Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1896-01-15
THE VALUES HARDENED
Bond Issue Had Only One Effect
on Trade.
THE MONEY MARKET is CALM
Speculation in Products Has Not Beer
Active, Though VIII Eat aud Corn
Are higher.

New York, Jan. 10.-Bradstreet's
Weekly Review of Trade will say to-
morrow:
Speculative interests We're unques-
tionably somewhat dismayed by the
unexpected launching of $780, 600, 900 in
a government bond issue as popular
subscription The principal cause of
disturbance was the idea that the peri
cd of 80 days allowed for closing the
subscription would afford an opportun-
ity for the further depletion of the
gold reserve and for the development
of other unsettling factors. 1t was OBJ
served that while the public was TAX
ing no interest in speculation and that
the hope of the booming tendency
which the sale of bonds to the Morgan
syndicate might have created, had been
defeated there was no liquidation,
and leading interests in the market,
while inclined to stand aside, had no
disposition to work on the short side.
Further consideration of the matter
led also to several other important con-
clusions
I'm the first place, it is the opinion
of the street that the Morgan bond syn
dicate will not disband but will put
d
its obtaining the whole, or at any rate,
all but a small portion of the bond is
sue. The fact that the public, even if
it wants the bonds, can not obtain gold
with which to pay for them, means lin
itation of popular subscriptions, while
the banks which have gold are more
likely to act in connection with the
syndicate than to take the alternative
of paying a high price or of having theil
individual bids rejected. Withdrawals
of gold from the treasury have not
been excessive, amounting in all to
$1,000 600 or more for a week, while
there is evidence that the treasury has
armed itself against such depletion OF
it's reserve by an agreement with GER
tain New York banks to supply ii with
gold during the 80 days of suspense
The money market though firm, has al
so calmed down considerably, and
though the gold exports for the week
amounted to SO 600 Gncluding ST.,
500 900 taken from the treasury two
weeks ago and held in the bankers
vaults) the exchange market is not so
active or strong as to indicate heavy
outflow. These factors, therefore, as
serted themselves and caused mark
ed hardening of values throughout the
balance of the week. At the same
time the market has been very narrow
and the covering of the short contracts
furnished the bulk of buying.
"The foreign markets have been in
fuenced almost entirely by the Trans
Vaal complications and Venezuelan
question has been relegated to the
background This, with less acute feel
ing about the latter subject, has checked
foreign selling of American securities
Ind a
professional short covering for London
account"
DUN'S REVIEW OF TRADE.
New York Jan. l0-R. G. Dun 6
Company's Weekly Review of Trade
which issues tomorrow, will say:
THE new year begins with such un
certainty that business is somewhat re
tarded. The proposed sale of bond
offers ground for confidence in the fu
ture, but no one is able to determin
what its early effects may be in tn
money market, and for a time it is
cause for hesitation more than hope
lessness. Speculation in products ha
not been active. Wheat is about on
cent higher and corn the same, withou
a distinct reason in each case, for tn
government report, tardily eonformtn
to the commercial estimates of som
confidence. Wheat receipts at wester
points We're over double those of las
year, sos, ,702 against 1,3O5, 705 last yea
but the Atlantic exports We're litt
larger than last year. Corn receipt
are about a quarter more than lai
year, while Atlantic exports are abol
four times as large.
The industrial situation has n,
materially changed. There is mut
hesitation in the iron business. ar
some advance in Bessemer pig FinisI
ed products of iron and steel are {
the whole quoted little lower.
Business In nails is extremely slo'
Nothing is doing in rails, and whi
there is a rather better demand Z
sheets and plates and several thousar
orders are reported for structural worI
angles are quoted a shade lower T.
erything turns on the contracts for q,
which are still unsettled, but the gre
excess in production of pig iron ov
the present demand is no longer d
MED, and 1T is expected that quite
number of furnaces will presently d
continue the production, Low pric
Tor Alabama iron renew competiti
with eastern furnaces
sales or wool are large 6699 !.
pounds for the week, against 236
last year, although n large part of :
purchases is of a speculative char,
ter based upon the belief that nr,,
may be advanced IL the new tariff !
goes into effect.
Failures for the week have been A
against 421 last year"
BRADSTREET's TRADE REvIE
New York, Jan. 10.-Bradstreet,s u
say tomorrow:
General trade has not improved !
preciably. Some wholesale houses |
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