The herald., 1897-11-20

leys has helped retail trading. Manufac-
turers of iron and STEEL agricultural i'm
pements. railway cors and wooden goods
report an active demand and large output,
although the appearance of speculative
steel has resulted In weakening the price
Of billets and has like tendency on Bes-
selner pig iron. Higher prices are recorded
for wheat, corn. oats. syrup, hides shoes
and for turpentine. The reaction in iron
and steel is likely to be followed by an
advance IL the present rate of consumption
continues Lower prices for wheat flour
and pork are expected to recognize the
advances on wheat and Indian corn, so
that lower prices for copper is practically
the only important decline of the week.
| Wheat exports heavy increase alike
over last week and last year, and, with one
exception. that of the second week in Sep
tember, Is the largest single week on rec
ord. The total exports of wheat (hour
included as wheaD from both coasts of
the United States and from Montreal this
week aggregate 6,65379l bushels. against
6,445.542 bushels last week. 3.937. 900 bushels
IN this week year ago. and 2,916, 900 BUSH
els in 1895.
There were 235 business failures report
ed throughout the United States this week,
compared with 273 last week, 300 in the
week yer ago, and 1923 two years ago.
FINANCIAL REVIEW
will say:
Dullness has prevailed In the stock mar
ket this week. but there has been a decid-
edly better feeling, ard prices have i'm
proved all around. The most conspicuous
feature was the strong undertone Of spec
ulation. Bearish operators were unable
to make any impression on prices and at
declines stocks seemed to find support, al
though there was little evidence Of active
manipulation by large operators or bull
| cliques. London sold our stocks during
the early part of the week, but later on
bought to small extent. Commission
houses were not active. and the market
was dependent in the main upon profess
sional operators. The latter class. however,
have shown a disposition to work for the
time being on the bull side. and the prev
alent view Is that Wall street is likely to
remain dull. but without any very marked
declines until the meeting of congress,
when Its issues will be decided by the char
acter Of the presidents message and the
attitude of the national legislature toward
the currency and Cuba. 1t should be men,
TONED that the change for the better in
the Cuban situation. so far as the rela-
tfons of the United States and Spain are
involved therein. is generally credited with
being the principal cause of the improve
ment In speculative feeling. A noticeable
feature of the general financial situation
vestment bonds. The market for such secu-
rifles is exceptionally strong at present,
and 1t is understood that considerable
amounts of bonds answering this descrip-
tion are constantly coming this way from
London, foreign holders being induced to
sell them at fair prices. The arrangements
by which the Union Pacific payments will
be carried out without any risk of dis
>turbing the money market creates favor
able impression but can hardly be said
to have exercised any speculative infiu-
ence.
Sugar was the most important feature
of the stock list. The chief influence In
connection with the stock was the expect
ed decision In regard to countervailing du-
ties on refined sugars imported from Hol-
land. Some attention was also paid to the
report that the governments of Continen-
tai Europe are negotiating with view to
the general abolishing of sugar bounties.
Among the Granger stocks. Burlington
attracted the greatest attention. The coal
stocks were steady on the reported agree
ment to hold the production for the cur
rent months down to a figure in keeping
with the markets actual requirements.