The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-22
RISING TIDE OF TRADE.
Y. @. DUy'!S REPORT FOR THE PAST
VEEK-FAIL URES.
Crop Reports Highl- Reconsideration
for Iron and Steel suppiirs-Cot-
ton-Boots and Shoes.

Failures for the second week OF June
show liabilities OF only s2.0e2.Ss2 of which
500, 3s7 were manufacturing, and s,Sz',o-S
were trading. against sz5is,55 III All Tor tHe
same week of last year. OF which ses,l5'
were manufacturing and $22O,ItS were
trading. Additions for the nrst week OF
June raise the aggregate for two weeks,
including the cordage concern. 10 N45zl,-
s4l. Of which sl05i7. 3Z5 were manutactur-
ing, and sS.6sill6 were trading. Failures
for the week have been rs IN the United
States. against IA last year. and 81 IN
Canada. against . last year.
He who sees setback in business at
this time must be gazing through
telescope. pointed by mistake at some
other country From all parts OF the
United States, the best advices obtain
able tell OF a rising tide Of trade ana
Industry. which threatens here and there
TO mount too far and too fast. The vol
ume of all business is by no means equal
TO that of 1892 as yet. though, IN some
important branches larger than In that
or any other year.
Daily payments through clearing-houses
In June are 1886 per cent. larger than last
year though Sc per cent. smaller than IN
1892. the last year OF full business at this
season 4 rise OF more than quarter
in a single year is the most Significant
in spite Of the recent advances, the
prices OF commodities as whole a'-
eraging fraction OF I per cent. lower
than a year ago. TWO influences vi
tremendous power contribute TO the rise
encouraging crop news. and confident
replentsh!ng OF stocks. which have been
for two years depleted TO the utmost
When business payments have SO long
been 800. 10000 yearly less than before
IL is not strange that the increase should
be at least sll.D0.O0po year. when
faith in the future inspired general re-
punishment of stocks.
Excepting too heavy rains IN Texas
crop reports this week have been highly
encouragnig. Future inquiry TO cot
ton cannot be predicted, but as yet notn-
ing indicates a yield below 7,5o',ew bales,
which would not be supposed TO threaten
famine If the commercial and mill STOCKS
were remembered, now exceeding by
. 800 600 bales, a full consumption unth
September list. Receipts continue small
and consumption close 10 the MAXIMUM
here and abroad. though the marketing
OF British goods is not entirely encour-
aging Liberal purchases of all pro-
ducts by the South do not indicate be-
lief that any serious misfortune impends'
The strong trade in the grain-growlhs
States accords with brighter crop pros
.sects. The rush for supplies in IRON ana
steel resembles a bear panic in the stock
everybody hurrles TO buy. so that they
mount higher.
Bessemer iron has reported $3.50 al
Pittsburg. the bar association has adj
vanced common 10 Nl5; the wire-nah
association puts up the price 10 N.oO; the
stee-rail makers have raised the price
10 S2f: eastern and southern furnaces nave
both raised prices again 20 cents per ton'
and structural beams are ST 8 and angles
fol, 10 ba
Grafton are crowded with orders. and
others. which have been idle for years,
are preparing to resume work. At the
same time the most potent cause OF me
upward start i'm prices-the general ne
lief that a combination OF coke producers
would raise the price Of coke TO 81 !"
after July lst-is apparently vemoved py
war among the producers ana iall 10
H25 i'm contracts for the last half or
1895.
Advances continue in cotton goods. ana
are sustained by unusual demand and
scarcity at a time when the mills are
generally anxious TO clear of other stocks
SHIPMENTS OF boots ard shoes for the
week have been the largest ever known
I'm any week-l0l, " cases, according 10
The shoe and Leather Reporter. and for
three weeks Of June have been II per cent.
larger than in any previous year. Many
shops are stopping, though most nave
orders TO August or september.
With sterling exchange at the shipping
point gold exports are not expected UNI
less the syndicate sees fit TO make them
for Durposes Of its own, although the mer-
chandise balances would call for ship
ments. and foreign trading In stocks has
been insignificant Evidences or better
employment Of money I'm the interior
multiply Funds gravitate hither' ana
one large town loan for an OlneyVihe
mill. with good New York endorsement,
was placed for forty-hve days az NV
per cent per annum, although CONNER
cial loans are more eagerly offered and
taken.
BRADsTRFT1's
NEW YORK, June 2l.--Bradstreets to-
morrow will say:
The feature Of the business week -
the customary check of activity in trad
ing i'm staple articles Of merchandise, at
the near approach Of midsummer, with
the accompanying stOck-taking IN some
lines. IN addition TO this, perhaps, the
only other not pointing TO improvement
is the reaction of prices OF camel coal.
wheat, -four. corn. oats. pork. and lard
from previous railway high levels. In
almost all other directions, reports on
the business situation and outlook are
exceptionally favorable.
The New York stock market Keeps ITS
strength. IN face OF high exchange rates
and the absence Of foreign interest. Fa-
vorable crop prospects, especially IN
southwestern territory, and the rise In
from and steel prices. create a bullish
temper. under which realizing sales have
listle effect The return Of one OF the
bond syndicate leaders from Europe is
regarded as a bulllsh information.
Notwithstanding the reaction in the
price OF cotton. cotton goods In some in
stances are higher. with the market
quiet and likely TO remain so until after
July 18th. Wooden goods are quiet. with
mills fairly well employed where labor
trout.s have not interfered. TSradlng
I'm wool has been very heavy, and while
sales at the West have been made at low
prices. quotations have since advanced
i-9llc. per pound. thus apparently plac-
ing wool IN line with leather. wheat. corn.
cotton iron and steel Among the sta |
pies which have enjoyed Il revival, the de- |
,nand for iron and steel continues. per- |
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