The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-08-27
FINANCE AND TRADE.
Commercial Exchanges Present En-
couraging Reports.
CONFIDENCE AMONG INVESTORS

Europe Has Not wearied OF Buying
American Securities, and Our own
Investors Are Not Withholding Their
Money-Dccrease in Price of Wheat.
New York, Aug. 27.-R. G. Dun &
Co. in their weekly review Of trade,
say; The volume of business reflected
in exchanges at the principal clearing
houses is 20.4 per cent. larger than last
year and 26S per cent. larger than In
1892, heretofore, the year of the largest
business and highest prosperity ever
known. Part of the increase was due
to speculation at New York, but there
remains a healthy increase over the
best of previous years, and though in
some branches business is not satis-
factory in character, in nearly all 1t Is
larger in volume than ever before. No
unfavorable change appears In the pros
peCt Of crops upon which the welfare of
the country so largely depends, nor is
there present or threatening financial
disturbance. Europe has not wearied
of buying American securities, al
though some spectators have been
selling, nor is there shown any want Of
confidence among American investors.
apt to mislead, because imports last
year were extraordinary small, after
the big rush to anticipate new duties,
while exports were beginning to show
the phenomenal demand which made
the year quite the most remarkable in
our history. Hence the decrease of 13
per cent. from New York in August
thus far is not alarming, but sales of
re WIT m ha Iaa 10
and have stopped any advance in the
current rates Of foreign exchange. Nor
is it at all disheartening that imports
at New York for the month thus far
exceed last years by nearly 900,
since last year they fell below those of
1896 by more than S4000,000.
Wheat goes down three oents for the
week, as If there were no foreign de-
mand coming, the obvious concert of
farmers to keep back wheat, the crop
being certainly very large, tending to
encourage a conspiracy of traders
against them, which thus far has en-
tire control of the market.
Bradstreet's review says: Business
conditions in the main reflect the con-
tinuance of most of the favorable fea-
lures hitherto dominating the trade sit
Uation in the more favored sections OF
the country. Prominent In this dlrec-
tion, of course are the iron and steel
and allied industries, in which active
demand present or prospective, has
led to further price advances, sustained
and even increased activity In distri-
button at most western markets, with
some Improvement likewise noted at
the south and on the Pacific coast,
steadiness in prices--wheat. corn and
cotton, however, eXcepted-a reduced
number of business failures, fair gains
in railroad earnings, as whole,
and bank clearings, in spite of slight
reduction from last week, showing
heavy gains over all corresponding
periods in previous years.
The less favorable elements in the
situation are the reports of arrested or
smaller than expected trade at eastern
markets, more particularly in textile
lines, lowered quotations and appar-
emily less active demand from abroad
for our cereal products, and reduced
prices paid for the souths great staple
raw cotton. Qualifying the latter
might be mentioned the fact that
spring wheat has apparently begun to
move In the northwest, and that the
promise of large yields alike in wheat
and cotton has tended to depress quo
tations.