The San Francisco call., 1899-03-12
COMMERCIAL WORLD.

ing at the outset was of a hesitating charac-
ter showing disposition to follow any move
rise in sugar the Improvement in this stock
canceling the earlier decline. The general mar
ket moved sympathetically. but narrowly. sun
sequently there was a raid on MetropoiIr1aaIn tra "a
Street Railway. which dropped points. ms
incident stimulated short sales on the otheI E.
stocks. with concessions quite material IN
Manhattan, Brooklyn Transit, sugar ana Bay
State Gas. The latter was particularly IN
fiuenced by the action or the Boston E%change
authorities in disseminating trading In the
stock. This action subsequently taken by
the governors at the local exchange The rail-
way shares moved very sluggishy and attempts
to improve them were retarded by the heaVl-
ness of Union Pacific issues. in which foreign
selling was quite pronounced Various pessi-
mistic expressions as to the probable character
OF the bank statement which had been rlIe
the statement was published. The salient fea-
ture of it was a contraction in surplus reserve
of only 81 ,375, 125. The loan account showed a
reduction of over SO, 900 900. Cash decreased
ST. 413, 600, which reflected sub-treasury opera
tions in connection with the Central Pacific set
tlement. The statement was received with
considerable favor in the street. and induced
active buying, raising the general level OF
strong and active.
The stock speculation for the week was
largely of a professional character, with sales
about million less than those of the pre-
vious week. While stocks showing advances
were more numerous than those figuring for
declines gains registered in the railways were
in obscure properties, the general run or ac-
tive shares particularly the Grangers and Pa
prominence and support extended to the spe-
cialties during the week. many of these prop
critics show handsome gains. A furry in the
call money market in which quotations for a
time reached Az, largely due to the
financing of the Central Pacific settlement with
the Government, the Chicago and Alton deal
and various industrial combinations. The
money pay the Cuban troops had no effect
the money market, it was withdrawn
from the Sub-Treasury. A large amount of
country bank balances reached New York be-
cause of the flrmness in the money rates, and
there were arrivals of round amounts of gold
from the Pacific Coast and money gradually
eased off from its high level. While money
was in particular demand, there appeared a re-
feX easing in sterling exchange, which again
strengthened, and money became easier.
The bond market followed the tendency of
stock prices pretty closely. The market as a
whole showed very substantial undertone and
some striking gains were recorded in the usu-
ally active bonds.
United States old As registered declined y,
the As %. the 5s and the old As coupon,
u, and IS Il in the bid price.
The total sales of stocks to-day were S15, 400
shares including the following: Atchison pre-
ferred 11,575 Central Pacific 5000, Burlington
1895, Manhattan 4525, Metropolitan Street Rail-
way 1866 Union Pacific 1880 st. Paul 10O55,
American Steel and Wire 1850 Bay State
Spirits preferred 3S40, Tobacco $500. Bay State
Gas 81, $40. Federal Steel 1925, Federal Steel
preferred 3275 Peoples Gas 3715. Consolidated
Gas 800, Brooklyn Transit 10,660, Sugar a. 240.
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