The herald., 1896-10-03
COMMERCIAL CONDITIONS
As Seen and Reported by Ex.
pert Observers
SIGNS OF IMPROVEMENT
May Be Discovered by Using . Good
Microscope
The Business Community Buoyed Up
by Hope Of What Isl to Be Rather
Than What Ii.
associated Press Special wire

Than What ID.
Associated Press Special Wire
NEW YORK, Oct. 2.-Bradstreet's to-
morrow yill say: Cool weather and con-
tinued purchases by the interior mer-
chants. notably west and south, con-
tinued the slight Improvement in trade
recorded in preceding weeks. Merchants
at primary cotton markets and large
centers in the spring wheat region re-
port a better movement Of staples, due
to unusually heavy receipts of those
crops. Throughout the central west,
including such points as Baltimore, Gin
cinntai, Chicago and st. Louis, the vol
ume of trade falls behind that of a year
ago in some instances. but it is equal to
1t in others. At eastern centers, the i'm
provement is seen in greater ease in the
money markets ;Ild more disposition to
discount commercial paper, although at
unchanged rates. Wholesale merchants
report better feeling very generally
but few anticipate any material in
increases in volume of business this
month. Mercantile collections continue
slow and as difficult to make as hereto
fore, except in the cotton states and
some points in the northwest, where
heavy crop receipts have enabled inter-
Tor merchants to liquidate long standing
accounts.
The more conspicuous demand at the
larger interior cities is for dry goods,
clothing, shoes, hardware. leather and
lumber. There Is also better demand
for pig iron and for steel. Business in
cotton goods has been checked by the
advance in prices, and mill stocks tend
to accumulate again.
Exports Of wheat (four included)
from both coasts of the United States
and from Montreal this week amount to
4.215,794 bushels, the largest weeks ex-
ports of wheat since the second week of
September, 1894. 1t is compared with
100000 bushels last week, 2,613,00
bushels In the corresponding week one
year ago, 3,243, 100 bushels two years ago,
and 8. $4,000 bushels three years ago.
The total number of business failures
throughout the United 6 tates from jan
uary l. to September 30, 1896, is II $50, the
largest aggregate reported for like
period since record Of this character
has been complied. The next corre-
| spending total was II, ,140,f for nine months
in the panic year, 1898. Total business
| failures throughout the Dominion of
Canada amount to 1861 for the past nine
months, an increase Of 315 compared
with the corresponding period last year.
Total liabilities amounted to $12, ,219, 900
against $9,297, 900 last year.
DUN & cos. EvIEW.
7 r. G. Dun & Cos weekly review of
trade tomorrow will say: The complete
report Of failures for the quarter which
ended with Wednesday shows an in
crease which would be surprising If the
political causes were not obvious. In
number, six and one-half per cent less
than in the panic quarter of 1893, failures
| for the quarter show liabilities Ill per
cent less, amounting to s73, ,2s5, ,349.
against $97.S69,6S2 in the previous half
year.
| Manufacturing liabilities were $32,-
4I9196, or 81 per cent greater thanin the
same quarter of 1898, and "other COM
mercia" were $12,067, ,236. To this must
be added $11,712.960, liabilities in fifty
bank failures, making, exclusive of rail-
ways, nearly $S5, 5,000, 900 in a single quar-
ter. Comparisons are given showing
that In only six quarters given in twen-
ty-two years have defaulted liabilities
been as large; that the ratio to solvent
business has been sos per $1,000, against
2.34 for the same quarter last year; that
the average per firm in business has
beebn $63.57, against $26.92 last year;
that the proportion of increase has been
greater in the, western states, both in
amount and average liabilities per fail
ure, and much larger in manufacturing
than trading. Part, but clearly not all
| of the causes, have been removed by
the influx of gold and depression is still
clearly shown by clearing house pay
ments 21.1 per cent less than last year
for the same year for week, 41.2 per cent
less than in 1892, when another presi-
dental election was near.
The continued advance in wheat may
prove of the utmost Importance. 1t ad-
vanced LIP cents for the week and 10
cents since September I'd, and is mainly
due to short crops abroad and unusual
foreign demand. Atlantic exports for
the quarter ending with September,
flour included. were 23,195,214 bushels,
against 14,320,020 bushels last year, the
outgo of wheat separately having near
ly doubled in spite of higher prices.
No lack of visible domestic supply
causes or supports the advance, and
western receipts for the exact quarter
were 57,742.941 bushels, against 43, 100, 400
! last year. Some injury has been done
by recent storms, but the market seems
not now in the humor to magnify them
| There are encouraging signs in the
great industries, although the actual
gain in working force employed or in
new orders is smeI. The small demand
for materials. for pig iron and wool, as
well as for cotton, has not diminished,
and has already gone for enough to
| stiffen prices. In wool, quotations are
scarcely strong. but represent actual
| sales more nearly than in past weeks,
/ when buyers with cash almost made
their own prices. Sales in five weeks
have been 3a,169,2O0 pounds, of which
only 4,679,600 pounds were for foreign.
against S0.475.370 last year. Of which
| 15,55S,470 were foreign, and 37,288.40 in
and when 1t is remembered that In
1892, of which 11.O90.60O were foreign,
| spite Of the recent starting Of some Of
the mills. not more than thirty per cent