The herald., 1897-03-07
Show Gradual But Steady I'm
provement
DEMAND GROWS STRONGER
Shipments Of Cereals Promise to Yield
Satisfactory Returns
Bsadstrsst's Sees Signs Of Promise In the
Calling Of the Extra Session
Of Congress
Associated Press Special Wire

will say: The slow and gradual i'm
provement observed for some time has
continued during the past week and
without material check. There is a bet
ter demand for most products, with con-
siderable speculative buying in some,
notably in wool, brought about by the
expected dullness. Reports of probable
need abroad have helped speculation in
wheat somewhat but it has risen about
three cents, though the price is still
lower than two weeks ago. Corn is a
cent stronger. about the price of two
weeks ago. Western receipts of wheat
are still small. 1,559,S12 bushels, against
2,301 .6S3 last year, and the Atlantic ex-
ports. flour included. were for the week
1924 bushels, against 1,541, 1876 last
year, but the corn exports continue 50
heavy as to compensate largely If not
wholly, for any decrease in wheat,
amounting for the week to 2779,974
bushels, gulf ports not included. against
1,014,39 last year. reckoning half
bushel of corn for one bushel of wheat.
The grain supply of other countries con-
tinues much larger than q year ago.
Cotton has declined an eighth, and with
good reason, for although receipts from
plantations fall off the decrease is not
greater than the decrease in consump-
tion owing to stOppage of mills. AS
there is comparatively little cotton
available In the country, the market is
q very convenient one for spectators to
manipulate. The demand for wool has
diminished, though only a little, and
sales are quiet at a third more than the
full consumption of all mills. IL all were
at work, but the speculative buying
continues fast, and at the three chief
markets in five weeks have covered
46, 700 pounds. against 2S, ,667, 400 in the
same weeks of 1892. Western holders
are too stiff for eastern purchasers, and
the buying of domestic wool has slack
ened. Although some more mills have
gone into operation, the course of the
market has not favored great activity.
but II may be said that for goods of 4
higher class there is a better demand
than heretofore. While the demand for
Bessemer pig has sustained the recent
advance to $10.75 per ton at Pittsburg,
and grey forge is still quoted at $9.40,
there, and there is also less cutting of
prices to get more business in finished
products. the general range Of prices
still continues very low. There is less
evidence of eastern mills selling rails
below $50, except for export, sales or that
character having been made at $ls.
Western makers are said to be firm at
S21 per ton. but the demands of most inn
portant railways have been supplied for
the present The consumers of billets
are not in the market just now. but with
the somewhat larger product OF pig iron
1t may be dounbted whether, outside OF
rails. the demand for finished products
equals the capacity ofthe works.
Failures show but slight increase over
those of 1896 or 1895, and but little de-
crease compared with 1894. The feature
of special interest Is the conservatism
in trading indicated by the liabilities Of
trading failures in nearly every pranch
of business, contrasted with the slight
increase of liabilities of manufacturing
failures. The failures for the past week
have been 246 in the United States.
against 2S5 last year, and So In Canada,
against 6S last year.
BRADsTREETs REPORTS
Bradstreet's tomorrow will say: The
new administration, the certainty or
an extra session of congress within
fortnight and the promise OF new
tariff at an early day. which shall pro-
vide adequate revenue and protection,
have done much to stimulate petter
feeling In trade circles and increase con-
fidence In the near approach of an i'm
provement in business. Favorable feat
ures are found in higher prices TOR wheat,
corn. pork, lard and spirits OF turpen-
tine, as we'll as for steel billets. steel
mills are fairly we'll filled with orders
and In some lines are inclined to ad-
vance prices. Recent low quotations
for various forms of iron and steel have
been withdrawn, notably for wire and
structural material. Export of wheat.
flour included as wheat, both coasts
of the United States, this week amount
to 2,075, ,435, compared with !. .372, 900 BUSH
els last week; 2.407,000 bushels in the
week a year ago. Exports Of Indian corn
continue heavy, amounting to 5,266, 1888
bushels this week, compared with 4744,-
600 bushels last week and 2.y75, 900 BUSH
els in the week a year ago.
There are 262 business failures In the
United States this week, compared with
IS last week; 270 in the week year ago;
262 In the week two years ago and small
or totals in like weeks in two preceding
years. This marks a return of the ra-
ito of business failures to the total num-
ber In business more nearly to the nor
NAL. There are 81 business failures re-
ported from Canada this week, against
80 last week
Bradstreet's financial review will say:
Greater activity has been displayed in
the stock exchange trading this week,
and though the transactions have contin-
ued mainly. II not entirely, professional,
there was some evidence of'a broaden
Ing out Of the market. This was par
ticularly true of the Vanderbilt shares.
which were all favorably influenced by
the announcement concerning the re-
funding of the Lake Shore roads per
cent bond issues. Whether, as the street
chose to assume, there is any ground
for supposing that members OF the Van
derbilt party are supporting their secur-
tiles or taking an active speculative in
terest. Is immaterial. 1t would seem
that conservative people have become
renewed purchasers of that group of
otocks and the influence was felt agree
ably throughout the list and induced
considerable short covering and not
little buying by traders for long account.
This movement was particularly notice.
able on Wednesday. There was at first
disposition to wait for the new presi-
dental address. When that document
was published, however, the street" at
once took an unfavorable view Of the
paragraph in which President McKin-
ley refers to the trusts and combina-
tionR. Up to that time the Industrial
group had been comparatively neglect
ed. although sympathixing with the
higher tendencies Of the railroad stock
list. Under the influence in question
sugar and other shares of the same class
were attacked by the. bears and led4he
way In sharp reactionaryI movement,
the professional traders promptly liqui-
dating portioA Of their recent pur-
chases. On Friday the market was
strong tia checked BY renewed foreign