The San Francisco call., 1899-05-13
RRADsTREETs FINANc1AL REvIEw.

NEW YORK, May 12-Bradstreets financial
review tomorrow will say:
At the beginning of the week the market ex-
perienced general decline, attended by con-
siderable liquidation Of long stock on Wednes-
day ii rallied sharply on support by large in
terests and exceptionally large purchases for
London. This fact was, however, apparently
due to the existence of a large interest in
Americans in the foreign market, while COW
ering by the local professional bears also con
trIbuted toward the recovery of prices The
European purchasing continued on Thursday.
and there was also further evidence of support
from the so-called big people. but the marke;
developed hesitation and declining tendencies,
its weakness centering in the stocks which
would be affected should the Ford franchise
tax law become one of the laws Of New York
On Friday the action of speculation ir-
regular. An early decline was checked by the
strength of Sugar and other manipulated
stocks and the expectation of a good bank
statement also had effect.
It is noticed that the drop in prices this week
was in the main the result of purely specu-
lative case, to wit, the overbought condition
of the market Stocks have accumulated in
the hands of people who bought margin in
expectation of continued rise. The buying
power has, however become measuTably eX-
hausted, while disappointment at the action OF
the market produced as 1t would naturally a
DISPOSITION to realize The decline Of last week
though not severe, aggravated this tendency,
while in many cases margins were weakened tc
an extent which furnished occasion for en-
forced Liquidation. One of the most prominent
manipulatiVe operators of the street. whose
name was by common report coupled with a
supposed bear syndicate, denies the impeach-
ment. But other professional spectators GER
tainly took aggressive stand on the bear
side and contributed by the selling pressure
they produced to bring about the outpouring OF
long stocks which characterized the markets
on Monday and Tuesday. Other conditions
however played their separate parts in the
movement. The expectation of an unfavorable
Government crop report considered, though
the street apparently disregarded on Wednes-
day and it was not until Thursday that the
Grager stocks were sold on the theory that tbs
report shows a reduction of the whole output
calculated to affect railroad traffic and earn
ings. The market has not suffered from any
fears Of tight money. On the contrary, sup
plies of funds seem TO he increasing and tht
rates were appreciably easier. The collection
from the Government of So, 900 of the Span
ish indemnity by the institution which acted
in the matter Of remitting the 500 000. 0G0
factor and the movement of money seems
to be toward the metropolis. The bond mar
ket has been unaffected by the events affect
ing speculative values, and the demand for in
vestnents is as large and almost as eager as
at any previous time. On the other hand the
financial public has finally begun TO appreciate
the effects of the continued creation of new in
dustrials securities, and conservative senti-
was generally remarked that the alleged propO
sition to erect a billion dollar steel trust by
combination of the industrials also formed In
that trade seemed to touch the limits Of the in
dustrial movement and some relief felt
when IL was known that the foundation fol
this was merely the plan to consolidate the
Carnegie properties and to purchase the inter
ests of their founder in them. The appetite oi
the public for industrials has not. however, de
parted as shown by the SAP. 900 subscription
10 the S75 900. 900 stock Of the amalgamated cop
per company, although that enterprise has
been severely criticized in some quarters and II
is noted that the stock rose quickly from pre-
MUM Of about five to one of fraction above