The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-07-20
STATE OF TRADE.
The Volume of Business Large Despite Ho1
Weather.

The Volume of Business Large Despite Hot
Weather.
New YORK, July 19.-In spite of the usual
midsummer dullness, aggravated this year
by exceptionally hot weather, the volume of
business continues larger for the season
than in any previous year, and in all quar-
ters high hopes are stimulated by excellent
crop reports. The passage of a compromise
silver bill by the senate helps togive encour-
agement, though delay of action on the
tariff question depresses some important in
dustries. Large exports of gold have be-
gun, however, owing to suspension of specie
payments in South America. and urgent de.
necessities. The Bank of England
lost $2,16oooo in old last week,
the Bank Of Germany $2,49O,OOo, and
the Bank of France 81, PAS. 900, in all 81, $685.
600 in week, and it has been decided to
call over $5.OOO,0OO gold from this country,
scanty reserves here on which to begin the
fall movement, and money tight at Boston,
and active at Philadelphia, and in sharp
demand in Chicago at 6 per cent. on call,
the prospect is less clear than it has been,
though rates here are comparatively steady.
The more important branches OF manu-
facture show hesitation. Wool receipts are
large at Boston, but many mills being idle
manufacturers do not buy freely and sales
are 2, 118 900 pounds. At Philadelphia dull
ness reigns and western markets are weaker
though still too high for the views of most
manufacturers. No chance is seen for i'm
provement in prices Of goods, and the heavy
for the rest of the year. In the iron bust
ness the buoyancy anticipated at
Philadelphia does not appear; there
and here pressure to realize keeps
the market weak, with Northern No. l
foundry at I'll 80 and Southern at $17, and
delivery are quoted at $3l, and while mills
have orders for some time to come, the
present demand for finished products is
not large. Pittsburg notes no loss in price.
but slower movement. The leather indus
tries are in better shape; hides are strong
With domestic at better prices; leather is
vance on boots and shoes over last years
prices. Coal is dull and weak, the recent
advance being Principally on paper, and the
half years output being within 1000 tons
Of the output last year. Copper, tin and
lead continue strong.
Chicago reports larger movement than
last years in all grains and meats, in wool
and in dry goods, with easy and prompt
collections, a very good trade in clothing,
and better than last year in boots and
shoes. st. Louis finds trade above the
average, extreme hot weather having passed
but at Kansas City trade is light, and col
lections are poor because of drought.
The traffic of railroads is still very large,
for the last week of June about 8 per cent,
and for the month about II per cent. above
last years. willie the few reports for July
show still larger gains. This, with none
tary uncertainties, has made stocks hest
tate. and London has been selling some
what freely. But action on the silver bill
causes stronger tone, and it is observed
that, in spite of their wars, the railroads
have not been swelling the list of bank
ruptcies unusually, receiyerships for the
half-year covering but $47 ,OOO,O 900 of stocks
and bonds of 1880 miles, while fore
closures for the half year covered So, 600,
600 of stocks and bonds and $50 miles OF
road. The steady growth of the country il
| illustrated in national bank reports, show
ing an increase since 1880 of &C per cent. in
number of banks, IS per cent. in deposits,
and 50 per cent in loans.
! The business failures occurring through
out the country during the last seven DAYS
as reported to r. G. Dun & Co., the mercan
tile agency. by telegraph. number, for tn
United States, It's, and for Canada, %. or
total of 1877, as compared with 1888 las
week, and 2O2 the week previous to the last
For the corresponding week of last yea
the figures were 2O9. representing 191 fail
ures in the United States, and IL in tn
Dominion of Canada.