The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-01-14

NEW YORK, Jan. 13.-Bradstreets Financial
Review tomorrow will say: All records of
sustained bulish movements in Wall street
have been broken. This week has seen sue
cessive daily transactions of 100000 shares or
more, with higher quotations throughout the
share list Ordinarily the extreme activity and
the no less extreme prices would suggest that
the market was nearing elimination, as was
the case in 1851, when the last speculative
treme was about to terminate. The confident
sentiment which has brought the public into
the street seems, however. to be undiminished,
and though the conservative interests deprecate
the rapidity with which the market seems to
be moving to an extreme 1t is admitted that
present favorable financial and other condi-
tons as we'll as the greatly augmented facili-
ties for speculation which II enjoys, render 1t
futfde to form conclusions about the imme-
dIate future based on former experiences.
1t is not probable that this week the market
has presented growing evidences of manipula-
ton and of a decided increase in the amount
with the investment demand for securities,
which notably displayed prior to Janu-
AIRY !. An important indication of this is fur
nished by the comparatively smaller dealings
in bonds in the face of the enlarged volume
of stock sales, and by the tendency of the
former class of values to recede a little from
their recent high level
There has also been a great deal of irregu-
tie list some groups of. stocks presenting the
appearance of taking profits. while others ad-
vanced The participation of the public in the
ders executed by commission houses for local
and out-of- town spectators Chicago alone
furnished large amount of business. AS was
the case in the preceding week the disposition
seems to be to follow the leaders of the specu-
lative world in whatever direction they indi-
cate, though when one part of the list is tenn
porarily abandoned, and the realizing sales
cause recessions sufficient buying seemed to
develop to prevent the declines from being at
all severe. London has not been an important
factor. Although Americans We're the active
feature there and the British public seems in
clined to buy there was heavy foreign realizing
and arbitrage brokers are known to have bor-
rowed large amounts of stocks, estimated as
ties which are being returned. This fact is
cited as a reason for the steadiness of ex-
change rates in spite of the heavy current ex-
ports. The market here. however, has appar-
ing of securities here, and may find good reason
for il in the declaration made this week by
the head of large banking institution there
that at present owing to the exceptional posi-
ton of the United States. instead of London
financing New York II is New York who is
financing London.
The money market has in fact given no in
dication that would furnish grounds for ap-
prehension, much less for bearishness Its ease
has increased if anything, and the street
al juncture like the present of the Stock
Exchange clearing house which largely OBJ
viates the actual employment of funds. AT
the same time 1t would seem that lenders OF
disfavor toward the newer class of industrials
as collateral particularly stocks of that kind
which were being advanced too rapidly. This
was apparently responsible for one of the chief
incidents of the week. which involved a change
in the activity of leading operators and bull
pools from industrials and specialties back to
the so-caled standard stocks that is to saw
the dividend-paying railroad shares.