The herald., 1897-11-27

On
steel have not been in as active demand
as expected, and are lower, notwithstand-
ing furnaces and mills are supplied with
orders sufficient TO carry them well into
next year. A favorable feature is found
In advances of wages of operatives in va
rious Industrial lines.
Wheat exports, affected almost entirely
by the holidays show considerable de-
crease from last weeks total. The aggre.
gate exports of wheat, flour included as
wheat, from both coasts of the United
states and Canada, this week are 5465, Is;
bushels, against 6,653 900 bushels last week.
S75S,coO bushels last year. and 2,460,00C
bushels In 1885,
Corn exports also would have been larger
put FOR this reason, amounting to 1859, ,00(
bushels. against 3.309, 900 bushels last week
and 2,920.000 bushels last year.
There are 235 business business failures
reported throughout the United States this
week, compared with 1856 last week, 256 In
the week year ago, and 2SS two years ago.
There are SS failures reported from the
Dominion Of Canada this week, compared
with 81 last week. 3s In the week year
ago, and 81 two years ago.
FINANCIAL REVIEW
Bradstreet's financial review tomorrow
will say:
Although speculation has been mainly
In the hands Of traders, the undertone OF
strength was apparent throughout the
weeks transactions on the stock exchange.
The holiday on Thursday. however, Gre
ated an indisposition to trade and resulted
In the loss of more selling to obtain lin
| tied profits on the bull side. On Friday the
market. after an early spell Of hesitation
with some slight bearish news. developed
strength on bear covering and closed bet
ter. There has been no very severe pres
sure, and while. except in a few stocks,
decided support was lacking 1t is the gen.
eral impression that liquidation Is over.
and the stocks are in strong hands. The
approaching meeting Of congress is re-
garded as the next speculative factor OF
Importance, and 1t Is concluded that large
financial interests are waiting till the ses-
sion begins and the attitude of the national
lawmakers on the currency and Cuba is
developed. So far as the administration
Is concerned the street" at large has
been favorably impressed both by the pa
cific disposition that has characterized the
negotiations with Spain and by the cur
rent reports that the presidents message
will deal largely with the currency and
take position satisfactory to sound mon
ey sentiment. The fact that Secretary
Gage. in his speech In New York on Thurs
day evening. dealt only with generalities
as to the currency and the administra-
| tion's policy In regard thereto created nei-
ther surprise nor disappointment. though
portion of the street" was disposed to
anticipate a more positive utterance.
| There was an absence Of unfavorable
developments throughout the week. and
more attention was paid to the continued
increased railroad earnings and circum-
stances affecting the speculative position
of particular properties. The payment OF
ho inc to1 nf SIR 000 C10 of the
Union Pacific purchase money was ac-
complished on last Monday without any
disturbance of the loan market. and what
ever interest exists in that connection re-
fers to the disposition Of the Kansas Paci-
fic division, the foreclosure sale OF which
takes place on December Is, no definite ar
rangements having yet been reached be-
tween the government and the recrganiza-
ton company. London has not been fac
tor of any Importance In our market
though selling from the bourse has been
larger than purchasing.
Dun & Co.'s Review
NEW YORK, Nov 2e.-R. G. Dun & Co.'S
Weekly Review of Trade will say in its
issue tomorrow:
The heavy exports Of wheat. with the
renewed advance in prices, Is the most
interesting and important feature Of the
weeks events. Since August, when the
extent of the foreign deficiency became
realized, exports have been larger than In
corresponding weeks of any previous years.
The cotton exports, also, have become
very heavy. and the outgo of corn falls
but little below last years unprecedented
record, while in exports of manufacturing
products, especially machinery. all records
for the season have been surpassed.
While the aggregate for November last
year was over S109. ,000 shipments from
New York for three weeks have been but
slightly smaller, with a fair prospect that
the known increase in cotton and other
products from other ports may make up
the deficiency. Meanwhile imports are
running behind last years at New York
nearly $20 200 this month. so that another
excess Of exports over imports, amount
ing to about $G0.00O.000 for the month, Is
probable. But this would make an excess
of about $225 OOO.0 900 in four months.
After the slight decline last Saturday.
wheat rose to s1.00h for November, with
No. 2 red and other grades selling many
cents higher. Yet western receipts are Of
enormous magnitude. in four weeks a.
072, 2O4 bushels, against 8, ia, SSS In the same
four weeks last year, while Atlantic ox-
ports, flour included, were for the week
s,62s446 bushels. and for four weeks 49,
439.S39. against 7.737,6S5 last year. The ship
ments from other ports have also been
heavy. and nothing appears to change for
mer estimates of European needs.
The iron industry shows no decrease
product or consumption of pig, but with
much reduced orders for products. Ex-
cess of production is expected, and Bes-
semer falls q shade to 1918 and grey forge
to 925 at Pittsburg. though Chicago and
eastern markets show no change Billets
are also weaker at Pittsburg at Is. Ex-
pectation of lower prices tends to produce
the time when new business Ia small. and
the mills are working mostly on small or
ders, with buyers impatient for deliveries.
Other large orders are held back in plates
by inability of the works to deliver in the
time desired. In bars, agricultural and
railway manufacturing causes heavy de-
mand at Chicago. Iron is preferred to
steel, and thin sheets are also in better
demand, but bars are shade lower at
Pittsburg. and both wire and cut nails.
Some large orders for rails by eastern rail-
ways are reported.
Some reduction In prices of wool appears,
possibly averaging half a cent, with sales
Of Australian amounting to 2.700, 900 pounds
In few large blocks in Boston, but the
tone Is still strong.
Failures for the week have been 236 in
the United States against 800 last year, and
Is In Canada, against 3S last year.