The herald., 1898-07-16
Bradstrset's Report

NEW YORK. July 15.-Bradstreet's to-
morrow will say:
Pending the Initiation of new fall busi-
ness, preparations for which are actively
unoer way In many markets, there exists
a quiet midsummer condition, accompanied,
and confidence in a promising outlook for
TALL trade. Retrospection and review con-
tinue to furnish many illustrations of the
of the present year, some Of which seem
bound to be duplicated during the second
half. While there was little reason to ex-
Pc poet an anything IKE excited buying Of cere-
the worlds wheat crops all pointing to
exceptionally large If not record breaking
yields. stu the situation Of carried-over
supplies, visible and invisible, IL such as to
lead to- confidence in good demand for
most of this country's surplus, though the
outlook favors a considerable shading of
There Is a little more hopeful feeling In
the iron and steel trade. the result partly
OK increased output and stocks on pig and
Day OWING to the large
some mills will forego their usual sum nrer
shut.downs and others will curtall the
vacsEion period materially. More is doing
ported booked for orders until next winter.
some laage export orders are reported from
Except for some shading in cereals,
caused by the usual tendency to discount
government crop reports and look for larger
than Indicated crop yields, the price stu
alton Is one of considerable steadiness.
Contradictory reports come as to the vol
ume of export trade in wheat and corn at
the decline, but good business for this
time Of the year is undoubtedly doing: The
Is also freer, though farmers are rather
Independent at present prices.
Trade continues of midsummer dizziness
at the east, but more inquiry for raw wool
Is feature, and prices are well MAIN
tanned on fairly large business for this
time OF the year. Features OF the trade
mand for steel at Chicago, and Louisville
and ST. Louis report the fall trade outlook
as good.
ponding periods Of previous years, wheat
bushels, as against 2,72s' Isl last Week, and
comparing with 1,522.092 bushels in this
in 1894.
Business failures in the United States
number 1888, as against al last week: ri
in 1895. wv -0''
Business failures in Canada number Is,
1896, and rs In 1895.
Financial Review
NEW YORK, July 15.-Bradstreet's FL
Morethan customary irregularity pre-
vailed In the market this week. At its con-
clusion there was marked weakness devel-
oped on the basis of the surrender of San
tiago and the apparent Willingness of the
Madrid government to negotiate. Before
this point had been reached, however, the
market passed through several changes of
speculative sentiment. In the beginning of
the week 1t was strong on the belief that
Santiago would soon be taken, but by
Wednesday 1t experienced depression on
among the American troops there. At the
same time there has been strong under
tone, though the public mas been Inactive,
bic seller here. Activity in the stock list
has also suffered from the stamp tax, and
the professional element In the board room
ulatlve vehicle, owing to the fact that trans
actions In the latter are not subjected to
the stamp tax. This resulted In very ac
tive buying IN number Of classes Of rail-
terests to that part of the market having
tendency to improve values of bonds all
around. There was the best attention paid
some weeks back. The great success Of the
government bond subscription must. how
ever, be counted among the bullish factors,
decided satisfaction. The absence Of dis
turbance to the money<market from this
cause would prevent Its having. however.
any definite effects upon speculation,
though the belief Is that the success of the
loan and its having been entirely absorbed
by individual subscribers will bring large
amounts OF corporation funds which have
been held back to pay for new bonds back
into the general investment morket. The
crop news and rumors have ceased to be
much Of a factor In the market. but on
has been paid to the reports Of rate cut
ting. which, with the decreases in gross
earnings which many Of the railroads are
displaying for the present, has created
some bearish sentiment on railroad stocks.
This has not taken the form of selling
of the Granger and Trunk line shares. On
the contrary, its effect has been to turn
the speculation more completely towards
industrials in the bonds, while the weak