The San Francisco call., 1899-09-16
BradsyeePs Financial Revie7v.

NEW YORK, Sept. 1b.-Bradstreets imam
cial review tomorrow will say;
Variations between strength and weakness in
the stock market have been more than usually
sharp during the last six days A higher call
loan market at the beginning of the week
caused heavy liquidation of public holdings OF
stocks and gave opportunity for successful bear
attacks by professional operators. The de-
cline in prices thus brought about was checked.
however, by the somewhat better tone which
appeared IN the call loan market on Wednes-
day following the announcement that the Sec
retary of the Treasury would anticipate pay
Government bonds, covering by the short in
terest, supplementing renewed bullish manlpu-
lation by the pools in several stocks thereupon ION
resulting in a general recovery throughout the
list. This lasted, however, only until Thursday
afternoon. when the fact that the st; PAU
directors made no increase In the regular IN
per cent seni-annual dividend that stock,
as a part OF the street had hoped they would,
stocks and some further losses in quotations
throughout the general list On Friday the
unsettling factor was the continued weakness
of Brooklyn Rapid Transit, which, causing de-
clines in other stocks controlled by the same
interests brought about bearish close.
The rise of call loan rates this week was, OF
course, foreshadowed by the bank statement of
last Saturday The reduction of the bank re,
a notice that should demand for funds at the
interior continue with anything like its re-
cent volume the New York banks. in order TO
meet it, would be obliged TO reduce their out
standing call loans to the stock market. This
is what has occurred this week. though the
extent to which banks and other lenders have
called in loans probably exaggerated. The
general marking up of the rate Of accommo-
dation by bankers to brokerage houses to
per cent and the hardening of the time loan
figures to 5Q5k per cent were natural and
proper steps under the circumstances. The
quotations of as high per cent made for
call loans at the Stock Exchange on Tuesday
and Wednesday would, however. represent 10
some extent the temporary overanxiety OF bor-
rowers and in a certain degree, also, the
manipulation Of bearish speculative interests.
There was, in fact, dearth of money, nor
the frmness in rates accompanied by any
particular evidences of increased discrimina-
tion in regard to the quality of collateral.
Some further larger amounts OF money are
said to have been loaned in the New York
market this week by Chicago institutions but
this assistance not important, and the
quieting Of money to per cent level was
largely the result of the action referred TO
above taken by Secretary Gage. supplementing
the discovery by the street that any acute
fears the score of stringency in money
premature. The decline in exchange rates,
which Of the results OF the rise In in
terest, led to some discussion OF the possbl-
ity of gold imports. 1t is, however, generally
concluded that at the present time a movement
of that kind Is unlikely. inasmuch as the sit
uation in South Africa and the financial posi-
tion at Berlin still impose caution on the in
ternational money markets and would produce
resistance TO any movement of specie to this
country.