The herald., 1896-01-11
COMMERCIAL CONDITIONS
As Seen and Reported by Ex-
pert Observers
FEARS FOR GOLD RESERVE
Checks the Activity in Speculative
Dealings
All the Conditions Political and Industrial
Are Cause for Hesitancy Rather
Than Hopeiulnsss

NEW YORK, Jan. -Bradstreet's weekly
review of the New York stock market says:
Speculative interests are unqucstionably
somewhat dismayed by the unexpected
launching of the $1OO,O0O,ODO govern
ment bonds as a popular subscription.
The principal factor of disturbance was
the idea that the period of thirty days
allowed for subscriptions would allow op-
portunity for further depicting of the gold
reserve and for the development of other
uusettling factors. 1t was observed that
while the public was taking no interest in
speculation and that the hope of boom-
ing tendency which sale of bonds 20 the
Morgan syndicate might have created, had
been defea ed, there was no liquidation
and the leading in erests in the market,
while inclined t. and aside, had no dis
position to work on the short
side. Further consideration of the matter
led also to several other important conclU-
sions. In the first place it Is the opinion
of the street that the Morgan bond syndi-
cate will not disband, hut will put in a bid.
with the chances in favor of its Obtaining
the whole, or at any rate all but small
portion of the bond issue. The fact thas
the public even if it wants the bonds. cam
not obtain the gold with which to pay for
them. is a Limitation upon popular sub
scriptioTs; while the banks which h ave the
bonds are more likely to act in accordance
with the syndicate han to take he alter
native of paying a high price or having
their individu j bids REJECTED. The with
1rawals of gold from the tire sury have not
be6n eSces sive, am uniting in all to 81, ,OO0,-
coo or more for the month, while there
is evidence that the treasury has armed
itself az ,inst such depletion of 8 reserve
by an agreement with certain New York
banks To suppl. it with god during the
thirty days of suspense. The money IN ar
ket. although firm, has calmed down con-
siderably and althou IN gold exports for the
week amounted 20 $3.50. 900 Cncludiug
ST. O.000 AIKEN from the treasury two
weeks ago and held in The bankers vaults)
The exchange market is not active or
rong as to indicate heavy ou flow.
These factors, therefore, asserted them
selves and caused marked hardening of
values throughout the balance of the week.
Al tie sane time tho market has been
very harrow and covering of short Con-
tracts fur ished the bulk of the buying.
The foreign markets have been in
fluenced almost entirely by Transvaal
co plica ions, and the VenezueIan ques-
tion has been releeated to the background.
This, with the less acute feeling abou' the
la ter subject, has che cked foreign selli' &
of American secnritie and even induced a
certain amount of professional short cover
ing Tor London account.
Bradstreet's tomorrow will say that gen.
erhl tr de has not improved appreciably.
Some Wholesale houses are sending out
travellers, while Others have not completed
taking stock account. Mild we ither at
western points has interf red with busi-
ness in some instances. and the week coIl-
tinued 10 present characteristics of he
tween-seasons period. The impression
is general that uncertainty as to
finan ial action by congress and
disturbing poliucai conditions have an
unfavorable influence on the prospect for
new enterprises. Mercantile COLLECTIONS
east, west and northwes are complained
of, hut at the south the comparative ease
with which they are made forms conspic.
uous exception. Demand for funds at Va
rious western centers is the most active for
year. Stocks of wholesalers at many of
the larger interior distributing points are
low. Eirst advices of statesmen are of mod
erat" dema d for goods.
Exports of wheat flour included as
wEeat) from both coasts of the United
Sta es this week amount to 3,457.OO0
bushels. a. compared with 3,965 900 last
week, 5s7 900 IN the week one year ago,
2.4OO.uUO two years ago, and 3,}US 900
in he corresponding week in 1893.
There are 4I6 business fai lures In the
United States this week, aggregate last week
4u3 IN the W. elk one year ago; il WAS 405,
and in the corresponding week of 1874,
ju't after the panic, it was 4S4, VIII lie in
the like week of 1898, five months prior to
the fiuancial distut bance that year, 3Ol.