The times., 1898-01-22
STOCKS AND BONDS LOWER
Events in Washington Have an
Effect Upon the Market,
Declines at the Opening Not OF Suf-
ficient Consequence to Make
Feature.


stock market did not develop definite
| and sustained tendency. The granger
| shares and the railway list at large
| We're duh and the trading, in even the
| fashionable Klondike group, so-called,
fell away in comparison with the ear
| lier days Of the week. Furthermore,
there was heavy realizing in the North
ern Pacific shares, the logical leaders
| of the group, and the other members
| We're less buoyant in sympathy. Man
| haitian Railway and Sugar Refining
| were very strong and active.
The market opened lower, following
| the lead set by the London prices for
| American stocks. Both markets were
| affected by the size Of the silver vote in
the SeHate on Inc "Iener resolution,
ana by the speech maze ny the cnaIr
| man of the mouse Commulee on For
elgn Affairs III respect 10 the Cupan
SITUATION. stun the ueciines mace ar
the opening were not materially in
creased IN the subsequent dealings.
me lorelgn dealings mere on balance
were not important, enough there We're
faIi1y large purchases OF Ontario ana
W eStefn on the entrance into the di-
rectoTate OF a representative OF the
Vanderbilt interests.
The anthracite snares, while not act
I've, We're heavy presumably in connec-
tion With the developments in the long
pending suit attacking the Legality of
the alleged agreement between the coal
companies.
In the bond market the issues Of the
Northwestern companies We're reaction
airy, but elsewhere the tone was firm,
particularly for Union Pacific, Denver
and Gulf and Wisconsin Central issues
The market closed steady. but without
special activity.
BradStreet's circular says: "A large
measure of activity in business and in
dustrial lines, with, in some instances,
previous records surpassed and very
general steadiness in prices of staples,
is perhaps the most notable feature OF
the trade situation this week. Quo
tations OF cereals show the most ag-
gressive strength, while those of some
makes Of pig iron betray rather more
decided weakness than they did week
ago.
Mild weather is frequently mentioned
as an influence tending to check retail
distribution of seasonable goods, chief
ly because of the effect on country
roads Spring trade opens slowly, as
usual at this time of the year. but con-
fidence is still impaired.
Higher prices for wool abroad, based
partly on short yield reports, are re
flected in the firmness of domestic quo
tations, although the demand, while
comparing well with most preceding
years. is smaller than it was at this
time III 1891, when tariff changes were
anticipated. The industrial situation,
with the single exception of the cotton
industry. Is one Of exceptional strength.
As yet the strikes in this branch of
trade, however, are largely confined 10
Massa chusetts.
AT the East boots and shoes reflect
the strength of hides and leather in an
advance on heavyweight goods.
MEMS wear woolens are also nloy-
ing fairly well. AT the West distribu-
tive trade is slowly improving, while
at the South q fair January trade is re-
ported, particularly in the Mississippi
valley. Good returns from last years
Louisiana. sugar crop find expression
in higher prices for sugar lands, and
business is active on the Pacific coast
Dun's weekly review of trade says:
With a volume of business remarka BILE
for the time of year, 3S per cent larger
than a year ago and 1914 per cent larger
than in 1892. in payments through
clearing houses, it is not discouraging
| that one or two Industries are la aggins.
! The demand for most goods is more
| heavy for the season.
Manufacturing works are better en-
| ployed. and orders booked and pros
! poets for the future are more encourag-
| ing than at this season in any other
| year of which equally definite records
! exist Exports of products continue
surprisingly heavy in spite of some
! rise in prices.
The rise of wheat above dollar in
| regular sales was not accompanied by
| signs of speculative excitement. In
fact, the continuance of extraordinary
! exports, 2945,70 bushels. -four includ-
| ed, for the week from Atlantic ports,
| against 1.573,2l5 last year and for three
weeks 9.002, ,493 bushels against 5.559. .532
| last year, would give excuse for high
prices, even if the corn exports were
| not enough TO suggest great foreign
| need, amounting to 92I01S9 bushels
| against 1914 ,293 for three weeks.
| Just when unprecedented production
| of pig iron was causing weakness. ex-
| traordinary demand for finished prod
ucts appears. For this reason. at least
! the general demand is beyond prece-
! dent. including 150 900 tons of steel rails
| for the week and 100000 already this
| year. and orders for plates so large
| that Pittsburg works send away some
to other concerns. unable to fill all they
| receive Orders for bar are such that
| many concerns are obliged to refuse
more, and an excellent demand for
| sheets and fair for structural forms.