The herald., 1896-09-13
Prospects Brighter but Trade
Fails to Increase
EXTREMELY LOW PRICES
Ought to Respond to Even the Ordinary
Demand
The Corn Crop Is the Largest and the Price
the Lowest Ever known -rlany
Business Failures

NEW YORK, Sept. 1f-R. G. Dun &
Co.'S. weekly review of trade tomorrow
will say: Better prospects and relief
from monetary anxiety do not yet bring
larger demands for finished products,
though large buying of pig iron, wool,
leather, hides, cotton and other mater
ials continue to show growing belief
that a general upward movement in
prices will come with the replenishment
of dealers stocks this fall Most prices
are extremely low, so that nothing more
than an ordinary demand would ad-
vance them. But bank failures at New
Orleans cause temporary hesitation;
crop returns indicate disappointment in
some cotton and some spring wheat
states; prices of corn and oats make it
Improbable to sell at present; the
number of manufacturing works and
mines in operation does not gain, but
rather decreases; reductions In wages
are somewhat numerous, occasionally
resisted by strikes, and all these condi-
tions diminish for time the buying
power of the people. While many think
improvement cannot come until the cleo
tion has removed political uncertainties,
others expect soon to see the result an
ticipated in trade.
Weekly output of pig iron decreases
26,57S tons in August, q shrinkage' of 40
per cent. Unsold stocks increased g., 900
tons in August, exclusive of those ac-
cumulating in the hands of the great
steel companies. Strictly not half the
Iron market or iron working capacity is
now employed, and the demand for fin
'slled products does not grow, but heavy
speculative purchases of pig, especially
from southern works. have sustained
prices The output of Connellsville coke
was 66 600 tons weekly, against 10000
tons for October. last year; and 3640
ovens are at work against 1880 then,
whit 10,00G workers now idle.
Sales Of wool for the week have about
equaled the normal consumption for the
first time in several months, not be-
cause manufacturers have more orders
or are doing more work, for no gain is
seen in the demand or output. The buy
ing is mainly speculative, based on the
belief that prices must advance.
Wheat declined a cent but then ad-
vanced, closing cent up for the week.
Western receipts still exceed last years,
having been in two weeks 11,229, 900
bushsls, against 10, ,323, 200 last year. while
Atlantic exports, -four included, have
been for the same weel. $685. ,255 bushels,
against 2,417.872 last year.
Accounts OF disappointing results in
spring wheat states are numerous, but
it is difficult to reconcile short estimates
with heavy marketing at low prices.
Corn is almost wholly out of danger
aud the yield is generally expected to
be the largest, as the price here is the
lowest ever known.
Failures for the week have been 315 in
the United States. against 1877 last year,
and AZ in Canada in Canada, against Ga
last year.
BEADSTREET'S REPORT.
Bradstreet's general review of trade
tomorrow will say: The feeling among
Jobbers and manufacturers last week
that an Improvement in demand for sea-
sonabe staples was1 in sight. was evil
IDENTIFY well-foundei for at more than q
dozen centers south and westJ the de-
roard is now more active, the volume
of sales has increased and the general
outlook is much more favorable for busi-
ness later in the autumn. Notwith-
standing the Labor day interruption the
weeks volume of business is still
heavier. New Orlenas bank failures.
however, have restricted loans and vol
ume of trade at time when the early
movement of cotton and sugar prospects
had stimulated trade. The shrinkage of
production of pig iron in the United
. States from rate equal to ten millions
tons per annum to less than two-thirds
that quantity Is proving an effective
remedy for stagnation in the iron ami
steel industries and already the demand
has begun to reassert itself. There is a
more encouraging look to the price
movement also.
Exports of wheat, flour included as
wheat, from both coasts of the United
States and Montreal this week amount
to 399. 100 bushels as compared with g.
269,0OO bushels last week. 1,185,000 in the
corresponding week year ago, 2.7SaOOO
bushels two years ago and with S, 507, 900
bushels in the like week of 1893
Bradstreet's review of the New York
stock market will say: In spite of some
reactionary impulses. the tone of specu-
lation during the week has been strong.
The market is in every way narrow
one, depending upon the professional
element for its activity. Outside parti-
cipation, either from our own public or
London. cuts little figure and the short
interest has been so greatly reduced that
buying to cover outstanding bear con-
tracts Is no longer capable of affording
much support to prices. 1t would seem
however, that large interests which
parted with their holdings have contin-
ued to buy back their securities. Part
OF the reactionary tendencies on We'd
nesday and Thursday We're due it seems
to the bank failures at New Orleans, but
the unfavorable developments were in
tlc IIldli OllSel ny t1e continued re-
ceipts of gold from Europe. Moreover
the prompt decline of exchange here
when the Bank of England on Thursday
raised it's discount rates and advanced
the selling price for American gold coin
affords promise of the continuance of
the inflow. the shipments of gold by
steamers leaving for this country today
being so far as known, about s., 800 600,
The money market continues firm, but
has lost the nervous and disturbed tone
that characterized 1t fortnight ago,
although the scarcity of time money
continues and the few loans reported
are on basis Of per cent, plus a com
mission, which rates are naturally an
obstacle to business. The better supply
of call money Is. however, noticeable
and the extreme rate this week has been
6 per cent. Money has therefore ceased
to be disturbing factor in speculation.
and while the street" has been inclined
to wait for reaction after the advances
that have been scored in the last two
weeks. there Is an idea prevalent that
further Improvement Is in sight.
MARKETS OF THE WORLD
Locai. Eastern and Foreign Commercial Dee.