The herald., 1897-10-23

throughout most of the Gulf states re-
mains practically at standstill. Almost
all the large eastern cities report a de-
creased movement of merchandise and a
tendency of collections to fall away, no.
tably Baltimore owing to it's southern con-
nections. The Industrial situation contin-
ues to furnish employment to as many
persons as at any preceding period this
year, and at higher wages. Production of
iron, Steel machinery, stoves, car struc-
tural work, glass and wooden goods con-
tinues heavy. Steel mills have orders to
carry them into 1898, and decline contracts
for next years delivery. This explains
the advance in the price of Bessemer pig
iron. while the foundry grades remain un-
changed. The extraordinarily heavy and
steadily increasing production of iron is
starting up furnaces long out of blast,
and although consumption is heavy, it is
not improbable that production will out
run it in the near future, which consti-
tutes an unfavorable point in the outlook.
Exports of wheat flour included) from
both coasts of the United States and from
Canada this week amount to 5,552.17 bush
els against 6,039. 900 bushels last week,
1000 bushels in the week a year ago
and 2G5S, 900 bushels two years ago.
There are 205 business failures reported
throughout the United States this week,
against 1856 last week, 292 IN the week a
year ago and 259 two years ago.
There were twenty-seven business fail
ures reported from Canada this week, a
total considerably smaller than that of
last week or in the third week of october
Of any of the four preceding years.
FINANCIAL REVIEW
Bradstreets Financial Review will say:
Liquidation. resulting from the recent
speculative announcement, seems to be
over and the market this week displayed
more or less disposition to rail-. The fact
that j. p. Morgan has arrived in London,
and according to all accounts, has given
out favorable views of the situation here,
Is regarded as likely to have a good ef-
feet. AS the flow of funds to the interior
has been checked and interest rates show
tendency to weaken, the market here is
not disturbed by the apparent efforts OF
the leaders of the London money market
and the Bank Of England to obstruct gold
lmportations to this country. 1t might be
mentioned that the measurable success
of the means taken for this object is more
| than likely To improve the speculative in
terest of London in this market. The ap-
parent closing of negotiations as to the
disposal of the independent gas organza-
tions in Chicago and their acquisition by
interests allied with the Chicago Gas COM
pany rcrovcy disturbing influence in
the market, and the Street has been
much more incl.ied to pay attention to
the condition of business and the railroad
earnings. The latter continue to be sat
lsfactory, and much stress is laid on the
declarations of leading railroad officials
that increasing general merchandise
lreights make amends for any falling off
in the grain movement There is, however
an impression in some quarters that no
decided movement in prices is probable
while the elections in New York and else
where are pending and the meeting of
congress is near at hand. Attempt has
also been made to revive the fear of COM
plications In our relations with SPAIN and
rumors have been circulate that~opfIosi-
ton bids to that of the reorganization
syndicate will be forthcoming at the fore
closure sale of the Union Pacific property
next month. The market being still mar
row. such factors had some effect and al
times the proceedings were dull or af-
fectcd by reactionary tendencies.