The San Francisco call., 1899-07-08
CLOSING;
BRADsTREET.s FINANCIAL REVIEW.

NEW YORK. July 7.-Bradstreet's Financial
Review tomorrow will say:
The formal announcement of last Friday weak
that the lease of the Boston and Albany has
been ratified by the New York Central direc-
tors. gave a further decided impetus to specu-
lation on last Saturday. The market, accord
ingly closed decidedly strong for the three
days holiday, and totally disregarded both the
advance of call loan rates TO 545 per cent
and the Unexpectedly heavy reduction of bank
reserve shown by the clearing house averages
for the week. The speculative world is inclined
to regard these two last mentioned crcum-
stances as well as the maintenance OF rela-
lively high call loan rates since the holiday.
a +ernnorary effect of the enormous ,Tllv inter
est and dividend disbursements The fact that
Saturday the Nanderblts, Changers and
Standard railroad shares rose sharply and at
tracted nearly all the attention. showed the di
recton which the movement was inclined 10
take. 1t may also be specially mentioned that
Pennsylvania shares were a feature, rising TO
1875, which shows the Importance the street
attached to the alleged presence Of its presi-
dent, Mr.. Cassett at the ratification OF the
Central-Albany lease. There nave been ru-
mors that a compact had been made by which
the Pennsylvania is to acquire control OF the
New York. New Haven and Hartford Railroad.
That. however. is deemed impracticable and
desirable and the only valid deduction that
can be drawn from the circumstance in qdes
tion is that unusual harmony prevails in the
London prices for Americans advanced on
Monday and TUESDAY when the New York and
other American markets were closed. When
+he market reonened on Wednesday II had the
buIlish influence to support it well as the
general expectation that a large part of the
Extraordinary July disbursements, amounting
from Sl20 900 900 $3.50 600 000, would find their
way into Wall street for investment The manip-
ulation was mainly directed to advancing prices
in various parts of the list. Pools and promi-
houses were active in connection with
their specfalties while the bond market pre-
sented decldedly nrfn appearance. mere, mere,
however, appeared to be disposition 10 take
potts in the Vanderbilt and Granger shares.
which caused recessions from the early high
prices for these securities and nuuper or
specialties and low priced shares came to the
front. The industrials, too, once more became
active and exhibited the influence of specua-
tive support and buying. These tendencies
serted themselves more significantly in Thurs
days trading the tone of the market that
day being strong in the main but were irreg-
uar in different parts of the list and more OF
a 5isnosifion to nav attention to the firmness
of call money and the failure of rates to relax
Immediately. On Friday the tone was gener-
ally firm and was not affected by official de-
malls of exaggerated reports about the Wander
Pennsylvania alliance. The junior Van
derbit stocks were strong features and ad
properties.
BRADsTREET'S ON TRADE CONDITIONS.
NEW YORK, July 7.-Bradstreet's tomorrow
will say: Holiday observances and semi-annual
stock taking have worked toward quiet in gem
eral trade and industry, but it is significant of
the favorable conditions ruling in this
pared with previous years that trade advices
point to rather more than the average business
being done Notwithstanding the checks to de
mand shipments above mentioned. Additional
are fully as favorable those in Bradstreet's
review last week. and furnish an adequate
which the business world faces the latter half
of the year Bank clearing returns fully bear
out estimates given last week. pointing
precedented totals and enormous gains for the
six months period over preceding years, while
steady strengthening of quotations of staples
and exceptionally tew decreases in prices reg
export trade little below that of last years
phenomenal total, what little falling off there
takings OF American food products
Preliminary reports as to railroad gross earn
the month and the half-yearly period. the
gains, in fact, being the heaviest reported this
year.
Dstrlbutive business. on seasonable account
is naturally a small scale. but orders for fall
making favorable comparisons with last year.
In the iron trade the strength Of prices and
ther advances in pigiron being notable this
week and delays growing out of inadequate
suppiles are becoming increasingly numerous
woolen trade. Prices of better grades have been
dealers and manufacturers in sympathy with
the advance at London. The manufactured
product is strong and the new season opens
Cotton has strengthened quite considerably
owing to very heavy rains eliminating in dis
The wheat market has moved within narrow
range this week. weather conditions furnish
the closing Of the week witnessing considerable
firnness on short covering, due to less salts
factory crop reports from the Northwest
which are however not confirmed by continued
heavy receipts at primary markets, by the
rather better than expected out-turn of winter
wheat and by the confident reports as to trade
received from the Northwest.
Among the industries which report more
cheerful outlook than for some lime past is
that Of anthracite coal, which was advanced
25c ton July l.
Rather more strength is noted in lumber and
the same Is true of leather particurly calf
skins for which It Is understood the Govern
ment is IN the market for considerable guam
titles Sugar has sympathlzed with tendencies
of foreign markets. in which speculative actv-
ity has figured conspicuously. The extension
of the guarantee period on refined grades gives
color to earlier reports that competition Will
not be especially bitter during the coming sea
Wheat, including -four, shipments for the
week aggregate 3.75S,972 bushels. against 326S-
s9S last: week, 2. rs. .642 in the corresponding
in 1896 and ., ,317 z37 in 1895
Business failures for the week number 136 as
against 15S last week. 241 in this week a wear
ago, 213 in 1897 21a in 1896 and 266 in 1895.
Business failures in Canada number 25 as
compared with % last week. Is in this week
year ago "a in 1897, 80 in 1886 and 30 in 1895
DUN'S WEEKLY REVIEW.