The herald., 1898-05-07
Bradstreet's Report

Bradstreet's Report
NEW YORK, May 6.-Bradstreet's to-
morrow will say:
Evidences accumulate that the corner
has finally been turned in the trade situa-
ton, and that circumstances which have
hitherto been regarded as disquieting have
begun to give way to more cheerful condi-
tions, or are beginning to be recognized IN
it is claimed, and perhaps with justice in
many cases, that the changes yet noted
are largely sentimental, and little that Is
tangible is to be cited in the direction OF
Improvement, 1t Is not to be forgotten that
the dulness and even depression ruling
for some time past were likewise largely
sentimental, and it is now beginning to be
admitted by many, had even less basis
to rest upon than the present unmistaka-
BILE signs of Improvement. new sense
of national strength and energy seems
unquestionably to have developed since the
news of the American victory at Mania,
come to the conclusion that the .possiDle
effects of the present war have been al
ready largely discounted.
Among the more favorable features OF
the week have been the slightly easier tone
in the money market. and little more
disposition on the part Of financial insti-
tutions to accommodate legitimate de-
mands of trade Another has been the very
general feeling, in recognition of the criti-
cal position of wheat supplies in the low
ering or the suspension entirely Of import
wheat duties, notably in Italy, France and
Spain, and reflect in advances proportion
ate to the import duty in those countries
Prices, both at the seaboard and the inte-
rior, have broken all records for many
years past, while the eagerness of foreign
buyers to take hold at the advances fur
nishes testimony to the fact that the pres
ent wheat corner is not due entirely to the
fear of Interruptions in supplies, nor yet
to the successful projection of wheat cor
ner, but to a considerable extent to for
pi on n ia fn ri a
wheat stocks today are smaller than they
have been for many years past and that
some time must elapse before the admitted
ly good worlds wheat crop prospects find
expression in new supplies. OF considera-
Bile Importance in the determination OF ac-
tually stimulating business in some lines
are the large orders received for equipment
and supplies of all sorts for military use,
notably In the lines of cotton and wooden
goods, shoes, projectiles and ammunition.
1t, of course, will be useless to deny that
there are some unfavorable conditions in
view notably in the cotton and wooen in
dustries. In the former, print cloths have
again struck the lowest price on record,
with a quotation of l ISIS cents for stand
ard grades, and the woolen manufacturing
industry is as whole reported quite de-
pressed. In contrast with these reports,
chiefly coming from the eastern and middle
states cities, are the sales of a considerable
quantity OF raw wool, said to be for the
manufacture of goods ordered by the gov
ernment.
The wheat exports for the week reflect
the temporary check to demand caused by
sudden advances in prices and show fall
ing off, aggregating 2,47S,775 bushels,
against 4,449,OO0 bushels last week, and l.
$4,000 bushels in this week year ago.
Corn exports are larger this week than
16i 900 bushels. against 4 3i6, 900 bushels last
week. and 3,127,0O0 bushels in this week last
year.
Business failures are slightly smaller this
week. aggregating for the United States
24O, against 245 last week, and 22S In the
week year ago.
Financial Review
will say:
Last weeks extreme dullness has given
place to an active speculation, the feature
of which was the renewed purchasing of
securities. The movement began on Sat-
urday under professional speculation, and
the market showed considerable strength,
and on Monday, when the news of commo-
dore Dewey's victory at Manila was re-
ceived, there was an influx Of buying both
for long and short accounts. The move
ment was checked on Tuesday, more by the
fact that the next day was holiday than
by the absence of further information from
Manila or by the lack of evidence to SUBJ
stantiate the belief that Spain had ac-
cepted the lesson of her defeat and was
willing to end the war. 1t may also be
noted that professional interests, which
because they were cheap or to support
their own specialties, sold considerably
lower and that London marketed consid-
erable holdings on Tuesday. On Wednes-
day, however. London contributed to
renewal of the rise by taking a round
amount of stocks, while the local shorts
covered to such an extent that the bor-
rowing demand for stocks for delivery was
very materially reduced and commission
houses in most cases reported decided
accession to outside buying orders. In
consequence the rise was accompanied BY
a general advance throughout the list the
only tangible reason, apart from the belief
that Spain is clearly outmatched by our
navy, being the evidence that her internal
and financial troubles render further strug-
gle on her part absolutely hopeless.
The fall of Spanish fours to below 80. the
rise of the gold premium at Madrid from
60 to ia, and the run on the bank of Spain
and other institutions, were considered q
justification of this view