The herald., 1896-09-19
Business Confidence Seems to
Increase Slowly
THE POLITICAL SITUATION
inclines the Trader to Wait for Devei.
Opments
The Stock Market Is Generally Unfa-
vorably Affected by Light Traffic
and Tendency to Cut Rates.


There is TIM no distinct Improvement
in business. although conditions favor
| 1t. Confidence slowly rises, speculative
buying Of materials for future uses.
imports Of gold do not cease, and the
Bank Of England has not tried to check
them by further advances in rates, as
| the weight of demand now falls upon
| France. But an enormous business Is
| held back until the future is more clear.
| Names great majority had no such
| influence as was anticipated from a
| verdict less emphatic. To many minds
| nothing the eastern states can do In
contest represented as sectional gives
| sufficient assurance how the western
| and southern states may decide. In
| cotton, hides, wool and pig iron buying
| that Is speculative in character marks
| the current business. Wheat has risen
| Ia, although western receipts of $685.
| $50 bushels exceed last years, and in
| three weeks have been 17,855,300 bush
! els, against 16, 791 900 last year. Helped
| by purchases at present low prices. At
lantic exports were 1,S21,S0O bushels,
| flour included, and for three weekh s.
| FOG, 500 against 3,671, 290 last year. Corn
| ceipts are still as large as year ago,
with exports smaller. The one industry
| showing increase of working force is
| the cotton manufacture. No such i'm
provement is seen in woolens, but the
speculative buying of wool, nearly all
| at Boston, has raised sales to 17,T13,OO0
pounds for the past three weeksagainst
| II, 1S3, 400 pounds last year and 24.572,4 400
in 1892 The majority of large wool
! notes is said to be the cause for selling
and prices do not rise, though quotations
are more nearly maintained. The iron
and steel manufacturer is still waiting
for business, with nearly half his pro-
ducing capacity idle, but hopefulness
and the speculative buying of pig iron
sustain prices. Sales said to amount
to %, 900 tons have been made of Ala
bama iron for shipment to England,
! but the home demand does not enlarge
at all, and the various associations still
hold combination prices, though the
demand is remarkably slender. The
coke output is less than $4,000 tons
| weekly.
Failures for the past week have been
317 in the United States, against 213
last year, and so in Canada, against 80
last year.
BRADSTREETS REPORT.
Bradstreet's review of the New York
stock market will say: Speculative in
terests of the professional kind, which
at present furnish all the activity the
market possesses, were inclined at the
beginning of the week to realize profits
on the long side and in some degree to
act on the short side. A matter on which
stress was laid with some effect on prices
was the expected advance in the Bank of
England rate, the unsettled condition Of
the London market under the combi-
nation of an advance in money and the
dubious outlook in Turkey with
the belief that steps were likely caicu-
lated to check the flow of gold to this
country. The fact that money rates
here do not relax under the large inflow
of gold and that some important mer-
camille failures occurred, were also
bearish factors, while current railroad
earnings began to show plainly the eff
feet of the combination of light traffic
and rate cutting in some sections. I'm
der these influences there was a pretty
general decline in the stock market
prices, accompanied by some liquidation
Of speculative holdings, and apparently
by still more selling for the short ac-
count. This increase in the outstand-
Ing volume Of bear contracts bore fruit
later in the week when the Bank Of
England failed to advance it's discount
sale from 2E and the London market
improved decidedly on this, and in the
absence of apprehended unfavorablo
developments in the situation at Con-
stantinople. Additional gold shipments
from Europe, mainly from Paris, COM
pleted the change of sentiment and when
the bear interest turned to cover it was
found stocks We're scarce and a general
recovery extending throughout the list
was the result. The feeling or American
securities in London has improved to a
marked extent. though the troubles in
the Levant and the fear of some further
outbreaks at Turkeys capital. tend to
keep bullish activity in allegiance on the
part of the foreign public. The bonds
have not been active, but declines in the
early part of the week were succeeded
by recoveries in many issues. both
in speculative and investment. The
market on Friday was very dull but
firm with further advances on covering
by shorts, closing with concessions from
the highest prices.
Bradstreets general review of trade
will say: The moderate improvement in
trade the past week is emphasized by
further speculative purchases of wool.
renewed buying of wool manufactures.
the reduction of surplus stocks of cot
ton goods, increased demand for season.
able fabrics, continued confidence
among manufacturers Of iron and steel
that there will be an early revival in
demand and Improvement in request for
staple goods in the South Atlantic and
gulf states. The volume of sales of gen.
eral merchandise show small gain over
last week and the feeling among whole
sale merchants is one Of more conf
dance IN . comparative early improve.