Evening capital. (Annapolis, Md.) 1884-1910, 1889-08-31
HOPEFUL PROSPECTS
ENCOURAGING Symptoms in the
Iron Market.
MoyETARY SITUATION UNOHANaED

The Large Bond Purchase Relieves Spec
aiation without BeneftIng Common
cfal BHarkets--General business Con-
tfnues TO Improye-Stocks Advances.
Commodities Decline 1 Per cent-voI-
ame Of Trade Larger Than Last Year.
NEW YoRK, Aug. 3I.-R 9. DUNK
Co. : weekly review of trade says: Last
weeks suggestions in regard 10 the
monetary situation have been entirely
sustained by the events of the past week.
Those who held large amounts OF gov
eminent bonds were induced to sell
freely at prices formerly paid by the
treasury, which has thus been enabled
to pay out $50, 900, 900 for bonds. But
these heavy disbursements have scarcely
changed at all the market for CONNER
cial paper here, at Boston, or at Phila-
delphia, though speculation has been
rendered more active and sharp advances
in stocks and wheat have resulted.
Speculation Improved.
The secretary's belief that bonds to a
large amount could be obtained at the
prices offered has been justified, and he
has done what he could under the law
to prevent monetary pressure. But the
money disbursed seems likely to relieve
speculation rather than commercial
needs, at least until other operations be-
sides the one in government bonds have
been liquidated.
Stocks have advanced just $3.50 per
share in a week and / 200, 900 shares
have been sold already at the rising
prices. AS yet the money for bonds has
not actually gone out of the treasury
and its cash holdings are a little larger
than q week ago, but its deposits in bank
$500, 900 less.
business throughout the Country.
Business in all parts Of the country
continues to improve with the stimulus
Of large crops. Chicago reports inn
mense increase in receipts of grain and
provisions, with considerable gain in
sales of dry goods and clothing. Mil
waukee finds trade improving. AT De-
troit and st. Paul previous improve
ment Is maintained. At Omaha bust
ness Is very good, and though trade at
Kansas City is rather quiet the demand
for money Is charging. At Cleveland
and Pittsburg the iron business is ex-
panding, and at Philadelphia improve
ment Is noted in wool, groceries, iron
and in coal, with good trade in drugs,
chemicals and tobacco. At Boston sales
of wool are larger, reaching 100000
pounds for the week, and the goods
trade is large with prices well main
tanned. A heavy demand for export is
observed in leather, both sole and split,
and q good home demand, while boot
and shoe factories are well employed at
last years prices, and large building OPP
erations made the lumber trade more
active.
The Iron situation.
The situation IN the iron industry is
surprisingly encouraging for o weekly
production hardly every surplus appears
TO be met by a wonderful demand, al
though delivery of rails continue below
last years. The Tennessee coal and
Iron and company gives notice OF an
advance of.2J cents in its prices for pig
iron, and the rise in the price of coke at
Pittsburg insures some advance in pig
iron there, while bar, plate and struc-
tural iron are in strong demand and the
works better employed than they have
been before for Several years. Increase
of wages is reported at several establish
ments and the building of several more
furnaces, two by tie Carnegie works at
Braddock.
Wool is not yet freely taken by manu-
facturers at current prices, but the de-
mand is better on the one side while
holders seem little more ready ON the
other TO make the concessions required
by the present state of the goods mar
ket. The high price and inferior quality
of cotton embarrasses manufacturers,
but large new supply is now at hand.
Eject of the Many Failures.
1t is an encouraging fact also that the
important failures of recent weeks have
not produced the large crop OF minor
disasters by many apprehended. It is
reported that creditors will grant extern
sion to the Walregan mills. and state
ment from Philadelphia IS that Lewis
Bros. & Co. will pay 30 cents on the dol
lar, but neither in number nor in mag
nitude have the failures of this week
been unusual.
The volume Of trade is still much
above that Of last year and clearings
show a gain of ~ PER cent. outside of
New York. In the speculative markets
the general tendency has been toward
lower prices, though wheat advanced on
extravagant reports of shortness in
European crops. But the average Of
nrices for all commodities is about per
cent. lower than week ago, and even
in wheat the later sales indicate de-
clining tendency as in other grains and
provisions.
business Failures
Business failures during the week
for the United States lSa, for Canada
q. total I'll. compared with FOG
last week and 2I3 the week previous
is the last. For the spending
week OF last year the figures were 226.
made up Of 20s failures Il the United
tates and "a in Canada.