The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-30
COMMERCIAL WORLD.

Paper preferred were between one and two
points. Meantime the railroad list was very
/ dull and showed only slight changes, although
nearly all changes were gains. The publica-
ton of the Burlington statement for Septem-
Der resulted in immediate. activity in the
Srangers at the expense of values. Losses
reached about a point in the other members Of
the group and 152 in Burlington itself. There
was general reaction in the railroad list in
sympathy, but the railroad stocks generally
We're not active and losses were conhne1 20
fractions. Burlington's decrease of $4S4,6SS IN
last year, was distinct disappointment, the
more st. PauIs weekly statement had
shown an increase of about the same amount
for the same period. The delayed movement Of
wheat in Burlington's territory and the large
proportion of it's business that is given to corn
were advanced to explain the poor showing.
Prices continued heavy in the railroads to the
close, but net declines were restricted to frac-
lions outside the grangers and specialties The
bank statement was without influence on
stocks. though the growing strength of the
clearing house institutions was evident
The foreign exchange market alone has been
affected by the foreign situation, and in this the
growing dependence of foreign financial
kets strikingly illustrated. With the sud
den drop in British and French Government
and the upward surge of discount rates in
London and at all Continental centers, the
IA cents on the pound on account of the heavy
selling of securities here for London account,
and the high money rates for money abroad
had their effect on the exchange market ana
with the later developments in Paris there Was
buying of London exchange reported here for
Paris account while Paris exchange in New
York weakened, rejecting the pressure of timid
Paris capital for transfer to London. The price
of sterling exchange has since dropped cent
with the calmer feeling abroad. Another short
lived factor which made much of by the
bears on Monday the Supreme Court de-
cision against the Joint Traffic Association
The gloomy forebodings of the bears regarding
the effect on railroads of this decision were
forgotten by Tuesday morning Doubtless the
fact that trans Missouri railroads, whose asso-
citation had already been outlawed, were max
ing money in abundance while the legal exist
ence of the Joint Traffic Association here
proved of no avail to prevent rate cutting,
and decreased earnings on the trunk lines had
its influence in reforming the bears opinions.
The rate cutting among the trunk lines ana IN .
continued depression in the anthracite and
bituminous coal industries the Il h.
ening clouds on the horizon OF the stock mar
ket.
Bonds have shown increasing activity and
strength during the week, the volume of deal
ing on Friday rising to $5315. 000. Bonds OF
Western and Southwestern roads and reorFan-
iZation bonds generally have been the favOrites.
eminent IS coupon, and the record price. 1865,
was made to-day. United States IS have adj
vanced Is and the old As coupon and the IS
coupon 4, while the old As registered and the
new As declined Is in the bid price.
The total sales OF stocks to-day were 2l550O
shares, including: Atchison preferred 5777,
Manhattan 1895. Northern Pacific 1887. Rock
Island 5l43 Union Pacific 3435. ST. Paul 11.217,
American Tobacco S. 100, Federal Steel II, 513
Federal Steel preferred 2.62S, Peoples Gas
1852, Consolidated Gas S2S5. Sugar 1O,O2O.