The herald., 1896-02-29
As Seen and Reported by Expert
Observers
HOPEFULNESS PREVAILS
But There Is No Marked Change for
the Better
Wheat Prices Advance, but the Estimates In.
dieate Supply 1uch Beyond the
Worlds Probable Needs

New YORK, Feb. 2s.-R. G. Dun & Co.'S
morrow, will say: II
In some quarters business gains at the
west rather than at the east, but there is
no general change for the better. although
hopefulness still predominates. The want
of sufficient demand for the products OF
great industries still retards actual inn
.provement. Strikes of some Importance
in garment making and kindred lines
affect trade in Chicago and Baltimore, but
there are fewer labor difficulties than
usual, as existing conditions warn wage
earners that controversies at this time are
unwise. Wheat has taken flight upward,
advancing SIC for cash aud 2asc for May
with rumors of foreign supplies as the
only basis. Estimates of wheat in farmers
hands are lower than last year. but still
indicate, with visible stocks, supply
much beyond probable needs. Western
receipts have been 1888, 900 bushels,
against 1,699,75O bushels last year, and
for four weeks of February 10,790.104,
against 4,91O,446 bushels last year. In
the presence of such receipts Atlantic ex-
ports of 7,O43,577 bushels, flour included,
against 6,006,21S for the same week last
year, have no real weight, but larger
movement hereafter is expected.
The feature in iron has been the large
demand for wrought and cast pipe; 200
Standard Oil company and some for other
companies, with $50 miles wanted for
Russia, while New York contracts for 25OO
tons of cast pipe have been placed at the
lowest prices ever known-$17.56 to
$I7.65 per ton. Large orders for struct-
pected at the East, as building plans are
unusually large, but sheets sell slowly and
rails very little, though bar is fairly active,
with many orders coming for cars. Iron
quotations average 2 per cent lower for the
week because of the drop in Bessemer at
Pittsburg to $3.50 and in grey forge to
$lO.75.
Failures for the week have been 27S in
the United States against $50 last year,
and So in Canada against 3S last year.
Bradstreet's Report
NEW YORK, Feb. 2S. - Bradstreet's
financial review will say: The mar
ket this week was dull and reac-
vionary, but without any large de-
cline, except in special cases, up to Fri
day, when it broke rather sharply on some
what indefinite fears that the Cuban ques-
ton might lead to trouble with Spain. Inc
recession appeared natural in view OF the
professional character of the preceding ad-
vance and the failure to attract any pubic
buying either here or in London. The for-
eign influences have, indeed, been adverse.
The strained situation i'll South Africa Is
not improved by the popular approval
manifested in London of DR.. Jameson and
his followers, and the fortnightiy settle
ment in the market developed on short In
terest in American stocks. London, IN
deed, was a seller Of our stocks for several
days, though it sent higher quotations on
Friday and at the close of the week seems
more disposed to purchase. The market
for Americans there is, however. largely
professional. 1t may be noted that the
European buying of bonds continue, though
on a more restricted scale than last week.
Professional interests in Wall street,
however, to some extent acted on the bear
side of the account, though the absence of
liquidation and the ease with which the
market becomes oversold is an obstacle to
their success. The increase of the money
market and fading of the disturbance due
TO the payments for government bond SUBJ
scriptions has caused a hardening of ex-
change rates, though not to degree which
would make the renewal of gold exports a
pressing question. The practical aban-
donment in the United States senate of the
tariff bill was not productive of any specu-
lative effects beyond a slight advance in
Sugar Refining stock. At the close of the
week the possibility of complications with
Spain were used as a bear argument.
Bradstreet's general review tomorrow
will say: Changeable, and at times unsea-
sonable, weather has continued to unfavor-
ably influence the distribution of general
merchandise. Jobbers at large western
centers do not anticipate a heavy spring
trade, as the outlook is for retailers carry
ing over larger stocks than expected. Price
movement of leading staples is more favor
able. Exports of wheat, flour included as
wheat, from both coasts Of the United
States this week showed marked falling
off, not only from the total one week ago,
which was 81 900 bushels, but as COM
pared with cOrraapondiDp totals for cOn-
Guiding weeks in February in four preced-
ing years. One year ago the weeks ex-
ports amounted to 2,6S9,O00 bushels. and
two years ago it was 2.972, 1000; in 1898
it was 1926 900, and in 1892 it was
zoos, 900 bushels.
The falling off in the total number of
business failures throughout the United
States a week ago is continued, the total
being 271, compared with 276 last week
and 234 in the corresponding week of
1895.