Birmingham state herald., 1896-10-03
T WAS 4 TRYING QUARTER Commercial WreckS StreWn All
 Along Its Path BUT THE OUTLOOK ISBETTER Signs of the Dawn of Prosperity Are Not
 S~."''s. RENTING Qs flDENCE IN STOCK MARKET The are3s .d"stries Are in Healthier Con- ditiqS Strong Demand for Material.
 pecially Pig Iron, Cotton.
 Hides and Wool.
|UT THE OUTLOOK IS BETTER
RENTING Q1s flDENCE IN STOCK MARKET

New York, Oct 2.-R. G. Dun & Co.,, will say tomorrow in their weekly review of trade:
 The complete report of failures for the quarter which ended with Wednesday shows an increase which would be sur prising if political causes were not ob- vious. In numberss, 61a per cent less than in the panic quarter of 1893, failures for the quarter show liabilities Ill per cent less, amounting to $75, ,2S5, ,349 against S97, S69,6S2 in the previous half year.
 The continued advance in wheat may prove of the utmost importance. It has been 1.12 cents for the week and 10 centsD since September g. and is mainly due to short crops abroad and unusual foreign demand.
 Cotton has weakened after its sudden rise, because the demand for goods has relapsed into hand to mouth buying. and print cloths are lower at 2.5 per cent. Some injury has been done by recent storms. but the market seems not now Tn the humor to magnify them.
 Reviving confidence is felt in the stock market which has slowly risen an ay- craze of 75 cents per share for railways. though trusts are weaker. While east
 
 September-249, ,108 against 241154 last year-the westward movement of mer- chandiSe was small and rates are cut sd that earnings reported for September fell per cent. below last years and SC per cent below those of 1892.
 There are unmistakably encouraeinr signs in the great industries, although the actual gain in the working force en- ployed or in new orders received is slight. But the strong demand for material, for pig iron, hides and wool as for cotton, does not diminish and has already gone far enough to stilfen prices.
 Tn wool quotations are scarcely strong- CT, but represent actual sales more nearly than in past weeks. when buyers with cash almost made their own prices.
 Buying Of Bessemer pig again lifts Pittsburs quotations to $11.75, without any general gain in the demand for fin- lshed products, and steel bars for the first time are sold at 1 cent, against 1.2 asked by the association for iron bars Plates and rails are in less demand. but there Is heavy buying of sheets at the west.
 The movement westward of money con- tinues, and for the quarter has exceeded interior receipts by $31 ,000, ,000 The gold ordered for importation amounts to $43- 25O,O0O and arrivals thus far to $40544 550. besides $2,000D00 expected from Australia. which will raise the treasury reserve to about $l30, 100000. Relief has been well come In commercial loan markets where per cent is done more freely on best paper than per cent recently, but Oc- tober stttlements cause monetary harden ing.
 Merchants and manufacturers are waiting, but there are not wanting signs that may have the confidence to invest and push forward, as though the dawn or prosperity were close at hand. The quarter that has passed has been most trying but things would be worse than they are but for the general belief that better times are near