The herald., 1896-10-25
Observed and Reported by Ex-
pert Observers
THE CONSERVATIVE TRADING
Arises From Uncertainty Regarding
Election Results
Heavy Wheat Shipments Continue But
Mercantile Collections Are Slow.
Bonds Show a Good Advance.
Associated Press Special Wire

tomorrow will say: General trade con-
tinues along conservative lines, buyers
and sellers preferring to defer business
until after the election. Traders are
more hopeful as to the outlook for busi-
ness later in the autumn and next
spring. The reaction in wheat prices
after an advance of 20 cents is the ma
tural result of desire to realize profits,
an advance in rates for money and
enormously heavy receipts of wheat at
primary markets caused by higher
prices. Comparatively small stocks of
wheat in importing countries, decrease
in the worlds total production of wheat
for two years in succession, unexpected
shortages in Russia, India, Argentine
and Australia, and only an average crop
in the United States are interpreted to
mean that the price of wheat will ad-
vance further. The total exports of
wheat (f1our included as wheat) from
both coasts of the United States and
from Montreal this week are not quite
as large as last week, or for four preced-
ing weeks, but are heavier than in cor
responding weeks in three preceding
years, amounting to 1928 900 bushels, as
compared with a, 1856 900 last week, $685.
900 bushels in the corresponding week
of one year ago, $3.50. 900 bushels two
years ago, 1927 900 bushels three years
ago, and 4,O7S0OO bushels in the third
week of October, 1892. Exports of In
dian corn continue heavy amounting to
2,S97, 900 bushels for the week, so per
cent more than last week, more than
twice as much as in the week one year
ago, thirty times as much as in the cor
responding week of 1894, and three times
as much as was sent abroad in the like
week of 1893 and in 1892.
Mercantile collections continue as diff
ficult to make as heretofore, except in
few of the larger cotton growing states
and in the spring wheat region where
rapid marketing Of cotton and wheat
has rendered funds more plentiful.
There are 292 business failures report
ed throughout the United States this
week, which is 13 more than last week,
SO more than in the corresponding week
of last year and II more than in the like
week of 1894, but 81 fewer than in the
third week of October, 1898. There are
48 business failures reported throughout
the dominion of Canada, as compared
with 80 last week, and with 36 respec-
lively in each of the corresponding
weeks of 1895 and 1894.
Bradstreet's financial review will say:
While large interests In the markets
maintain a conservative attitude, the
tone this week was bullish, and the tend
ency Of speculation has been generally
toward higher prices. The market is
narrow one and the buying has been fur
nished by covering Of shorts plus scat
tered operations on the bull side by small
traders. The favorable accounts of the
political outlook, the phenomenal rise
in wheat and the large gold engage
ments all tended to create bullish feel
ing in the streets, and it should be noted
that the market was unaffected by the
sharp reaction Of wheat prices or by the
advance in the Bank Of England rate to
4 per cent, causing as it did a rally in ex-
change that for the time being put an
other check upon gold importations. The
advance of the Bank Of England rate
from to 4 per cent on Thursday was
fully expected, and neither that action
nor the rise in the open market quota
tions there to 31h per cent for discount
has produced any speculative disorgan-
ization. Among the most satisfactory
indications of the week were the
strength of and advance in the bond
list Governments were indeed fea-
ture, the new fours rising from 1l5A to
117N, while both investment and spec
ulative issues Of railroad mortgages
have generally been higher. Another
fact worthy Of notice Is that the New
York exchange seats are quoted this
week at $4,000, an advance of several
thousands over the last transfers FRI
DAVIS market was strong and advancing
ing until the last hour, when the taxing
of 81, 300, 900 gold from the treasury
caused halt and slight reaction.
DUN & CO.'S REVIEW.
r. g. Dun & Co.'s Weekly Review Of
Trade tomorrow will say The event
hoe sensational
vance of wheat to SO cents for cash on
Tuesday, a rise of 53a cents, and It's fall
to n cents on Thursday, gaining l9s cents
on Friday. The rise was magnif1ed by
the covering OF speculative sellers, who
imagined the advance had gone too far,
but was at the bottom based on an ex-
traordinary foreign demand. which has
engaged grain vessels from all Pacific
as we'll as Atlantic ports for months
ahead. How great the shortage in or
binary European supplies may be IS
point of doubt and speculation, but
none now questions that shlpments from
the Pacific coast to India and the de-
crease in the Russian yield are import
ant and buying Of enormosu quantities
foriexport, with engagements of freight
room at higher rates, express the belief
of European dealers. Wheat exports
from the Pacific coast are large, and
over 100000 bushels per day have been
engaged, ahead for some time. The At
lantic exports are about 100000 bushels
larger than last year for the same week.
They have been in October 6,57O,2l3
bushels (hour included), against 5.086.3S
last year. 1t Is worthy of note that
western roads are complaining of car
famine, the demand for movement to
markets being SO great, though the an
nual receipts for three weeks at western
points have been 21,193,715 bushels,
against 23,061, ,545 bushels last year, fol-
lowing much increased move in the
quarter ending with September.
Corn moves largely and at lower
prices, having declined cent on the
week. The most striking feature of the
industrial returns Is the number Of con-
tracts conditioned upon the election.
These already are enough to make busi-
ness rather lively. and many others are
pending, which will probably be held
back until November 1. Buying of Bes-
semer pig iron at Pittsburg causes a
slight advance, and markets are strong
for pig, but not for finished products
Very low prices are made for speedy
delivery by mills wanting work. But
the tone Of the market Is better, and
a decided increase of orders appears In
plates, about 5000 tons for building ves-
sells on the lakes and in structural work
at the west, owing to contracts taken at
Chicago for buildings at Boston, To-
ronto, Detroit and Minneapolis. There
is also a good demand expected for
cars, and the association offers to sell
iron until November to jobbers, who
are large buyers, at los, while steel bars
= No ,epi1 q - A