The San Francisco call., 1898-02-20
COMMERCIAL WORLD.

prompt the holding of long lines until the De Lome incident ana the Maine disaster awak- ened renewed uneasiness. This uneasiness caussd the bulls to abandon plans for any pres ent aggressive advance in prices and Caused the liquidation Of numerous holdings Of long stock as well as the throwing the market. of large amounts of stock dslodged by un- covering of margins. The bears showed some
 hesitancy during the week. and their haste to
 cover at the low level effected rally on two
 days. namely Tuesday and Thursday, after the
 severest declines. There is a question as to how
 far the powerful interests which have of late
 largeiy controlled the course of the market are
 reducing their long holdings But the situa-
 tion generally aside from the Cuban question:
 is recognized as strong one. To-day s bank
 statement reflects conditions that may count
 for some of the weeks liquidation in Wall
 street. IL expected that the movement
 of money from New York and the withdrawal
 of an installment of the Governments deposits of the Union Pacific might be offset by con traction of loans resulting from liquidation on the Stock Exchange instead 54eTe n ne mds been an expansion in loans or over st,VVV,VoV ana
 decline in the surplus reserve or so, '4S,oVO. The loan account is probably affected by opera tions in connection with the Kansas Pacinc sale But allowing for the undoubted reduc-
 ton of loans for stock speculation that must | have occurred there is still indicated largely l increased demand for money, good proportion ! of which has gone into commercial paper. 1 This Indicates A good basis for the expectation among bankers that the money market has | higher rates In prospect and may also account 1 for the cheap rates at which Sterllng ex- 1 pared with present rates. ms, while II might curtail resources for immediate pur- l 1 ness activity The astonishing growth of our i foreign trade is indicated in the Government s l report for January, the large consumption of | iron at advancing prices, the continued foreign
 demand for grain at, high prices and the favor
 able traffic returns of railroads all point to an ! increase in values, but prices on the Stock Elk | change were unable to withstand bear pres l sure for the time being
 | Bonds were held relatively much firmer than i stocks during the week and showed the evil | dences of continued large absorption for in-
 vestment. Business not as large as In l the previous week, which was of considerable | volume. and net declines in prices were un- | important. Total sales SPA. 220 900.
 United States new Is (coupon) declined 4; | do registered. 9s; old As registered ss do | coupon A and the 5s Is bid
 Total sales of stocks to-day were 277,O00 | shares including: Atchison preferred 5535, c. ! and O. 40OO Burlington 1S,O6O, Louisville and i Nashville SS45 Manhattan S2SO, Metropolitan ! S9S2 Reading preferred 3010, Missouri Pacific | 3O5O NJ. K. and T. preferred S6OO. New York ! Central 59O9 Northern Pacific l0SOo. Northern Pacific preferred Il 155. Rock leland 4430 St. | Paul 21,5O4. Union Pacific 63S4. Tobacco S77O. ] Peoples Gas 5150. General Electric S150, Sugar | 60O Western Union 3465.