The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-04
RRApsTREErs FINANCIAL REVIEW.

NEW YORK, March 3.-Bradstreet's F1nan-
cial Review tomorrow will say:
Irregularity in prices at the beginning Of
the present week was followed by increasing
weakness and evidences of speculative liqui-
dalton, with a sharp upward rally in Fridays
transactions. Exceptional strength was shown
by the stocks which most easily reflect the cur
rent boom in the iron and steel Industries. IN
spite of this and evidences Of support in some
other parts of the list, the market acted as
If the recent advances and the speculative buy
ing which they attracted had left il ripe for
reaction. The downward movement began on
Tuesday Some irregular recoveries on Wednes-
day were mingled with further realizing and
selling out of weak accounts, while on Thurs
day thu latter process assumed still larger pro-
portions and carried with IL the steel
stocks which had thus far shown strength in
the face of the general declining tendency. The
larger interests which had taken the lead at the
beginning of the recent upward movement OF
prices were, with some exceptions, passive and
seemed willing to allow prices to settle down
while the professional traders, as was natural
under the circumstances, generally showed an
inclination TO work on the bear side In tact
some OF the larger people We're suspected OF
having shifted their forces with the object Of
making turn on the short account. The rise
on FRIDAY was in a great degree due TO the
short interest, which alarmed by the ap-
pearance Of renewed support in some of the
manipulated stocks and specialties. While at
the opening of the week there was a further
moderate amount of buying by commission
houses the later days presented increasing evil
dences of selling from such quarters. London
displayed only restricted interest in Ameri-
can securities, and the foreign representatives
ably purchased q fair amount of stocks on
balance. In fact, not only is il TO be NJ ed
that the recent heavy selling of foreign invest
ment holdings of our securities has ceased, but
that outgoing European steamers from New
York again carrying consignments of our
stocks In most cases these shipments are
made UP Of low-priced specialties and stocks
like Ontario and Western in which the London
market has learned there are more or less i'm
portant developments pending.
The slightly hrmer tone Of the money market
and the fact that MANY lenders object to in
dustrials collateral while in practically a q.
case asking high rates where such
stock forms any considerable part of
the security for loans, were discussed
more less though ii cannot be said
that they furnished ground for the liquidating
tendency. At the same time such symptoms
are without effect after the market has eX-
perienced an exhibition of bulltsh speculation
and the continued creation of new industrial
companies. with the attending desire of part of
the public to buy their securities on margin
for speculative purposes, Is still regarded in
some quarters as the weak spot in the market
The booming tendencies in the steel and iron.
dry goods manufacturing, tndustrials and
other lines are of course noticed in Wall street,
though the impression that the market has dis
counted them temporarily is very prevalent
there. It must however. be observed that the
declines have been the whole of a moderate
kind and that none Of the weeks developments
have been of a character to seriously disturb
values while there a number which might
serve as prospective reasons for bulHSh de-
monstrations in certain parts of the list