The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-11-11
BradSyeet's Financial ReUie7U.

NEW YORK, Nov. 10.-Bradstreet's review
OF the New York stock market tomorrow will
say: Although last Saturdays bank statement
showed that the averages of the Clearing
house banks were below the legal reserve limit
the stock market displayed little trepidation
and on last Monday money was relatively quiet
Large speculative interests apparently sup
ported their specialtes on q belief that the
election would evolve sweeping changes in
the country's political sentiment This last
was substantially verified at the polls on Tues
day and produced at the opening on Wednesday
not only considerable local buying, but foreign
support as we'll 1t was, however quickly evil
dent that professional interests were inclined
to realize the advance, and later in the day
loans were called freely by the banks, money
becoming relatively less plentiful and rates
naturally stiffened. These latter tendencies
as we'll the declines in quotations throughout
the list which accompanied them, were even
more strikingly displayed in Thursdays trad
ing, when the whole market developed decided
weakness, the industrial strikes in particular
rejecting the renewed acute uncertainty about
the financial situation. There has been more
less discussion to the great possibility
that the Treasury will relieve the money market
by offer to purchase bonds or that the
slight rises In New York exchange at Western
points are preliminary to movement of funds
from the interior to New York. II also does
not escape notice that foreign exchange rates
moved downward simultaneously with the
hardening of call money. There seems how
ever, to be no general expectation Of gold i'm
ports not only because of the war in Africa
and the rather sensitive financial position
both at London and the Continent but be-
1t is felt that any real danger of a flow
of gold to the United States will create a fur
Their and decided advance in rates for money
abroad. The conclusion therefore seems to be
that holders of stocks for speculative purnoses
had become wearied of carrying them in the
face of a money market in which s per cent
a comparatively low rate and 10 to IL
per cent appeared likely to be maintained with
some intermissions The liquidation which To
all appearances set in after Wednesday was
without reference to the prosperity of the coun-
try the continuance of favorable reports of
railroad earnings. 1t presented, on the whole
opinion in speculative circles that the money
situation dominates the market and that untiI
assurances of relief from tight money were
forthcoming it was useless to anticipate a con-
tinued or permanent rise in prices. The appar-
ent ending of bulish manipulative deal in
United States Leather common, which stock
has presented some extreme fluctuations also
had bad effect the market and added 10
the uncertainty about the industrials old and
new which was one of the features On Frjdav
the market very weak, with further evil
dences of liquidation and declines throughout
the list general expectation of another bad
statement of the banks added to the unsettled
feeling. At the close, however, there was a
moderate rally on covering Of shorts and favor