The times., 1899-05-13

ture if the market is in the least favor
able.
Manhattan was one of the strongest
stocks yesterday, though it's close was a
trifie lower than its opening. owing to
the dip in the entire list a moment before
the close. The stock was as low as 10
at one time and from that price it advanc
ed rapidly to above 113. The attitude of
Governor Roosevelt is understood TO mean
that he is not satisfied with the Ford bill
and wishes another law substituted be-
fore it is put into force. This the street
considers the most favorable turn that
could be given to events, as there has been
no question from the first that the bill
would be signed.
The activity of Tobacco yesterday was
interesting to number of traders. The
sentiment regarding this stock is very
much divided, but II is probable that the
majority of people who have had anything
to do with it have bought. despite the
statement that the compsny would only
pay six per cent dividend hereafter. The
stock opened at 1O3 and declined rapidly
TO 81, a drop of more than ten points in
two days. 1t advanced from this figure,
but closed the day with loss OF 1-2.
People who have inside information re-
garding the whisky trust deal are bullish
on the securities of that concern.
New York, May 12.-Bradstreet's today
will say: Reports as to trade conditions
are generally of favorable tenor, notable
among these being advanced quotations for
many grades of iron and steel. increased
activity in building lines reflected in heavy
sales of lumber at prices tending upward
a iirmer tone in the cotton goods market
sympathized in by the raw product. bank
clearings surprising all records for this
week of the year, railroad earnings main
tanning recent gains and business failures
as for some time past down to the mini
mum. Onsetting these in some measure,
might be cited the seasonable quieting
down of wholesale distrbutive demand
particularly for dry goods and clothing,
but most notable of all the further weak
ening of cereal values, rejecting the in
difference of foreign buyers, in spite of the
definitely conceded fact that our winter
wheat acreage has been considerably cur
tailed, lowered quotations of hog products
and some shading of prices in sugar, cop
per. and tin. If conditions of demand and
supply. invisible wheat reserves and foreign
crop advices did not favor lower prices
the Government report might have been
regarded as a bullish publication. Hides
and leather are in good demand and firm,
while the manufactured product is moving
well at recent advances. Business failures
for the week number 169 against ia last
week.
New York, May 12.--Dun's review to-
tomorrow will say: To speak truly of
business this week one must free the mind
OF stocks. severe decline in manufac-
turing stocks has created an impression
that i. has some relation to productive
Industry but il has none. There was
no change in the money market worth
mentioning and the volume of business
shown by payments through the principal
clearing houses was 7l5 per cent larger
than in 1892, the year of greatest pros
perity hitherto. which is more than double
the gain anybody considered possible a
year ago. The rise in prices since 1892
accounts for only an insignificant propor-
tion of the increase. Part of it is in spec
ulative operations, but more than half in
the quantity of products exchanged in le-
Ultimate business. Never before reach
ing a quarter of million tons per week,
the iron manufacture reports May l an
output of $50, 095 tons weekly, which inGi-
Gates a consumption of 1882 tons daily.
The average for four months is 81 02l tons
daily against 81, ,209 last year. Yet proposed
combinations hinder large orders in bars
and sheets, while the structural business
is as heavy as ever in small lots, and the
plate business, too big for all the works
TO handle, invites no consolidation.
Greater than in any previous year by
81 per cent, the actual shipments of boo.s
and shoes from the East reflect heavy
business with a general advance in prices.
Cotton is shade stronger at 6.25. with
Government and other evidence that the
reports of decrease in acreage have been