The San Francisco call., 1899-09-23
ByadSheet'S Financial ReUie7U.

NEW YORK, Sept. .22-Bradstreet's Flnan-
cial Review tomorrow will say:
Money continues firm, though toward the
close Of the week there was a relaxation of the
pressure which the stock market has expected
during the past fortnight from this cause. The
decline of exchange rates and the news that
a bout $780, 900 of gold had been engaged in Lon
don for shipment to New York caused a some
what better feeling to the financial outlook.
and the market rallied more or less from its
earlier depression. The threatening aspect of
the Transvaal situation was among the bear
ish factors Of the week, and it Is thought that
while the danger of war in South Africa over
hangs the London market there is little like
lihood of any heavy gold imports from the
other side. The movement Of money from New
York to the interior continues, and the bank
statement of last Saturday practically wiped
out the surplus reserve. Yet the money mar
ket this week. while firm, not stringent.
and though the call loan rate was firm at
about per cent, extreme variations from that
level were less marked.
The pressure to liquidate speculative hold
ings OF stocks has at times been severe, the
most significant illustrations of this having
been afforded by the course of Brooklyn Rapid
Transit and the other Flower stocks in the
early part Of the week The decline In prices
and the reduction of the volume of loans to
Wall street has naturally been a factor in as
sisting the monetary situation. 1t also seems
that stocks have been largely passing from
weak into strong hands, while the movement of
the past fortnight has made bears of the pro-
fessionals and resulted in the creation of a
larger short interest than the market has pos
sessed for some time. The activity of the bears
naturally a feature of the week, and to
manipulation of this kind some of the extreme
declines may be ascribed. The covering of
shorts on a large scale also contributed largely
to the rallying tendency in price which began
Wednesday and assumed considerable force
in Thursdays transactions. The public was by
no means active except in reducing its mar
ginal holdings Of stocks, and the market has
been largely in the hands of professional oper-
ators.
Europe's part In the speculation here was
negative, and while London is in suspense
about the South African situation, no interest
in American securities is possible. The favora-
BILE character OF railroad earnings, the activity
of trade and the other evidences of prosperity
continue to cause a strong underlying bullish
sentiment to the future of the market. In
fact. the street itself incines to belief that
should the condition of the money market i'm
prove, a renewal of the rising specula ton
would be very probable. Nor has the marlet
been without bulllsh developments this week.
The rapid advance of Delaware. Lackawanna
& Western stock to 1911 and the strength of the
other anthracite coal properties seem to re-
fleet a general belief that the position of the
coal trade has undergone a material improve
are rumors of some pending developments re-
garding its capital and dividends which would
justify the advance Nor are railroad deals ack-
ing the most important happening of that kind
being the reported sale OF large interests in the
Southern Pacific to bankers identified with the
property.