The herald., 1896-01-04
COMMERCIAL CONDITIONS
As Seen and Reported by Expert
Observers
A VERY DULL HOLIDAY WEEK
Manufacturing Centers Report Some
SIackening of Activity
10, I ina EoIJ e.
Jobbers in Leading Lines Express FnlI Conf.
dence of improvement in Trade in
the Near Future

New YORK, Jan. 3.-Bradstreet's tomor-
row will say:
The wesk which ended 1895 and ushered
in 1896, has been very dull in mercantile
circles, as is usual at this period. The vol
ume of business has fallen away sharply,
owing to the New Years holiday and the
quiet in trade circles at time when stock
taking and preparing samples for COM
merclal travellers are taking the attention
of jobbers and commission houses:
slackening of activity in some important
manufacturing lines is also noticeable.
kilograms from mercantile centers report
slow orders, the exception being at few
points in southern states. Jobbers in lead
Ing lines at many centers are confident as
to the outlook for the trade in the near
faturs, although in instances fears are ex-
pressed of an unfavorable effect, due to in
ability to secure necessary legislation on
financial questions.
Exports of wheat and flour, both coasts
OF the United States, this week amount TO
3,965,73l bushels, compared with 3, Az
600 in the corresponding week last year
and 3, 100000 in the week two years ago.
As is usual at this season there is con-
siderable increase in the number of bus-
ness failures in the United States, the total
reaching 403 this week, against 3l6 last
week, 372 in the week one year ago, 46O
two years ago and 313 in the week three
years ago.
Bradstreet's review of the stock market
says: Early in the week Wall street was
confirmed in its belief hat the govern
ment would Issue 81 100000 OF per cent
bonds to provide for the treasury specie re-
serve. The announcement was made that
j. z. Morgan q Co. were forming a syndi-
cate to subscribe for this amount, with the
further privilege or oblig ttion las it may
be regarded) to take supplementary is
sue of a like sum. 1t also transpired tn at
the syndicate has been largely over sub
scribed. that foreign interests have taken
part in the operation to an unknown
amount and that banks and institu ions
Throughout the country, as we'll as in this
city, have shown a marked readiness to
surrender their gold holdings for "a share in
the new bonds. These developments have
cht cked the depressing influences that af-
fected the stock market and caused a very
strong undertone to assert itself. The
street is fully aware of the reasons for de-
laying the public announcement of the new
bond issue. 1t is fully appreca ed that the
senate must be allowed an opp ,rtunity to
act upon the bond bill which passed the
house of representatives last week. There
seems to- be no doubt that the senate COM
mittee, which is dominated by the silver
men, will convert the bill into free silver
coinage measure The report of the COM
mittee, it is concluded. will be the signal
for action by the administration in regard
to the issuing of bonds and this may carry
operations over till next week At the same
time there IS no evidence that the Morgan
syndicate has made a definite contract
with the treasury, and the price at which
the bonds will BIZ taken is also unknown.
London has not been an important factor
in this market. The unfavorable feeling
toward American securities caused by the
Venezuela incident has become less pro-
nounced. but leading houses there, includ-
ing the Rothscniids, have refused to inter-
est themselves in the new United States
loan. The political troub es in South
Africa, have, in a measure, withdrawn at
tention from American stocks and finan-
cial affairs, and it is to be remarked that
while London prices were lower on several
days Than quoted here, there was little
selling from that quarter. Several impor-
tant German financial interests are re-
ported to be large subscribers to the bond
synd icate.