The San Francisco call., 1899-06-04
COMMERCIAL WORLD

Fortified by acQuiescenoe the part OF the
element which bad frustrated previous attempts
proceeded to work their will with important
opposition. a large bocY OF security owners
Lad tor some time been in the position OF in
eFtly hotdlng on waiting for q further rise in
prices. When the bears began to offer prices
DOWN by wide gaps and the owners saw the
,alue of their holdings being cut away from
under them they became alarmed and threw
over their holdings indiscriminately. Among
me me, causes contributing to the break
for April by the St. Paul, burlington. Northern
Pacific and Union Pacific systems, for which
Tered, but which were on their face evidence Of
a decrease in the sums available for dlstribu-
ton among the stockholders. There was a
hardening tendency in exchange. foreshadow-
ing an outward movement of gold. which came
in the announcement after banking hours on
IhurScay OF an engagement or Sl,We'Wu Ior
shipment to Europe. The fact that this engage
ment was made after easing of the rate for
sterling exchange led some exchange bankers
TO question whether the operation could yield
profit as an ordinary transaction
The fact that il was made by the institution
that financed the Amalgamated Copper Com
pany and also the payment of the Philippines
indemnity may serve as an explanation The
purpose TO provide for the payment TO
Spain, to avoid the export of gold, and
4 sufficient amount of foreign exchange was
that the gold COR certificates of gold) could
be transferred from the sub-treasury in New
York to the banking institution. 1t was OBJ
Niously a corellary of the plan to set off for
eiGn obligations TO the bank, including pre-
sumably foreign subscriptions to the new cop
per company, TO make up the foreign credits
turned over to the Government. But the opera
tionS seem to have induced a plethoric condi-
tion in the local money market and hardening
tendency in the London money market, which
We're not counted upon ana which made the
outward movement of gold necessary to restore
the balance. The relief to the London money
market gave strength to the stock market
there. which spread to Americans and was re-
fected back upon the New York stock market
This with the fall in wheat, the subsistence Of
the yellow fever scare and good prospects in
the coal carriers, led to good recoveres Prices
recovered to last weeks level or above all
around
Bonds sold OFF in sympathy with stocks, but
they were later in yielding and declines were
much less marked.
United States 3s and old As registered ad-
Vanced p and the new As and the SIS Il in
the bid price. The old As coupon declined u
The total sales of stocks to-day amounted to
89 9l70 shares, including American Steel and
Wire. 25,5O0 American Sugar. q, 900; American
Tobacco 40e0; Anaconda, 2200; Atchison pre-
ferred, 1890; Brooklyn Rapid Transit 25 800
Burlington, ,3o0; Federal Steel, 23 200; do pre-
ferred, 400; Louisville and Nashville $500;
Manhattan. 10, 700; Metropolitan. $500; NJ. ST.
+. and s. S. M, $500: Missouri Pacific, 64G1;
National Steel $500: New York Central $500;
Northern Pacific, 6G00; Ontario and Western
5000; PENNSYLVANIA. 6100; Peoples Gas, 1900: (:
Reading first preferred. 1900; st. Paul, 10, 600 !;
Tennessee Coal and Iron. 5000; Union Pacihc
400; do preferred 1000; Rubber. 24GO: Western
Union. 1900