The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-05-21
COMMERCIAL WORLD.

terday's level after the opening decline. There
| was a dull resistance to the occasional at
/ lacks OF the market in the railroad sticks,
especially those in the South and West. Man
/ haitian and Third Avenue were firm early, but
rallied later, the latter breaking six points.
The bears were disposed to caution in antici-
/ patton of a favorable bank statement, but
when the market failed to respond to this an
attack on values was made SO little stock
was brought out on the decline that the bears
/ covered. making the close firm at small
! changes except in special cases. The bank
statement shows a larger increase in cash then
! was expected. The heavy contract in loans
was, of course, a reflection in part of the vast
/ liquidation of last Saturday AS consequence
/ the increase in cash almost all went to swell
the surplus reserve of the banks. There was
a marked continuance OF the recent heavy abb
sorptlon OF new issues of railroad bonds. the
tape recording several individual transactions
OF from 100000 to 100000. The stock market
mas Deen so much unsettled during the week by
! the contendlng struggles of the bulls and bears
/ over the Flower group of stocks that there
mas been llule opportunity to discern any re-
nectlon OF general conditions in its movement
There was some slight continuation on Mon
day of the eager selling pressure on these
stocks which had been marvelously advanced
In value under the fostering of the late Mr.
buying by the deceased hnanciers associates
in these properties, who had Joined resources
for the protection of values, soon allayed the
the shorts to cover.
The movement toward recovery seemed to
meet with no opposition from the bears not
withstanding the present bear movement as
sumed by one of the largest professional opera
I tors IN the market. But the bear element was
looking forward only short time, as the case
proved, for an opportunity to attack values
They of course are not very vigorous in OPP
position TO the reconstruction of values while
1t was pursued with set purpose But the
rise of Wednesday, which brought the Flower
specialists back to or above the prices OF the
preceding Friday before Mr. Flowers death
1 seemed to satisfy the bull element for the
time being, and on Thursday there was evi-
dence of realizing on some of the large hold
ings which II had been necessary to accumu-
late earlier in order to check the downward
Z nT rl-af TNl,He
had the advantage Of rising tendency in the
railway list, due TO good traffic returns to
The rise in wheat and the talk of crop dam
age caused the railroad stocks to WAIVER. and
Snen lhe pears attacked the specialtes, notably
sugar Brooklyn and the New York Traction
shares with great violence and determination
causing notable recessions. The tactics thus
ehgendered caused subsequent dizziness. 1t
seemed to be demonstrated that the large lines
accumulated for the lifting of prices were held
over the market under a powerful bear force
stood ready To take the market from any at
tempt at profit taking. There are no certain
ties in the general outlook to confirm the
general hesitation OF speculation and a dis
position to await further DEVELOPMENTS to in
dicate whether the present level OF prices is
there is the inevitable uncertainty regarding
the crops at this time of the year Talk OF
crop damage has bearing on the future earn
!hsS OF railways ana II Is not an answer
to this TO compare the price of wheat with last
years level whore the high prices was due to
the claTnor OF the whole world for very
abundant product. More to the purpose are
the current statistics Of railway earnings
which are We'll in excess of those of last wear
Tor the grain carrying roads in spite of the
phenomenally heavy movement of wheat at the
/ time in connection with the Letter deal Great
attention Is given also to the color of our in
1 ternational trade balance bearing on the
worlds money market recently enioved nv
New York The financial transaction of a 500
O000OO payment 10 Spain on Monday without
expectation of a dollar of gold was striking
balance. But the question arises whether the
residue Is not exhausted by this important
operation and whether the present movement
Of International trade gives any promise of re-
newing II. The rate of exchange on London
had risen 94c per pound at New York during
lhe Week ana the supply of bills is reported
scanty. Imports continue well above not only
last year 5 level but above normal of recent
years stu exports, though far below last
years UNPRECEDENTED level owing TO the re
duced prices of breadstuffs. are still we'll above
the average for this time of the wear and the
excess Of exports for April holds the record
Tor that month, II last year is excepted.
This continued advantage Of position is due to
increased exports of our manufactured prod
ucts. The future of the iron trade also has
an important bearing on the trade balance
steel product is expected to curtail exports in
that line. Under these circumstances the dis
position of the London market toward Ameri-
can securities Is characterized as selling
market, which might precipitate gold exports
Money is in abundance both New York and
interior points ana there is no suggestion Of
scarcity in the immediate future. There has
been large buying of railroad bonds during the
week, the large individual transactions indi-
eating buying for large financial interests The
new or contemplated issues for reorganization
or refundnG. bearing per cent interest
the fayorites.
United States, twos advanced Z, United
States fours and the United States registered
and the threeS Is in the bid price.
The total sales of stocks to-day amounted to
ISL. 466 shares. including: American Sugar. 81
s00 American Tobacco. $500; Anaconda, 70. 300;
Atchison preferred, a. 900; Brooklyn Transit
%. 400: c. b & O., 600; c. B. & G. rights, 10 :
500; Consolidated Gas. $500; Continental Tobac-
CO. 200; Louisville and Nashville, POO: Man
haitian $500; Metropolitan, 400; Missouri Pa
cihc. 1900; New York Central, 200O; Pacific
Mall, 1900; Peoples Gas, 400; Rock Island 1000
St Paul 500; Southern Pacific. 2000; L. S.
Rubber 1900
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