The herald., 1897-10-30

of cotton and delayed collections Con-
sumption of iron and steel continues
heavy, but mills refuse orders for 1898
daily, in the belief that the cost of maxi
ing iron and steel will be higher. Wheat
| is again above 81, on continued heavy eX-
ports. Our wheat export movement ag-
gregating more than 10000. 900 bushels
within thirteen weeks, is unprecedente ed,
and points to a keener appreciation of the
statistical strength of wheat by European
importers than by many American traders.
Exports of wheat( flour included as wheab
from both coasts of the United States and
from Montreal this week amount to 5,991,
331 bushels, against 5,552, 900 bushels last
week, 33S6,OOO bushels in the last week of
October, 1896; 2,T43000 bushels in 1895, 2,914,
coo bushels in 1894, and 2,S6O,000 bushels in
1893.
The total number of business failures
| reported throughout the United States
this week is 21S, compared with 205 last
week, 24S in the week year ago, 299 two
years ago, 253 three years ago, and 353 in
1893. There are SO business failures report
ed from Canada this week. compared with
n last week, 81 in the week "a year ago,
and As in the week two years ago.
FINANCIAL REVIEW
Bradstreet's review of the stock market
will say:
Waiting conditions have prevailed in the
stock market this week. The public is not
inclined to purchase speculative securities
at present and the larger interests are in
active. Apart from special movements in
certain stocks, Union Pacific being the
most notable example of this, fiuctuating
have been narrow, and the tone Of the mar
ket heavy under pressure brought to bear
on it by professional traders. The cleo
ton. the Union Pacific developments and
the revival of the Cuban scare based on
the receipt of Spain's answer to our recent
communication, have all done duty as dis
Icouragements and causes for depression.
There has been some further liquidation
by tired speculative holders, with consid-
cradle intermittent short selling by the
traders, the readiness of the latter class
to cover for small profits resulting in a
good deal of irregularity in the movement
of prices London has shown little inter-
est in this market, the operations for for
eign account being mainly of professional
origin, and therefore limited in character.
Higher rates for money in London seem
TO check all speculation there. Our own
market has shown little interest in the ad-
vance Of foreign exchange and probability
of gold importations. The fact that money
remains so easily here appears to deprive
the question of any immediate Importance
for Wall street. Attention is paid to the
unfavorable earnings and the report of
net and gross for September by number
of the leading western lines was favorably
received, but without materially affecting
the speculative Indifference which has been
the main feature of the week.
Dun & Co.'s Review
NEW YORK, Oct. 29.-R. G. Dun & Co. s
weekly review of trade tomorrow will say:
The testing of retail trade is in progress
but results are remarkably retarded by
long-continued mild weather, and also by
the fever in southern districts. Even from
that quarter some large orders lately re-
ceived show better distribution than was
yet expected. In spite OF the unseasonably
warm weather, which greatly hnders re-
tail dealings in goods at all points east of
the plains, the large number of supple
mentary orders. with urgent pressure for
quick delivery, make it clear that the sales
in many branches have exceeded the ex-
pectations of dealers, SO that replenish-
ment of stocks is not yet finished. Mean
while, wholesale trade and orders to man.
ufacturers have been smaller than when
the run was greatest, but have neverthe-
less been large for this stage, even in a
year of general prosperity, for the pay
ments through the principal clearing
houses have for the week been $40 per cent
larger than in the same week of 1892, and
for the month 6.1. Heavy engagements for
outgoing wheat, covering 100000 bushels
thsi week affect monetary prospects. but
still more the produce markets. for the
Atlantic exports are large already, 1884,
t49 bushels Mour included), against 2344,-
s4i for the week last year and in four
weeks l3904, ,551, against 9.Sl1 05S last year
western receipts are not quite equal to
last years week, but have been 27 9GS. .2SS
bushels Tor four weeks, against 2S756, GA
last year. The market advanced 21s cents
with No. red actually selling above 81
here. while speculation at ST. Louis is
pushing prices yet higher. The possibility
that foreign exports may be checked is not
to be overlooked, but the heavy engage
ments, besides exports for four months
past, prove that foreign needs are real
and large. The corn movement was small
er. though exports fell only 300 900 bushels
below last year, and the price advanced
but slightly. Wool markets have become
quiet. Instead Of 1S, 900. 900 pounds reported
sold in Boston in the last week in Septem-
ber, 92OO,OO0 the next week. 5000 600 the sec
ond week of October and 5000 900 the third
week. sales have been but 2,710 000 pounds.
and at the three chief markets 5231. 800.
making the aggregate for the month 26-
S9i, 900 pounds. against over 66. 600 900 pounds
in September. Prices are said to be we'll
maintained. although &c to &c below former
ASKING prices, but occasional heavy sales
indicate concessions for liquidation for
speculative lots. The market for goods
is not acHve, as prices have been so far
advanced as to hinder buying, in many
cases Intentionally until the future is more
clear, and the mills have ahead quite as
large contracts as they now desire. The
buying Of iron and steel products though
smaller than of late, continues to keep
works we'll engaged ahead and induces
Others to resume operations. Both buy
ers and manufacturers find it prudent to
limit engagements ahead, and the period of
adjustment will make the industry safer
for some time to come. There is great
pressure for speedy deliveries, but In bars
and wire some abatement of demand will
slightly lower prices for nails. Tin is a
little weaker and competition of home
producers has lowered tin plates to 49, TO-
The coke output is larger, 149 553 tons week
ly, but anthracite coal is weaker, being
offered here at $4.05 against S435 named in
circular.
Failures for the week have been g19 in
the United States. against 27D last year
and 25 in Canada, against 40 last year.