The San Francisco call., 1899-07-29
LONDON.
RRADsrREEr,s FINANc1AL REVIEW.

NEW YORK, July 2S.-Bradstreet's Financial
Review will say tomorrow: Speculation is
still without important movements and the
activity of trading on the Stock Exchange has
been at a low ebb all week. The professional
traders supply nearly all the actual interest.
The public is taking little part and the pools
and large operators rest while these condi-
tions exist. London has not been factor and
the market there and abroad is experiencing
the usual midsummer dullness. AS FAR as the
railroad share list is concerned the favorable
crop prospects and the large increases in cur
rent earnings reported pg SOM lllo tdit iiies; @
to say nothing OF coIlldent predictions thal
tonnage Will continue heavy during the re-
mander oi d 6ne seeR %P lilies e9
from time to time. This process has peen
particularly noticeable in connection with the
grangers and Southwestern stocks. A few of
the speoialties have been the objects of ma
nipulation and even the industrials shared to
some extent IN the pulilsh lnHuehceS. Inc last
named portion of the market Is, however on
the whole. neglected. Foreign exchange has
been steady and dull az beIoW the 8oLd point
and fears of a renewed movement of specie
to Europe are laid aside. Indeed. noted
elsewhere, the London market and the for
eign financial press inclined to dwell
upon the probability of having TO supply a de-
mand for gold from this side in the autumn and
winter when our cotton and grain exports as
their expected activity. The unwonted
firmness of the money market here has GER
tainly sbeen a factor of increasing Importance
this week. The market was too dull to say
that this has developed any positive bullish-
ness The fact that the New York bank re-
serves are low. that money does not come back
readily from the Interior and that the supply Of
funds for both call and time loans has been
reduced to such extent that interest rates
are decidedly flrmer and Il costs appreciably
more TO carry stocks are, however, calculated
to affaCt speculative sentiment 1t is appre-
ciated that the activity Of general business is
creating n enlarged demand for money in the
circulation and there is idea that when
this is supplemented by the need arising in
connection with the crop movement there may
be a scarcity Of funds for speculative pur-
poses. The disposition in some quarters is. in
possible absorption Of capital in actual bust
ness as liable TO check further improvement in
either speculative or investment values Time
money has been in increased demand on the
street this week, rather the supply has been
smaller, and 4Gl412 per cent the rates gen
orally quoted, while call money has held unex-
pectedly firm at 31a64 per cent.
These rates have not. indeed. been sufficiently
high to induce liquidation. but in the absence
of any marked augmentation Of the New York
bank reserves, they cited as indications
that autumnal BOOM" based on good
| The subsistence of the street railway strikes in
! New York has left the market indifferent to
! manifestations elsewhere OF the same charac-
! ter. Reports of coming deals and combination
! in the railroad world for the moment
without decided effect and the speculative COM
| munity a whole appears to be waiting for
! the outcome of the situation, though one Fri
! day the professionals evinced more Of a dispo-
! sition TO discount the situation their buying
and support resulting in a general rise through
! out the active stock list.
BRADSTREET" WEEKLY REVIEW.
NEW YORK, July 2s-Bradstreets to-mor-
| row will say: Weather conditions exercise
their natural effect upon the volume of current
| business, which is however, larger than a
| year ago. and restricts speculation therefore