The herald., 1895-12-28
As Seen and Reported by Ex-
pert Observers
EFFECTS OF THE WAR SCARE
And Proposed Legislation to Protect
the Treasury
Business Failures In the Country During the
Year Exceed Those Of 1894 in NUM-
Der and Amount

Assooiat ted Press. Special Wire
New York, Dec. 27.-Bradstreet's
weekly review of the stock market says:
While last Saturday was marked by fur
Their liquidation and declines, which in
some cases exceeded those of Friday, the
short session checked the demoraiized feel
ing of the market and traders bought bs-
fore the close on the anticipation OF better
markets on Monday, both here and in
London. These expectations were borne
out by the actual results. The war scare,
which acted so powerfully on the imagina-
ton of spectators on both sides of the
ocean, had subsidized, and London prices
came in materially higher. This, with the
corresponding advances here, revived Wall
street courage ani the improv ement in
sentiment was reinforced by the fact that
NO difficulty was experienced in settling
balances at the stock exchange clearing
house, the transactions of which repre-
sented the enormous dealings and liquida-
ton on the preceding Friday. The deci-
sion of the bank clearing house to issue
certificates allayed the excitement and
pressure in the money market and had
considerable effect in maintaining the
strong tone of the markets.
4 quiet days market with probable re-
actions was expected on Tuesday. but LON
don agai came higher and the disposition
of the house of representatives to forego 8
holiday recess in order to adopt a financial
measure Of relief tended to keep up the
buliish feeling ill the eve of the Christmas
holidays. The market was less active
when 1t re-opened on Thursday, London re-
manning closed on that day, and the prin-
cipal speculative influence was the belief
that bond issue was likely to be brought
out by the treasury without delay. he
fact that the attitude of the majority in the
senate was one of hostility to bond legisia-
ton, robbed the tariff and bond bills pre-
pared over Christmas by the house com
mittee of ways and means of practical inn
portauce. The prompt passage OF the
former measure by tho house itself was
consequently disregarded. while criticism
Of the accompanying bond bill was gener-
orally adverse, not only because of the
"co,n" feature of the proposed 3 per cent
issue, but on the ground that IL embodied
no remedy for the continued depletion OF
the treasury gold fund through the REISSUE
of legal tenders after their redemption.
Wall street, to do 1t Justice. took no
stock in the canard of II loan of gold from
Russia, but was impressed by the belief
that continental bankers had been APP
preached with reference to the placing of
bouds for gold from abroad, and by the
cApcCtetou uIdl DdiiihSs Ootu ia wow 1oIh
and in other cities, would surrender por-
ton of them in the event of another sale
Of government bonds.
Brads,reet's review of trade tomorrow
will say As 10 the rule in Christmas week,
wholesale trade has been quiet. The holt
days and stock taking tends to make BUSH
ness slow and promises to make only
light trade until late in ,nuary.
Business failures in the country for the
complete year number 1903, an in
crease of more than per cent, notwith-
standing that This is the secoud year fol-
lowing the panic, in VIII CHI, as shown by
the records, it is usual for the number of
failures to decline. The increase of 2
by q gain of per cent in labili-
ties of those failing, and the CONNER
cial death rate, which averaged 1.20 in
every 100 engaged in business during five
years from 1890 10 1894 inclusive, and
ranged as high as $50 in the panic year,
1898, down to l.2l in 1894, has risen to
1.23 tnis year. The mere Sc in number of
failures is at the west, northwest and in
the middle states, decreases being shown
in New England, at the south and at the
Pacific coast. The per cent of assets to
Liabilities has ris IN from SO per cent one
year ago to nearly SO per cent, as contrast
ed with 55 per cent in 1898.
Exports of wheat, fi,ur included as
wheat both coasts of the Uni ed States,
this week amount to 1857 900 bushels,
a." INST O67 onl in the last week. .lS4.-
900 bushels in the corresponding week one
year ago, and 2,O3o,OOO bushels two years
ago. Ln,s ween foreign shipments of
wheat, flour included as wheat, are the
largest since the third week of January
last.