bearishness on Inc
part of traders. resulted, however, IN the
creation of a fair short interest. ana "hile the
large financial interests show very eVloent
signs of disposition to wait until after the
election certain powerful interests in the street
seem to have taken advantage of the situation
to create q rally in shorts. This was facilitated
by change of sentiment due 70 tne rise Iss- IN
grain prices and the heavy foreign purchases
of American breadstuffs. Railroad earnings
also continue to make remarkably faVorable
exhibitions. even in comparison with the large
revenues of a year ago. The continued and
apparently increasing ease of money is another
for the absence OF any decided liquidation of
speculative holdings in the stock market. No
of England rate and the rise of discount rates
in London to 34 per cent, and 1t is noted that
the large supplies OF money and easy rates here
encourage investments in foreign exchange, a
class of transactions which sufficiently
familiar a year ago. The bond market is dull,
partment Governments are strong and the
demand for the new per cents from banks
has this week carried their price up TO 1O5%.
Industrial stocks have again been the Prin-
cipal objects of attention.
Sugar continued Its irregular decline, falling
to 10S% but has had frequent rallies on the
short interest. On Friday, however, 1t broke
on alleged new cuts. Tobacco, though less &C
tive has been irregular. The announcement
that the control of the Drummons factors at
St Louis has been secured was accompanied by
reports of the issue OF considerable stock to
pay for Il and OF a renewal OF the plug to-
bacco war. OF this the price Of the stock sold
down from 12T% to 116, but support was ex-
tended to it and the stock issue denied where
upon 1t rallied to l20&.
Peoples Gas and Brooklyn Rapid Transit
were leaders in the recovery of the general
market and some attention is given to the new
Federal Steel stocks which are dealt in In the
outside market. a brilliant future being pre-
dcted for the securities
While a better feeling has been apparent
about railroad stocks. that part OF the list has
been as a whole dull and neglected. Prices
sagged YEARLY until Wednesday, and then re-
covered early. An incident was the advance
Of Great Northern to 140A. the highest price
~ earnings Of the ST. Paul road make a good
Impression, but fail to create any decided
movement in the stock. Nor have the yellow
fever reports from the South encouraged the
bears to attack the securities OF railroads in
that section. The principal feature OF the
railroad list was the movement of Northern
Pacific. Under selling induced by stories OF an
internal disagreement in the management the
price Of the preferred was put down from 7515
to 747s and that OF the common from 42h to
spectlvely on short coverings and fresh buying,
due to reports that the dssensions had been
settled and that dividend on the common
was in prospect.