The herald., 1897-10-02
Bradstreet's Review

| NEW YORK. Oct. 1.-Bradstreet's f1nan-
cial review will say tomorrow:
Reactionary influences have prevailed in
the stock market this week. The check
IN the bull campaign which declared itself
last week has apparently DISCOURAGED the
public. and liquidation of outside holdings
mas taken the place of commission house
| buying. Equally significant was the alb
sence OF support from the pools and large
speculators.
There has been a number Of very favor
able developments. Railroad earnings in
particular present very encouraging re-
| suits, the August net earnings of the Bur-
lington. Pennsylvania, Erie and other roads
being fully up to previous expectations.
The increased activity of the iron and
steel trade might also be supposed to have
| a good effect. The hardening of rates for
money has not been accompanied by any
disturbance or pressure, and exchange
rates have been weak and worked natu-
rally in the direction Of gold importations.
These factors, however, seem to have had
no effect. and the efforts of the bear trad
ers to depress prices and cause further
liquidation met with little or no opposi-
| tion.
London was purchaser Of its specialties
at the decline, presumably to cover short
interests there, though 1t is also claimed
| tnat foreign speculative interests have
taken the opportunity to purchase for the
long account. In conservative circles the
prevailing impression is that the extension
or speculation has reached stage where
large interests scented danger from allow
Ing 1t to continue unchecked and that the
alleged realizing and withdrawal Of sup
port py such people was designed to avert
more severe shock to the market later
on, when 1t might be impossible to control
the situation. In the present instance it
| is indeed claimed that the reaction has
been more severe than the leaders expect
| ed. The fear OF complications with Spain
| over Cuba, growing out Of our new mitJ
ister's representations to the Spanish gov
Iernment, was allayed at the end of the
week by the fall Of the Spanish cabinet.
| The yellow fever at the south has un-
doubtedly been factor to some extent,
particularly in depressing the southern
stocks The Gas stocks are notably weak
on liquidation by speculative buyers and
some of the recent favorites in the outside
securities may have suffered severe set
backs. Among the strong features Of the
weeks speculation. Union Pacific securi-
| ties held leading place, their rise being
based on the decision Of the government
Ito abide by the decree of foreclosure. This
Involving the prompt sale of the property
| in November and the carrying out Of the
plan of reorganization. has been well re-
ceived on the market, although 1t has been
severely criticised by portion of the pub
TIC press. NOTtueTu IdCiliCo al Q StEOAS On
the belief that dividend will be declared
on the preferred stock next week. Sugar
shared in the general decline and Rock
Island and Chicago Gas were weak.
GENERAL TRADE REVIEW
Bradstreet's tomorrow will say:
General trade is marked by increased
activity in wool, hides, iron and steel and
their manufactured products, but busi-
ness in the quarantined districts is at
a standstill, and at all except few north
western distributing centers. in spring
wheat states, where business is relatively
most active, there Is q check to the de-
mand for dry goods, hats and clothing.
Favorable reports come from a region
extending from Knoxville. Tenn, to ST.
Paul. Mimi, and from Omaha to Milwau-
kee. The tendency is to increase the estd-
mates of the wheat crops and increase the
probable yield of cotton.
Wheat exports. fiour included, from both
coasts Of the United staes and Montreal