The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-09-26
A Very Moderate But Discern.
ibIe Improvement
THE ADVANCE IN PRODUCE
Is the Most Important Feature Of the
Week
Though Increase of Business Is But
Slight Generally Better Feel
ing Prevails.

NEW 1ORh, sept. L0.-R. VI. Dun q
Co.'S weekly review of trade will say
tomorrow: A very moderate but dis
tinct improvement is seen, no longer only
In the buying of materials, which con-
tinues at sitter prices, but also in or
ders for products of some industries, in
money markets and in export Of staples
and 1t is yet little more than step to-
ward better things, but has already
started some important works and
prompted few considerable contracts.
Continuing arrivals of gold have raised
the treasury reserve above $125, 200, 900,
strengthened the banks and relaxed the
Stringency in commercial loans, so that
at about one per cent lower rates more
business was done than in three pre-
vious weeks. Hoarding is no longer re-
ported, but some boards are being I'M
locked. The movement of crops contin-
ues large and purchases for exports have
advanced prices or prevented depression.
While the gain in working force is not
great it seems clear that for the first
time in many months there is some gain.
An important change is the general adj
vance in produce, especially in wheat,
which rose sharply on Thursday and
Friday. closing 5B higher for the week
with much buying, apparently for for
eign account. Reports of crops abroad
were supposed to be the chief cause, as
visible supplies in this country increased
largely, but for the first time since July
receipts fell below those of the same
week last year. They are still large and
for the first quarter of the crop year
thus far have been 52.721,15S bushels,
against 40.414,351 last year, gain of
about 30 per cent and it is conceivable
but cannot be considered quite probable
that such receipts have come from a
crop smaller than last years although
prices averaged 10A cents lower in July
and 6.S lower in August than last year
and only fell below last years Septem-
Der price because of the sharp decline
then. The Atlantic wheat ex-
ports, flour included, were for the
week little more than a week ago, for
September 100000 more and 21,105, 553
increase to July 1, against Il, 12S, 308 last
year. If there should come an unusual
foreign demand it would make a great
difference with future business. Spec
ulative buying of wool does not abate,
sales for four weeks having been u.s.
255,00O pounds, against 2S,257, 300 last year
and 81, 021, 900 in 1892, but no gain in prices
resulted. The sales are largely by
holders who have maturing notes to
meet, though some have been for ex-
port in spite of a decline of five per cent
in the London opening. A few wooden
mills are resuming. Finished products
Of iron meet more inquiry, and the plac-
ing of contracts for $1,000 tons Of steel,
for three new battleships, for one large
building here and for several bridges, ex-
plain the starting of two or three works.
but with such months as have passed
little business is a gain. A sharp fall
Of 50 per ton in low phosphorus pig and
slight rise in grey forge at Pittsburg
and in steel plates are the only changes
noted in prices, but billets are still sold
by outsiders at $3.50, bar steel at $1.05
put of only 5O,177 tons weekly at Con-
nellsville, though all the combinations
maintain their prices. Exports of 10000
tons Of rails at prices far below those
current here and $4,000 tons pig to Eng
land at $3.50 at Manchester freight being
at least s3.15, indicate unloading sur
plus abroad to avoid weakening mar
kets here. The plates are slightly low
cred by home competition to $3.55,
against $3.50 for foreign and tin is a
shade weaker at 10 cents. Copper at
$1.75 and lead at $3.50.
Failures for the week have been 315 in
the United States, against ZIG last year,
and 80 in Canada. against so last year.
BRADSTREET'S REPORT.
Bradstreet's review of the New York
stock market will say tomorrow: The
advance of the Bank of England of the
rate, 2 to 8 per cent, and the hardening
of the opening market at London seem
to impose check upon the inflow of gold
from Europe, but in view of the activity
of grain and other exports, 1t is thought
the movement of specie this way will
continue, though upon a more moderate
scale. During the week, however, less
than SIS, SOC, 900 gold was secured in Lon
don and Paris for shipment here, max
ing the total to date SAC, 100000, of which
$31 ,000, 900 has already arrived. The total
treasury holdings may be put at about
1924, 900, 900, as against $101, 200, 900 when
the gold inflow began. This is undoubt-
eddy factor in creating the better feel
ing which affects the course of the share
market values. The market continues
to be, in the main, professional affair.
Public participation cannot be detected,
and the foreign markets, while more IA
vorable toward American securities, are
influenced by the pending troubles over
Turkey and the rise in rates of interest.
On Friday further advances were scored,
and large interests in the market seem
to be working generally on the bull side
of the market. The bond market has ex-
hibited the effect of the influences above
referred to in decided degree. Gov
ernments have been quiet and firm, and
investment issues show a better demand
and, In some instances, appreciable re-
coveries. Transactions in municipal OBJ
legations are still arrested by the finan-
cial uncertainty, and little or nothing
is doing in that department. On the
stock exchange the low priced and Spec
ulative bonds have been active and ad-
vancing, a feature being the presence
of foreign buying orders.
Bradstreet,s General Review of Trade
will say: In eastern jobbing circles the
feeling is one of increasing confidence.
There is more doing in some staple lines,