The herald., 1897-11-13

Failures for the week have been POI in
the United States, against 176 last year, and
"a In Canada against rs last year
Bradstreet's Review
NEW YORK, Nov. 12.-In its review of
the stock market Bradstreets tomorrow
will say: While speculation showed some
response to favorable developments, the
course of the market has been irregular.
After an improvement in prices early in
the week. the professional traders made an
attack on the market, and met with little
resistance, although on Friday prices were
again put up on the shorts. The absence
of public interest and the small volume to
which commission house buying has
shrunk are still noticeable factors. Large
interests have. within few days past.
extended renewed support to certain
specialties, but 1t seems that the cliques
and bull pools are for the present dormant
and that I'M spite of the much better devel-
opments in a number of directions manipu
lative activity is still directed almost en-
tirely against values The news which
could directly affect the market was almost
entirely favorable.
Among the favorable items were the
friendly one of the Spanish governments
note and the decision of the United States
supreme court in the long and short haul
case. An idea apparently developed That
the long and short haul decision was of con-
siderable benefit to the railroads. and the
strength the grangers took on Tuesday and
Wednesday was partly traceable to this
cause.
The coal stocks showed considerable
strength, because of the general belief that
orders will be issued 10 restrict production
and check the accumulation of unused
stocks of coal. Sugar was feature this
week. declining from 1885 to 1861. but rally
ing on Friday to l2SN. On the whole, the
market has been narrow and professional.
GENERAL TRADE REVIEW
Bradstreet's tomorrow will say; One of
the most significant features of the busi-
ness situation is found in the continued
heavy weekly bank clearings, that for six
days ending November 18th amounting to
81. 100000, an increase of 10 per cent over
the preceding week and 13 per cent COM
pared with the second week of November
1896, when business began to revive sharply
in speculative lines.
Railroad gross earnings show smaller
gains as comparisons begin to be made
with more nearly normal conditions one
year ago. Total October earnings of 127
companies operating 100000 miles of road
aggregate $55, 464, ,3S9, a gain OF 100000 over
September and 9 per cent over October a
year ago. This gain compares with gains
cent in August over corresponding periods
in 1896. The Pacific, Southwestern and
Central Western roads make the best
showing. Other favorable features are the
continued firmness of and activity in wool.
iron and steel. The heavy output of iron
and moderate reduction of stocks last
week suggests the improbability of the ad-
vance in prices of iron and steel next year,
which so many have hoped for.
Gold Waafhar in nd
northwest has stimulated demand for win
ter goods, particularly clothing
Exports of wheat (lour included as
wheaD from both coasts of the United
States and from Montreal this week
amount to 5,445,542 bushels compared with
6,59O,D00 bushels last week. 4, ,664, 900 bushels
in the week a year ago. 1928 COO bushels two
years ago, 2,909 600 bushels three years ago,
and as contrasted with 2.645O0O bushels in
the like week of 1893
There is an increase in the number of
business failures, the total throughout the
United States this week being 273 COM
pared with 223 last week, 25S in the week one
year ago, 279 two years ago, 2S0 three years
ago. and $40 in the second week of Novem-
ber 1893
The larger portion of this weeks increase
over last week is in New England and the
southern states.
There are SO business failures reported
throughout the Canadian dominion this
week. compared with "a last week. Ain the
week one year ago, and 45 two years ago.