The times., 1899-05-20

The American Graphophone Company has
declared quarterly dividend OF per cent
on common stock, payable June 10, in
stead of 3-4 per cent as heretofore.
New York, May 19.-Bradstreet's tomor-
row will say: The feature of the trade
situation this week is the renewed strength
of wheat and other cereals, iron and steel,
and last but not least raw wool, which
has heretofore Jagged behind other staples
in discouraging way. The price making
features in cereals are not entirely of an
encouraging character being chiefly the
less favorable reports as to the growing
crop West and Northwest and advices OF
insect damage influencing Western mar
kets toward higher plane in face of a dis
couragingly small export business. caused
in some degree by the continuance OF the
strike of grain handlers at Buffalo. check
ing the movement of large quantities of
grain to the seaboard. The added strength
in iron is based largely upon heavy buying
of pig iron in the Central West
Excitement in iron is not confined en-
tirely to this country. however, as shown
by a speculative advance at leading British
markets, but a sample of the irregu,arity
caused by the immense current worlds de-
mand is furnished in the case of foreigners
seeking supplies in this country at the
placed by American companies with Eng
lish makers Foreign wool markets con-
tinue above American. Aside from the
exceptions noted, the tendency is toward
steadiness in prices and most provisions.
coffee and sugar among groceries, and cot
ton and various manufactures among tex
tiles, are reported unchanged on the week.
Speculation in cotton lags, notwithstand-
ing good trade advices at home and abroad
and less favorable crop reports. Lumber,
as for a long time past, continues in ex-
cellent demand.
Less favorable weather has tended to
check distributiye demand at retail, but
in wholesale lines trade is regarded as
very fair and even satisfactory for the
advanced stage of the season. Improved
demand for dry goods, lumber. and wool.
the latter on Eastern buying. is reported
at st. Louis, and iron and steel consumers
are anxious for supplies Bessemer pig
iron is higher at Chicago. Louisville to-
bacco receipts are large and the market is
strong. Birmingham advices are OF great
industrial activity and new iron furnaces
blowing in. Improved trade conditions are
reported at Savannah, Atlanta, Knoxville,
and New Orleans the latter being caused
chiefly by local celebrations. Trade in
| the Southwest is reported rather slow,
partly owing to weather conditions, but
large. Trade advices from the Northwest
are in the main favorable. California
crops will be good, and business at San
Francisco is favorable. At Baltimore
trade is quiet except as to lumber, which
retains all its old activity. The strength
of cotton goods at the East is feature
of note.
Failures for the week were 166. against
2l1 last year.
New York. May 19-Dun's review to-
morrow will say: Decline in stocks after
the death of former Governor Flower was
entirely natural. His personal influence
was worth many millions to corporations
which he chose to join. The stocks in
which he was largely interested were
strongly supported, and after an hours
weakness began to recover, but his place
in business will not be filled in an hour.
No other occasion appeared for weakness
in the market and very large share of the
depression in industrial stocks had pre-
viously appeared on Tuesday, owing to
the multiplication and highly magnified
stories Of new combinations in iron and
steel. The official report OF foreign trade
in April showed decrease compared with
last year of $4,000, 900 in the export of
the pricipal products, but an increase in
manufactured articles, and in that respect
the month was only surpassed by March.
The stock market went wild on Saturday
for half an hour. but closed higher and
has advanced this week small fraction.
The industrial stocks were at the top
OF speculation in these days and the spec
ulative demand for securities must here
after always be distinguished from the
legitimate business of the Industrial COM
panies as producers. While the buying
OF 100000 tons of Bessemer pig at Pitts
burg gave reason for the advance in prices
to $3.50. with gray forge quoted at SIS per
ton. 1t is not quite as clear as 1t might