The San Francisco call., 1898-11-13
BRADsTREET's FINANCIAL REVIEW.

NEW YORK, Nov. 12.-Branstreet's Finan-
 cial Review will say tomorrow:
 As a result of the Congressional elections which construed as meaning that the free silver issue will disappear, the securities mar ket i'll the latter part of the week developed great activity and decided strength. The fea- lures were the large dealings in bonds aid heavy buying of both stocks and bonds f1r for eign account Trading in bonds at the New York Stock Exchange has attained the largest proportions ever known, and while a good deal Of 1t is no doubt due to speculative purchasing 1t is conceded that the investment demand which has been in evidence for some time past has received a decided impetus. The apparent appetite Of London and the Continent
 for American securities is attributed directly to the elections on Tuesday and the belief that sound currency legislation is in sight. It Is the more remarkable because the strained con- dition of foreign international politics keeps the European stock markets dull and de- pressed, while the money market. while little less uneasy. is still high. The foreign pur- chasing Of stocks assumed sufficient propor- tions to 6 sharp decline in rates of eN- change here This keeps up the buying of time drafts on London for investment, rather for the purpose of carrying them on loans, which can be obtained here at PIE per cent In some
 quarters there IS, however M an idea that active of the country's trade will result in higher
 money market, and this is regarded as one of the obstacles to the continuance or an active and excited speculation.
 Attention is also paid to the possibility of for
 
 nection with the Philippines question. Apart from these matters, the developments of the week have generally been favorable. railroad
 earnings showing continued increases, while the roads carrying an enormous tonnage
 and complain of scarcity of cars. The rate situation is obscured somewhat by this fact, and 1t seeIns that the cutting has not become worse since the joint traffic case was decided and the Trunk Association formally abandoned. On the days preceding the election the mar
 ket was a dull professional affair The close
 on Monday evening, the eve Of the election,
 was firm On Wednesday prices opened up un- der buying by London, supplemented by short covering and causing an advance in the morn
 ing hour At the same time the bond list was
 relatively stronger and more active than stocks
 In the afternoon break in sugar and the con-
 fficting rumors about the composition of the
 next House of Representatives caused re-
 action. On Thursday, however, these latter doubts were set at rest and assurance afforded that there will be a sound money ma
 jority in both House and Senate London prices
 came considerably higher and the foreigners
 bought stocks throughout the day taking In all about 60. 900 shares.
 Under the circumstances the market ad- vanced steadily and the transactions for the est bond dealing in the history of the New York Stock Exchange. While the sales of stocks footed up over 700. 900 shares, Friday 8 market was more less dominated by the same influences, the foreign buying being again 8 factor, while commission house buying was
 again prominent and the bond market unusual l Y active About midday the traders showed a
 disposition to take profits. but the declines were
 small and the buying demand for stocks con tinued remarkably large, although the close was irregular at concessions. The grangers | ferred rose from 35& to 40& on heavy trans l actions. It Is stated that the dividends will begin early next year on the stock and that 1 eS-Goyernor Flower will enter the Atchison board Union Pacific preferred rose from 64 to
 69k on, reports that the October earnings are l very large and that the stocks will be placed