The San Francisco call., 1899-07-01
CLOSING
BRADsrREEr's FINANCIAL REVIEW.

/ NEW YORK June 3o-Brad dstreet's financial
review tomorrow viii say: Although the
transactions at the Stock Exchange We're not
large this weeks market has been far from
dull Nor, while the speculation has been to a
very large extent professional and manipulatiVe
in origin has it lacked decided features OF
strength. There has, in fact, been evidences or
renewed public buying, and the large purchases
of American stocks In London and foreign
takings in our own market have been notable
feature. The latter, indeed, were sufficiently
large TO cause a drop in exchange rates ana
for a time 10 create a. belief that the gold
was not, substantiated. as the Inducements still
offered by the. Bank OF England and Paris and
week to the amount Of s., 900 O0O raising the
total since the movement began early in June
gold exports nor the extraordinary amount in
dividend. Disbursements seemed, however, to
affect the money market unfavorahly The only
result OF the unaNoldahie dlsturbdnce Oh Ioalis
incident to the matter was A temporary ad-
vance In call loans rates on Thursday and Fri
dav TO 6 per cent at the banks and TO as high
as 1Odl2 per cent for BALANCES on the Stock
Exchange The street. in fact, was apparently
impressed by the prospect OF continued ease
in money and by the accompanying outlook for
securities, growing ouI ol lne deslIe . 70 Re-
invest a part of the July Interest. payments.
It's recognized that the actual demand from
this source has been 10 a certain extent l an
ticipated. Speculative interest, however, seemed
TO consider 1t something 70 ulScoulC, anu rI LIi
/ activity Of manlpulatlVe operators on the nun
side may be traced not only TO the fact that
: considerable short account mad grown up
which could be forced TO cover, but to a diSpo-
sition 10 take advantage of the prospective in
/ crease in the publiC'S participation IN the mar
/ lIet. The fact that much better accounts OF
the progress and results of the crops are now
heard was naturally calculated to diminish the
/ bearish feeling which the street had developed
in the past month. This, however, was much
/ less effective as a Speculative factor than the
/ prospect of important deals involving the Van
/ derbilt railroad properties. Rumors that some
thing of this kind would come out had been
T heard for several weeks past and 1t was thought
( that the passing of the semt-annual dividend
/ by the Lake Shore and other companies would
! involve agreeable surprises. But neither the
serni-annual statements nor the dividends OF
the Vanderbilt companies bore out such antict-
Datsns and the speculation was about to fall
+ back on the old story of a probable anlal
tiorI of the Union Pacific with the Vanderbilt
system At this junctlfre came the statement
that propositions for the acquisition OF the
Boston and Albany by the New York Central
+ had been formulated and practically agreed
uI5sil.* The absence Of explicit denials seemed
significant and; giving, as It did, support TO
+ their circulation. Of renewed rumors of in
creased dividend payments by the Omaha and
/ or :: further important deals under Vanderbilt
auspices stimulated buying movement in
I that grour of stocks with rapid advances in
! New York Central and its companions. Lon
I don purchases contributed. effectively TO this
( movement, the action Of the foreign market
7 being the more significant because of the
! TransvaaI complications. The sensitive condi-
!. tiors of tile Berlin and London money markets
and other circumstances resulted in heavy and
T dull speculative conditions abroad apart from
(. the. a Anlerican department