The herald., 1896-08-01
COMMERCIAL CONDITIONS
Political Uncertainty Makes
Business Very Dull
CREDIT CLOSELY SCANNED
And Many Merchants Find Desired Loans
Unattainable
Two Favorable Feature Are Cessation Of
Gold Exports and the Promise Of Very
Good Crops
Associated Press Special Wire.

on trade, and industrial and mercantile
lines are unusually dull. Mercantile
credits are closely scanned, and in many
instances shortened. The industrial sit
uation is less favorable. Among manu-
facturers of iron and steel it is regarded
as serious in some lines, owing to the
surprising falling off in the demand
The reduction of pig iron is further cur
tailed, yet stocks increase. The outlook
is for further decline in iron and steel
prices. Chicago offers concessions on
pig to bring bids for round lots. Curtail-
ment of products in cotton fabrics con-
tinues, yet fall purchases in prints are
of small volume. The demand for boots
and shoes is also smaller.
Exports of wheat flour included as
wheaD from both coasts of the United
States for the last week amount to p
4S4 900 bushels as compared with 3,OI4,-
900 bushels last week.
The total number of business failures
throughout the Unit edStates this week
is 294 as compared with $50 last week
| The increase as contrasted with the
corresponding total in 1895 is seventy
| three, or an average of ten each day
| during the week.
There are thirty-seven business fail
ures reported from the Canadian Do
minon this week, six more than last
week, and thirteen more than in the cor
responding week last year, and only six
more than in the like week in 1894
Bradstreet's review of the New York
stock market will say: While low rec
ords were made in the prices of many
stocks early this week, and while the
| subsequent rallies have been moderate,
a change has occurred in the temper of
speculation on the exchange. The de-
clines were not accompanied by de-
moralization, and the fear of a panic,
so prevalent in the preceding fortnight,
has disappeared. In fact, the depres-
sions were more the work of manipulate
i've operators working on the bear side
than the result of liquidation. Lack of
public interest in current speculation
however, gave opportunity for such ma
neuvering, and though London seems
inclined to buy there is no outside sup
port, and the market has been and con-
tinues a purely professional one, so far
as its quality is concerned.
The change of feeling which the street
has displayed is, however, more impor-
tant than any slight improvement in
the quotations. 1t is due to the energet-
ic and successful steps taken by the
banks and bankers here and elsewhere
to restore the treasury gold reserve and
to put a check upon gold exports. In
both respects the financial interests en-
gagged in the work have been completely
successful
The further alleged fact that large i'm
porting interests are also in sympathy
with the arrangement may have an i'm
portant effect
The inactivity of the investment bond
market and the unwillingness of invest
ors to do anything, even in the best class
of municipal obligations, has been re-
ferred to before. Startling evidence of
this condition was afforded by the prac-
teal failure of the 81 per cent bond is
sues offered by the cities of New York
and Brooklyn.
The crop prospects are, on the whole,
favorable. They have, however, receiv-
ed scant attention. The failures of the
actual market have been mainly the
stocks which are favorites of speculative
and professional manipulation, notably
sugar.
DUN & cos REVIEW
r. G. Dun & Cos weekly review of
trade, which issues tomorrow, will say:
Business conditions have clearly i'm
proved, though business has not. 1t
is the torpid season, and better prospects
have little effect as yet. The signing of
compact to control foreign exchange
by syndicate pledging the use of $75,-
100000 for that purpose, may render it
unnecessary to use the gold, and has
given some stocks a slight advance.
Gold exports have been stopped and
foreign trade is more promising of an
early demand for our products. The
prospect for large crops of cotton and
corn are still excellent
Two important labor contests have
been settled - between the iron mills
puddlers and between the Brown Hoist
ing works at Cleveland, which recently
caused the troops to be called out. But
the strike of garment workers has eX-
tended, although approaching an end.
None suppose that the exchange syndi-
cate is interested to do more than to
bridge over period in which mer-
chandise exports have been light. But
exchange in foreign trade is already in
the helpful direction, domestic exports
from New York having for four weeks
been II per cent larger, while imports
have been 20 per cent smaller than last
year, and last weeks 2G per cent smaller
Wheat is already going out with more
freedom than is usual for the season,
and Atlantic exports have been / .901. 119
bushels, -four included against 900,24S
last year, and for four weeks 1884,
bushels. against 3422, All last year.
Western receipts are also remarkably
heavy; in four weeks 13.747, 1873 bushels
against 2,S5S, 445 last year, and as part
is sold as wheat, so much greater must
have been the surplus from previous
crops In any event the free movement
shows that the scarcity is due to the
western farmer and holders. The mar
ket, in spite of reports indicating small
er foreign supply, reacted after rise
of a little over one cent, closing one
half cent higher for the week. Lower
rail rates help corn to make a new rec
ord at 3O1a cents, and prospects are gen.
orally favorable.
The iron industry is helped but little
dlers of the Ohio region the fifty cents
advance in wages, because the demand
is so light that few mills can run, and the