The herald., 1896-08-22
STERLING EXCHANGE PRICES
Attributed 10 Accommodating Excess of
Merchandise Exports
rIarket Until the Political At
mosphere Clears Up
Associated Press Special Wire.

| business prospects, for the phenomena
variations of sterling exchange and the
beginning of imports of gold may be
fairly attributed to the accommodating
excess of merchandise exports over i'm
ports, to which attention has been re-
peatedly called, exports from New York
| for the past two weeks having been 2C
per cent larger and imports here q per
cent smaller than last year. The rapid
| movement of grain and the unusual
early marketing of cotton tend strongly
to aid the banking syndicate which has
undertaken to regulate foreign eX-
change. Speculation has advanced
wheat over one cent during the week,
| corn a small fraction and cotton five
| eighths, the principal motive power be-
| ing reports of injury to growing crops.
| AS before, the unfavorahle accounts re-
| Specting wheat are in some measure dis
credited by the continued heavy move
nent from the farm, western receipts
having been 1881 1877 bushels in two
weeks against 6,759, 3S3 bushels last year.
With prices eight cents lower than last
year, such movement cannot be inter-
preted as a sign of deficient yield. The
Atlantic exports for the same week have
been, flour included, 1892, $50 bushels,
against 2,995.23 last year. and while the
increase is encouraging, it scarcely cor
responds with current accounts of de-
ficient yield in some foreign countries
The movement of corn continued heavy,
although the price is so low that one
wonders why the product is put into
cars instead of into hogs. Some addi-
tional heavy failures in the lumber trade
call attention to the continuing depres-
sion which appears to result, at least
in part, from expectations entertained
by many that the unlimited increase in
new building during the past year or
two would be permanent. The iron and
steel manufacturers reported continued
depression. Bessemer pig has sold at
5000 at Pittsburg, while southern iron
is offered at prices equivalent to $40 at
New York, and nearly all finished pro-
ducts are being sold below the current
quotations. There is rapid curtailment
of production, the Illinois Steel company
having only seven of its fourteen fur
naces at work, but in spite of this the
supply of finished products appears to
greatly exceed the demand for them
The one bright spot is the sale of 5000
| tons of steel rails to Japan for refitting
railways in that country, which makes
| an aggregate of $4,000 tons exporte i
| during the year Nothing encouraging
can yet be said of the wooden manufac-
| turing and the demand for goods, even
| at reductions in price, is still disappoint-
| ingly small. Sales of wool a three of the
| chief markets have been only 7,760 900
pounds in three weeks, against 16, S37 200
last year and 23,361 800 in the same week
of 1892. heavy auction sale of cotton
goods brought the prices which were
considered quite encouraging, and the
current demand is fairly maintained
although the mills are not inclined to
make large contracts for the future in
view of the rise in raw material. In
general. the work in force for the tex
tile branches does not appear to have
increased
BKADSTREET'S REPORT.
Bradstreet's review of the New York
stock market tomorrow will say: Spec
ulation this week has not been of a very
important kind. Liquidation is al an
end for the present but the public is out
of the market, apparently to stay until
the political situation clears up: and
London, in spite of favorable develop
ments here in connection with foreign
| exchange and the beginning of a gold
import movement, is more inclined to
sell our stocks than buy them. The
market is accordingly left in the hands
| of the professional operators. So mar
row indeed has it been that the leading
representatives of this class have en-
countered no difficulty in manipulating
| it according to their views and the nuc
tuations have little other significance.
The condition of the money market, has
been, of course, adverse to bullins specu-
lation and buying by commission
houses. Time loans are not being made
and the dependence of the street is upon
call money. The supply of the latter is
large and the rates on the stock ex-
change, though touching six per cent.
have been in the main between four and
| five per cent. The unsettled feeling and
! the continued calls for money from the
west and south, together with the fear
| that many banks are below their re-
| serve, create a situation in which the
! possibility of a money squeeze is not
! left out of account by the professional
| operators. In addition to this the tend
! ency of the raiload earnings to decrease
and the symptoms of rate cutting on a
| large scale by the western railroads at
| tracts attention and creates further
! bearish sentiment. On Friday the mar
! llet was depressed and nervous on the
/ prospect of a bear bank statement TODAY
! and rise in call loan rates. The buvinc
on which the market advanced during
| the early part of the week was nearly
! all furnished by the short interest
/ Some of the more venturesome traders
| went over to the long side of the market
| for turn but such purchasers were
! quick to sell out even before the first
! appearance of weakness. Bonds have
been firm and dull. There is no further
| liquidation in abroad MORTGAGES but
| the demand is very limited.
| Bradstreets review of trade will saw.
! General trade throughout the United
| States is practically confined to staple
| lines. The volume of business is no
| larger. Where orders have increased
| in number they are smaller in size. In
almost all instances they are based on
nearby requirements. The feature of
the week is the increased difficulty of
making collections and the higher rates
| for mercantile discounts. Credits are
being scanned more closely than hereto
fore and are granted less fraeIv Ruea-