The herald., 1898-11-12
Bradstreet's Report

NEW YORK, Nov u-Bradstreet's to-
morrow will say:
While the influence of the elections and
of unfavorable weather has been such as
to temporarily reduce the volume of cur
rent trade. the innate strength of the gen.
erai trade situation is shown by the very
satisfactory reports received as to bank
clearings, railroad earnings, prices and
other measures of business development
AS Is well known, for some time the iron
trade has been rather bare for new bust
mss and the desire to see the elections over
before new contracts were made has been
frequently expressed. 1t is, threfore,
significant feature that this week more in
curry is to be reported for pig iron and al
though new orders are not as yet numerous,
this fact itself Is an encouraging one par
ticularly as further gain In production
trade there is rather more anxiety for new
business and some price shading to secure
1t is reported. The mainstay of the allied
Industries at present is undoubtedly the
Immense. export demand, which is taxing
the available freight-room capacity to ac-
commodate, and, with the strength abroad,
Is likely to furnish needful outlet the
is still in process of arrangement joint
selling agency is outlined, and reports are
even heard of $40 per ton having been fixed
the report again of the completion of the
tin plate combination, which is expected to
control practically the entire output of the
country.
The cereal markets have been quite
steadily held, notwithstanding the subsid-
ence of the war talk and less active foreign
demand. pointing to the strength Of the
statistical position Of most grains.
The sugar war goes merrily on. An in-l
dependent refinery has started and the
margin between raw and refined is only
Al of cent against margin before the
fight began of nearly .92.
Wheat including flour, shipments aggre-
gated 3o47 ,69S bushels, against 6,77S,645 last
week, 542 bushels in the corresponding
week of 1897, 4,66l,5l5 bushels in 1896 5, ,s25,,
025 bushels in 1895, and 1900, 725 bushels in
725. Since July the exports of wheat ag-
gregate T,22o,211 bushels, against S9,219, ,624
bushels last year.
Business failures in the United States
this week numbeh 1877, against 1888 last week,
27s in this week year ago. 25S in 1896, 279 in
Business failures in the Dominion of Can
ada this week number 30, against 81 last
week, 80 in this week year ago, A in 1895
and As in 1895.
FINANCIAL REVIEW
Bradstreets financial review will say:
As result of the congressional elections,
which. are construed as meaning that the
free silver issue will disappear, the securi-
ties market In the latter part of the week
developed u great activity and decided
ings and bonds and haevy buying Of both
stocks and bonds for foreign account. Trad
ing in bonds at the New York stock ex-
change has attained the largest ,propor-
tions ever known, and while good deal
of 1t is no doubt due to speculative purchas-
ing, 1t Is conceded that the investment de-
mand which has been in evidence for some
time past has received decided impetus.
The apparent appetite of London and the
continent for American securities Is at
tributed directly to the elections on Tues
day and the belief that sound currency leg
isation Is in sight. 1t Is the more remark
able because of the strained condition of
foreign politics keeps the European stock
markets dull and depressed, while the
money market, while little less uneasy,
is still high. The foreign purchasing Of
stocks assumed sufficient proportions to
cause a sharp decline In rates of exchange
here. This keeps up the buying of time
drafts on London for investment, or rather
for the purpose of carrying them on loans,
which can be obtained here at ~ per cent.
In some quarters there Is, however, an
idea that active speculation and the prob
able further expansion of the countrys 8
trade will result In higher money market
and this Is regarded as one of the obsta cles
to the continuance of an active and excited
speculation.
Attention Is also paid to the possibility
of foreign diplomatic complications aris-
ing in connection with the Philippines uues-
ton. Apart from these matters, the devel-
opments Of the week have been generally
favorable railroad earnings showing con-
tinued increases, while the roads are car
rying an enormous tonnage and complain
Of a scarcity Of cars. The rate situation is
obscured somewhat by this fact, and it
seems that the cutting has not become
worse since the Joint Traffic association