The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1897-04-03
may be for a time considerably


stricted.
The markets for products has been
variable and uncertain. Wheat closes
cent lower than last week, and the
May option has declined 2 cents. West
ern receipts for the week have been
2,1S1 ,557 bushels, against 1851 ,2Oo last
year, while the Atlantic exports, flour
included, have been 2,1S5,21S bushels,
against l ,2S0.013 last year. The move
ment of corn continues so large as 10
materially affect the demand for wheat,
Western receipts having been I91o,-
S62 bushels for the week, against L.
946,045 last year, and Atlantic exports
4 ,291 .629 against 1,065,396 last year.
Current trade estimates regarding the
wheat crop are little more favorable
and somewhat more likely to prove re-
liable, as the advance of the season
makes the condition Of growing wheat
better known.
The buying of wool by mills is still a
noteworthy feature, being far in excess
of current consumption, but there is a
much larger volume of transactions be-
tween dealers, and at the three chief
markets the sales for five weeks have
been G3, 125, 200 pounds, against 2o,3u,-
GO in. tn same weeks of 1877, Wnen
the mills were well employed. Prices
are very strong, both here and at Lon
don, where the advance is 10 to ~ per
cent but there are feverish 1rregularl-
ties. indicating that holders are not
all of one mind, and some remember
that many large mills have taken
stocks for a full years consumption.
The iron and steel industry has been
staggered. so to speak, by the decision
of the Supreme Court affecting the
railroads. since it is apprehended that
purchases not only of rails but OF cars,
locomotives and bridge materials may
be affected The demand for rails IS
still considerable, and one order is
pending for 10000 tons for Japan, but
the reduction in mesaba ore with the
want of agreement as yet, among pur-
ducers of hard ores, tends to encourage
the belief of lower prices for finished
products and also to hinder buying. The
great struggle between the ore produc-
ing companies of Mesaba has not yet
so far developed that anybody can feel
confident as to the future cost of iron.
NEW YORK. April 2.-Bradstreet's
review of the stock market tomorrow
will say:
After some further decentralization in
the early part of the week, due to ex-
aggerated fears of rate cutting, as a
consequence of the Trans Missouri de-
cision, stock values have on the whole
tended to recover. This was the result
of the fact that railroad managers, as
a class, are behaving with great con-
servatism, and refraining from cutting
tariffs or any action that Will disturb
the situation. The decision of the
Western managers to retain their con-
tract agreement not as a traffic aSSO-
citation. but as bureau of information,
and of the trunk lines to continue their
Joint traffic association pending the re-
suit of the case involving It's legality,
both had a very good effect. The
prompt introduction of a pooling bill in
the Senate also tended to restore conf
it doubtful if action can be Sc
cured on such a measure at this session
of this Congress.
On the ether hand, the market has
had some unfavorable factors to con-
tend with The European political sit
uation has been very strained, and the
London market nervous and inclined to
do nothing. while reports that war was
on the point of breaking out between
Greece and Turkey, though not verified.
found temporary belief, with a disturb
ing effect on prices. The fact that the
tariff bill, after being rapidly passed in
the House. has gone to the Senate,
where it will doubtless meet with both
delay and considerable change, also
has a tendency to introduce an event
Of uncertainty in business which the
stock market cannot but regard.
Above all, the extreme weakness of
the coal stocks, notably Delaware and
Hudson and New Jersey Central, and
the evidence of heavy liquidation on
the latter, have been unfavorable to all
bull speculation, and have kept up the
bearish inclinations Of the room trad
ers. The latter, in fact. seem to have
kept control of the market. The re-
cent break eliminated public interest to
a large extent, and the general condi-
tons are not favorable for large oper-
! ators to take the initiative on the bull
side. London has confined itself to COW
ering shorts put out on the Trans
Missouri decision, and to that extent
has been a help to prices, but though
the general feeling is less apprehensive
the general market SENS likely to re-
main in an active and undecided condi-
ton.