The San Francisco call., 1899-10-28
Totals, Q. S....s1, 79O, 4S7, 1877
Totals u tside
New York. 692. .1e4 al
DOMINION OF cANApA.
BradSheet'S Financial Re0ie7v.

NEW YORK. Oct. 27.-Bradstreet's financial
review tomorrow will say:
A fair degree of activity and an enlargement
of public interest in speculation accompanied
a further though irregular rise of prices this
week. This movement was partly based on
the recovery of the London market which in
the early days of the week discounted the pos
sibility of speedy ending of the Transvaal
war by a sharp advance in which American
rails shared the honors with Kafir mines. The
somewhat easier tone of money also Influenced
speculation, and considerable relief was shown
when il became apparent that the recent rise
in foreign exchange rates due largely TO
exceptional transactions in securities: that no
gold likely to be shipped to London and
that the Bank of England and the London
money market recognized that 1t would be un-
wise to create any extra pressure disturb
ance in the financial situation here. Freed
from this apprehension, and meeting for some
days at least with decreased demands for the
shipments OF currency TO the Interior the mar
ket for call loans yielded somewhat, the rates
quoted on last Monday being per cent or less.
The increased activity and the advances in
stock prices on the succeeding days were how
ever, accompanied by harder tone in the loan
market, the rates for call money promptly ris-
ing to above per cent and on Friday after
noon touched 10 per cent This was acccompa-
MED. moreover, by continued evidences of dis
elimination against industrial collateral by the
banks. the copper stocks in some instances
having. ii appears, been rejected in bank loans,
which can be readily understood in view of the
weakness of that class of securities. Yet the
stock market was TO all appearances more i'm
pressed by the talk of a speedy return Of
money from the interior TO New York. and 1t
might be observed that large bids were re-
ceived for the 81, 100000 of New York CITY 31k
per cent bonds which were offered this week,
the average of the bids being 107.
The money situation was also influenced by
the favorable statement of the Bank of England
and further decline of discounts on London
The interest rates therefore. did not materially
check the bullish feeling, though the Industrial
stocks were held in check by the restrictions
which the last of facilities for carrying them
impose. At the same time Wall street fully
recognized the Importance from an industrial
standpoint. of the placing of contracts for
1,500 900 tons of steel rails at the recent ad-
vanced prices. deliverable through the year
1900 thus insuring the activity and profitable
character of the steel industry of the United
States for another twelve months There has
been not a little fresh outside buying of stocks.
even in the better class of industrials, and
commission houses were of a factor in
the market. AT the same time the upward
movement seemed to depend for purchasing
power on covering by the short interest sun
plemented by some renewed London buying and
by the bullish manipulation which pools and
large operators carried on in various parts of
the stock list.