The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-09-17

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Bradstreet's Report
NEW YORK, Sept 16-Bradstreet's to-
morrow will say:
Reports of still further enlarged distri-
button at most western markets and slight
improvement at eastern centers, where the
demand has been slower to ma terialize, en-
larged foreign demand for breadstufrs, in
creased railway earnings, not entirely due
10 the swelling movement of the grain
to market, which, indeed. Is behind last
year record; bank clearings increased over
last week and over all corresponding weeks
except one year ago, when speculation was
very active; rather better than expected
sovtrhlKeht crop reports and charging ex-
features tending to make the trade situa-
ton at present noble one. Crop impair
Hlent IN August, not unusual nor unexpect-
ca, proves to have been less than feared,
ana average conditions of leading crops,
notably wheat, corn, cotton and potatoes,
are better than one year ago. Operative
IN inducing the improved foreign demand
lor our wheat and flour, perhaps, has been
tendency to shade early estimates of the
worlds wheat crop this year some figures
neIng as low as $1,000 900 bushels, which
Wnlle larger ir than last year, is stil below
world wheat supplies and the slower than
expected movement from Americans farm
ers' hands to leading markets, has increased
the premium on cash wheat, with the result
or advancing prices. The continued rise in
ocean freight rates Is taken to confirm re-
ports OF recent large export sales.
Inc Quleter appearance of the iron trade
is confined strictly to new business. be-
cause mills are still fully provided with or
ders, and In spite Of a slight increase in
production, stocks OF pig iron are smaller
The export demand for southern iron noted
one week ago still continues. The whole
sale demand for lumber continues, in spite
of some complaint from retailers Export
trade as whole continues very satisfac-
tory, the. August total being swelled by
larger shipments OF cotton, provisions and
manufactured goods generally, larger than
August one year ago by A per cent, not
withstanding large increase In shipments
of breadstuffs. Import trade as yet shows
no particular expansion, and for the eight
cess of imports.
Unfavorable trade features are few and
are presented chiefly in the textile manu-
featuring trades, but here 1t is supposed
that the undeniably large distribution of
| dry goods this fall will soon be reflected In
improved demand.
Wheat shipments for the week reflect an
enlarged foreign demand for American
wheat and flour. aggregating 1876. 291 BUSH
els, as against 800, POS bushels last week,
9 29S,94S bushels IN the corresponding week
one year ago, 1865, 1926 bushels in 1896 2,530,
500 bushels in 1895, and 3537,2S3 bushels in
1894. Since July this year exports of wheat
aggregated $3.50 091 bushels, as against A,
0Gl 200 bushels last year.
Business failures for the week number
17S, against 142 last week. 1863 in this week
a year ago, 315 in 1896. and 2ls in 1895.
Canadian failures for the week number
20, against II last wetk, 80 in this week a
year ago, Al in 1896 and 1895, and 43 In 1894.
Financial Review
Bradstreet's Financial Review tomorrow
will say:
Prices have reflected the changing opin-
ion of the speculative market as to the
prospects of a disturbance in money, in
the early part of the week, the bad bank
statement of last Saturday and the expec-
tation that the continued drawing of mon
ey into the treasury would result in con-
traction of loans, caused more or less liqui-
dation by bullish spectators and gave an
opportunity for bear operators to attack
prices. The failure Of interest rates to ad-
of funds tended, however, to throw doubts
on this view, while the decline of exchange
he engagement of 81 900 900 gold in London
for import, the increase by the New York
banks of their government deposits and
the fact that loans were being shifted from
New York to other cities contributed to
create an easier feeling about the money
market on. Wednesday, and Thursday
caused a sharp fall in prices. On Friday
the rise continued, and was helped by the
engagement for import of about $1000,O O(
however, the exceptional weakness OF
American Sugar stock brought about a
general reaction.
The attitude of the secretary Of the treas
ury in declining to consider that the New
York money market exhibited symptoms OF
pressure indicative of serious derangemen,
of business or calling for action by the
treasury had no doubt share in bring
ing the stock market to its senses at Q
time when spectators were inclined to be-
lieve In the possibility of sharp furry In
interest rates. This has not occurred, and
the highest quotation for call loans has
been five per cent, with the bulk of Wall
street borrowings on securities at fully
one per cent lower. Besides the fact that
an advance of rates would bring gold from
abroad, probably in large amounts, 1t Is
recognized that the heavy payments for
the new government bonds are nearly fin.
ished and that an extremely unfavorable
bank statement today is unlikely. This
has led to covering of the traders short
sales, put out early in the week, and has
probably induced more or less repurchas.
ing of interests which sold stocks on feai
of tight money, while 1t also seems to have
LED to renewed ", support by eliques and arge
London's action in our market has beer
feature. Speculation there was depressed
by the renewed political complications ir
Europe, in Crete and in the Soudan. New
ertheess, at the decline there was foreign
buying, although the money markets
outflow from this country. Later on Amer.
leans became the feature in London, ant
the buying of stocks here for foreign ac-
count was moderately large, particular at
tention being paid to the Pacific stocks
The coming restoration of passenger rates
caused by the Canadian Pacific surrender
of claims to differentials has apparently
produced greater impression abroad than
| under recent circumstances, it has beer
possible for 1t to do here.