The herald., 1896-12-13
Local, Eastern AMI Foreign
Commercial Dealings
WALL STREET SPECULATION
How Russian Beet Sugar Production Is
Growing
Outlook for Sugar for the World in 1897.
Treasurer Parke Sizes Up the
Nail Situation.

NEW YORK, Dec. 11.-Bradstreet's
tomorrow will say: There has been
no Improvement in general trade this
week, except in holiday specialties. I'm
seasonable weather has again delayed
demand for winter goods, and the ap-
proach of the season for stock taking
will prolong the season of dullness weii
into the month. The tendency OF prices
10 more conspicuously downward, notlce-
ably for Bessemer pig iron, steel piliets'
rails, hides, leather, flour, wheat, corn'
lard, cotton and petroleum. Compare
lively steady quotations are reported for
wool, print cloth, lumber, pork and su-
gar. Coffee is higher. Many who nave
been extremely bullish as to wheat prices
regard a reaction as likely, notwith-
standing the outlook for greater hrm-
ness and higher quotations during the
latter part than during the first part OF
the current cereal year. The collapse
or impending dissolution of iron and
steel pools or combinations encourages
a belief that prices for those metals will
range lower. This causes buyers to With
hold orders. Exports of wheat (hour
included as wheat) from both coasts OF
the United States this week, snow Il
marked increase as compared with pre-
ceding weeks, and corresponding Weeks
in preceding years, amounting 10 4,zzz,-
S14 bushels, contrasted with 3,oo5'ooo
bushels last week, 2.45S,000 in the cor
responding week last year. 2,536.O0O in
the week two years ago; 3,2S1 600 three
years ago, and compared with 3,2'l ,Ooo
in the corresponding week in 1897 EX-
ports of Indian corn this week are also
heavy, amounting to 3,541,2 bushels;
twice as much as in the preceding week,
nearly so per cent more than in the cor
responding week last year. and very
much more than In ike weeks III tnres
preceding years
There are 3S1 business failures reported
in the United States this week, an in
crease as compared with the average
in recent weeks; 90 more than last week;
67 more than in the like week one year
ago, but two less than in the second
week of December, 1894, although ~
more than in the corresponding period
in 1893. AS compared with the like
week in 1892, the increased number of
failures this week is SO. There are AZ
business failures reported throughout
Canada this week; five fewer than last
week and three more than in the week
year ago.
Bradstreet's review of the New York
stock market will say: Congress having
actually assembled. the speculative
market has apparently lost much of its
fear regarding the action of that body
and it's influence upon the financial sit
uation. The professional Wall-street
operators manifested disposition to
sell last Monday on the appearance of
the presidents message on the ground
that the treatment of the Cuban question
was not as conservative as had been ex-
pected, and that his reference to trust
organizations would encourage attacks
on the industrials. not only in congress,
but in the state legislatures. The mes
sage, however, led to little or no liquida-
tion of long stock, and the Introduction
as soon as congress got to work of ava
riety of resolutions in reference TO Cuba
had practically no effect. In fact. the
street seemed to be under the influence
of reports from Washington Indicate .
that the present congress was unlikely
to take positive action of any kind in
the short time that remains of it's exist
ence. Holders Of stocks seem unwilling
to sell and bearish manipulations SIM
ply increased the short interest and Gre
ated a foundation for rallies. Europe
has taken no part in the speculation here
and the weaker tone of the foreign mar
ket has been without any influence on
stocks
r. G. Dun & Co.'S weekly review of
trade tomorrow will say: The approach
of the holidays and doubt about the act
ion of congress, put off further improve
ment until the new year. While in
dustries have gained in working force,
they are waiting for commensurate
gain in demand, and meanwhile are try
ing to clear away embarrassments which
restrict them.
The wheat market has weakened with
less gloomy news from other countries
and larger western receipts, though only
3,691,314 bushels against 6,003, 404 bushels
last year. disappointment about the
break in prices may help to increase
receipts Atlantic exports were but
2,755631 bushels. -four included, and for
the two weeks have been but 4,54S, 113
bushels. against 4.172,44S last year. Pa
cific dispatches show that exports con-
tinue very heavy and that about 300,-
600 tors more are available from Califor-
MIA The market has declined IA cents
and the decrease in demand for flour,
with higher railroad rates, has closed
nearly all theSuperior- and many
other northwestern mills. The iron out
put for December was 142,27S tons week
ly, against 124,77 November 1st. and 216,-
797 year ago. and unsold stocks report
ed were 81, 900 smaller than on November
1st, but these do not include stocks of the
great steel companies. The industry
is for the time demoralzed by uncer-
5.
The formal withdrawal of the Bellaire
company broke the billet pool. but a
meeting is in session to reconstruct it II
possible. The beam makers also meet
this week to revive, If they can, their
compact and the steel rail workers will
meet shortly with the prospect that that
important concern will go out, and il
the others are kept together prices will
have to be materially reduced. The Bar
association scarcely pretends to con-
troll prices, which are slightly lower this
week, for steel and the rupture of the
national association for the time left
the bar price for wire nails about 81. so
at Pittsburg, with extra charges on
ordinary assortments averaging 12
cents against $2.55 paid last month with
extras averaging 70 cents. Until the fu i.
ture influence of these combinations is
better defined, narrow trading must be
expected and Bessemer pig and gray
forge ore slightly lower. Minor metals
are generally weaker; tin at 12. 80; cop
per at 11.25 for lake and lead at 2.95.
Sales of wool in two weeks were "a. .378 900
pounds. against II 1893, 200 last wear. and
1882 700 in 1892 and are this year large
ly between traders, as the mills find at
present little encouragement to buy and
London sales are a shade weaker. Quo
tations are not changed though more
frequent concessions are reported.
Failures for the week have been 3SO
in the United States, against 333 last