The herald., 1897-08-21
BIG BUSINESS
Reported From Many
Trade Centers
STEEL CONCERNS RESUME
THE BANK CLEARINGS SHOW
FAvoRABLY
Soberly Summed Up, Famine Abroad
Has Caused Big Demand for
American Wheat
Associated Press Special Wire.


try emphasize the growing prosperity of
the farmers. The volume of trade con-
tinues to increase and prices are hard :
ening. No such volume of business
has been reported since 1892. Larger
transactions have been reported in dry
goods, clothing and shoes, and in the
south and west il wagons and farm i'm
plements. Another very favorable bank
clearings report is found in the total this
week, which, while it is one per cent
less than last week, is forty per cent
larger than in the third week of August,
1896; 26 per cent heavier than in 1895.
Compared with a like period in 1892, a
year OF large volume of business, this
weeks totals show gain of thirteen per
cent among Sc cities reporting larger
bank clearings and only seventeen show
decreases this week compared with the
corresponding period last year. Bank
clearings at other cities than New York
are seventeen per cent larger this week
than in the like week year ago, but a
New York the increase is Sc per cent.
movement of the past few weeks. There
have been large numbers of assumptions
among iron and steel concerns this week.
Bessemer pig is 25 cents higher and the
outlook Is for improvement Exports of
wheat, flour included as wheat, from
both coasts of the United States and
Montreal this week are the largest of
any week since September, 1898, amount
ing to 5,21S,000 bushels this week, as
compared with 4,460,O00 bushels last
week; 1881 900 bushels in the week a
year ago. 2,3S9, 900 bushels two years ago.
3,1S2, 900 bushels three years ago and as
compared with 100000 bushels in the
corresponding week of 1898.
There are 221 business failures re-
ported throughout the United States this
week against 214 last week, 264 a year
ago, 1872 two years ago; 251 three years
ago, and as contrasted with 456 in the
third week of August, 1898.
Bradstreet's review of the stock mar
ket will tomorrow say: Decreased ac-
tivity and a somewhat lower range of
prices have been the main feature of the
past week in Wall street. Attention is
also directed to the symptoms of a re-
vival of activity in general trade, and
more particularly in the iron and coal
industries.
DUN & cos. REVIEW
r. G. Dun & Cos. weekly review of
trade will say tomorrow: Not for five
years have the telegraphic reports of the
various cities in all parts of the country
been as encouraging or shown as uni
form improvement as this week. The
markets are called crazy by some, but
fairly represent the people whose conf
dence in the future is strong and in
creasing. Nothing appears to check
the advances. Rumors of injury to
crops are not sufficiently supported to
have much influence. The one tempo
rary hindrance is the strike of bitumin-
Gus coal miners, which interferes but
little with industries and seems likely to
terminate within week. The demand
for money improves. The course Of for
eign exchange is generally interpreted
as an indication that specie imports can
not be long delayed.
The greatest gain has been for agri-
cultural products and corn has advanced
a little in price, but is moving very large
ly, so that the last years surplus may
turns out better than many now eX-
pect. Cotton declined an eighth be-
cause of an estimate promising the larg-
est crop ever grown, but the dry goods
market is decidedly improving, and some
of the large mills, after few weeks of
have resumed work. Other
farm products are doing we'll also, but
wheat has advanced about 13s cents for
the week on actual transactions, with
heavy purchases for export.
The official estimate of the yield Is en-
.irely disregarded except as an admis-
sion that the crop will be larger than
that of last year, and it is commonly
assumed that the yield Will be $4,000, 900
bushels or more, though recent reports
of injury. indicating the possibility Of
somewhat smaller outcome, have helped
the advance in prices.
The iron and steel industry is push
ing forward in spite of the still unset
tied strike of bituminous coal miners
and of the enormous purchases of ore at
Cleveland and also of billets at Pitts
burg show the utmost confidence in the
future. Many additional establishments
have begun work during the past week,
and while no material change in prices
has occurred, the reports indicate fewer
to secure business and a
much steadier tone. The demand for
finished products has decidedly i'm
especially in plates sheets and
bars and in railway supplies. The mar
ket for hides at Chicago is again much
stronger prices having advanced with
very narrow transactions, and buyers
are holding off in the belief that prices
have reached the top.
In the wooden business a constant in
crease appears in the number of estab-
lishments at work, and the demand for
goods has much increased.
Failures for the week have been 223
in the United States, against $50 last
year, and so in Canada. against 27 last
year.
WHEAT PRICES
CHICAGO, Aug. 20.-Wheat scored
sensational advance today at every mar
ket in the world, with the exception of
Paris. During the regular session of the
Chicago board of trade September wheat
gained 5B cents and December 5ss cents
On the curb after regular hours another
advance of 3 cents was made, Septem-
Der selling freely at 96 cents.
The advance today was by no means
a Chicago bulge. Liverpool start
ed 1t, the English market showing a gain