The San Francisco call., 1899-06-24
BRADSTREET'S WEEKLY FINANCIAL
REVIEW.

D
some exhibitions of positive weakness, has been
the feature of speculation for the last six
days The stock market has been professional
to increasing extent and there was eNi-
dence that powerful influences have been active
/ on the hear side. Liquidation in certain spe-
cialt.es have been visible. though in some
stocks which were prominent in this connec-
tion the selling seemed to be the unloading OF
large blocks by people identified with the
manipulation. There was also a display or
strength in certain parts Of the list, as, FOR
instance. the Vanderbilt stocks. which might
suggest an accumulation process, ana otheT
groups. notably the anthracite coal shares
were steady ana apparently Walilhs luI @ @ueH 81
opments. The short interest. though naturally
much bigger than il was some weeks ago, pc ,
trays certain amount OF nervousness ahu d
decided readiness to cover at concessions, Whlch
prevented the declines from assuming STEADY
/ or decided character and in many cases llWlteu
them To small dimensions. 1t would seem that
the public and the street are inclined 10 sus-
pend Judgment as to whether prices, are 700
high or not until a more definite conclusion as
TO the grain crop results can he drawn Lns-
| Cussion of the crop outlook was. however. less
present than it was week ago. and among
the chief bearish factors have been the proDa-
bility Of larger gold exports. which are de
scribed in another column, being increased
by the strength of both the Berlin and
london money markets 1t did not escape no
tice however. but New York money has been
quiet and the interest rates continued com
paratiVey easy. even In the face OF require
ments caused by the extremely large interest
and dividend disbursements falling due on
July l.
the somewhat critical state of affairs in South
Africa. with its unfavorable bearing on the
London market not without erect. and
sellers OF stocks here, while favorable accounts
of the activity and sustained strength OF the
iron and steel trade seemed insufficient 10
counteract the impression of the market that
the capitalization of steel industrials has more
than discounted all the possibilities IN that
It was also noted that the industrials fur
nished the weakest part Of the list the break
In the tobacco stocks being a feature, while
the proposed amalgamation Of the several
spirit corporations in the American Dlstllllng
result far the market was concerned.
other than a sharp decline in American spirit
yr7.r,,f,cfiirinp The traction stocks and spe-
cialties We're irregular and weak at times,
though support was extended to them. and the
action Of a short interest seemed to result in
covering and rallies
Bonds have been active and the investment
demand already noticed has continued. In the
early part OF the week new high record prices
We're made in a number of prime issues, but
BRADsTREET's WEEKLY TRADE RE
VIEW.
NEW YORK, June 28.-Bradstreet's to-mor-
row Will say: Less than the average effect
OF approaching midsummer influence IS dis
cernible in current trade reports. Prices, too
show a strength unusual at this period, and
particularly in view OF recent steady advances
This is notably manifest, Of course, in the
iron and steel industry, where the tendency OF
values is still upward. though the advances
reported are not uniform at all markets, point
ing to individual instances Of business done
livery can be guaranteed, fancy quotations are
in many cases obtainabe and testimony to the
scarcity OF supplies IS universal. An unprece-
dented weekly output Of coke is colncident with
statements that the usual summer shutdown
in iron ard its allied industries will be ig-
norei and claims from Pittsburg OF the plac-
ing OF record breaking contracts for steel rails
for export to Russia, not. however. for i'm
mediate delivery. Predictions OF SZO Tor Besse-
ner are well within sight OF realization, and
warnings Of overriding tbs situation are more
numerous. Hopes OF Improvement in the
wooden goods industry have materialized in the
active demand at leading markets for the man
ufactured product, and simultaneously from
several markets come reports of abnormally
small stocks of light weight goods in dealers
hands Wool is more active and firm in sym
pathy Herewith, and sales are larger. though
mostly on speculative account. y feature is
hea:y sales OF high grade domestic wools to
foreign buyers. but whether this wool will go
abroad depends upon next week s London sales.
Improved crop reports are responsible chiefly
price this week. Wheat has been affected by
glowing reports from spring wheat sections.
but more especially by continued enormous de-
liveries OF old crop supplies, pointing to the
1888 spring wheat yield, and, therefore, the
heavily underestimated At the decline. how
ever. good buying on export account has de-
veloped Cotton crop prospects have continued
to improve and the raw product is lower on
the week. with shading claimed also in
print cloths although cotton goods, whole.
are in an exceptionally strong position. Raw
sugar is lower on unanimous reports of i'm
proving crop prospects the world over, but re-
fined sugar is in heavy domestic demand and
firm In industrial lines generally there is
little more than the usual friction in wages,
the most serious disturbance being the Colo
RADIO smelling works strike. The usual sum
mer shutdown Of glass factories is COM
plete Railroad reports point to an exception
ally large traffic doing and earning reports
tinue favorable particularly in the Northwest
but passenger and freight rate cuts in
creasing. Lumber retains all of its early ac-
tivty and strength.
Wheat, including -four. shipments for the
week aggregate 3. 49, 10 bushels, against 2,799.-
All last week B. 19S 40 in the corresponding
and l. 946 4G2 in 1888. Since July l this season
the exports of wheat aggregate 22l, ,769 672 bush
els against 279. 013 303 bushels last year.
Business failures probably reflect semi-annual
settlements, numbering the week 199 as
against I50 last week 220 in this week a year
Business failures in the Dominion of Canada
for the week number 10, against % last week
19 in this week year ago; u in 1897, Is in
1886, and 2S in 1895.
DUNS WEEKLY REVIEW OF TRADE.
NEW YORK, June pr. G. Dun & Cos
/ Weekly Review of Trade will say tomorrow
| The outgo of more gold this week. 81 000 900 50
| far reported, makes it clear that Europe is in
need The French Ministerial crisis has been
grave and prolonged, the collapse of German
speculation in industrial stocks threatens some
/ trouble. but perhaps the South African un-
( certainty causes most disturbance Whatever
/ The case. Europe needs money and cannot
must borrow. Exchange and trade balances
I show that this country is not called uDon to
/ pay, but the money IS worth more to lenders
abroad than it is here. Home finances are