The herald., 1896-09-05
As Reported by Professional
Observers
PROSPECTS ARE IMPROVING
Though Actual Business Shows Little or
No Increase
Wheat Is Weak and Corn Goes Down Below
the Lowest Record-Faiiures Numer.
Gus and Heavy
Associated Press Special Wire

NEW YORK, Sept. 4.-Bradstreet's
general review of trade tomorrow will
say:
There is a somewhat better feeling
among wholesale merchants as to pros
poets for autumn sales in seasonable
goods. This extends to some Industrial
lines, notably iron and steel. Chicago
sales of iron this week are larger than
for all of August and Pittsburg sales are
larger and prices better on the outlook
for harmony among steel makers.
The most notable increase of sales of
seasonable goods has been at Chicago
among dry goods and hardware st.
Louis also reports moderate demand.
tracts visitors. At the south relatively
the most active demand is at New Or
leans. The more encouraging feature to
the movement of prices lies in advances
of quotations for wheat on the stronger
statistical position and free export
movement. higher prices for iron and
steel at Pittsburg and Chicago, with
gain in demand and a further apprecia-
ton in quotations for cotton on renewed
reports of damage to the crop. Petro-
leum and leather are also higher. Trade
on the Pacific coast, except in certain
export lines is of small volume.
There are 1886 business failures report
ed throughout the United States this
week, sixteen more than last week. The
weekly totals continued higher than in
like periods in preceding years, except
in 1893.
The total one year ago was 1874, two
years ago it was 207, while in the like
week in the panic year of 1893 there were
379 business failures reported, 43 more
than this week.
Exports of wheat flour included as
wheat. from both coasts of the United
States and from Montreal amount to
3.369,S62 bushels. against 3,2S9,0O last
week, 2,260,0 in the week a year ago.
2,270,000 two years ago and 1902, 900 in the
corresponding week three years ago.
Bradstreets review Of the New York
stock market will say: The arrival of
some $4,000,000 Of the gold engaged in
Europe and announcement of further
shipments from London have not been
without their effect, nor has the street
neglected the fact that the major por-
ton of the gold thus arriving has been
turned into the treasury, raising it's
specie reserve from less than S101 900 900
to 100000, 900. The money market too,
while firm, has lost much of it's stringent
and unsettling appearance, and apart
from the continued troubles of Chicago
owing to tthe over speculation of local
operators, there has been no disturbing
influences in trade or financial circles.
Further qualification must be found in
the fact that London has not taken an
active part in the bull movement The
Bank Of England has apparently Of
fered no opposition to the movement of
gold in this direction. The total now
exceeds $20,000,000, and the bank this
week up to Thursday parted with over
100000 pounds of its gold with some con-
siderable further amounts since. New
ertheless, the bank did not advance its
dicount rate above the 2 per cent limit,
though in 1898 it marked up its figures
to per cent and checked the withdrawal
of gold to this country. American stocks
in London were longer, but the public
there still seem indisposed to buy them.
Nor has the local public been a factor
in the weeks market. Short covering
and buying for long account by profess
sional traders has basis Of improvement
which for the time being appeared to be
sentimetal one, and therefore to vicis-
situdes and sudden changes in spite of
the general belief of the street that the
tendency of speculation has undergone
permanent change for the better.