The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-27
is SLOW TO IMPROVE.
General business L. Affected by tina
Monetary situation.


| NEW YORK, July Err G Dun q
| 90 ; Weekly Review of Trade says; The
week began with extreme depression in
stock and speculative markets, owing TO
the heavy outgo of gold and the fall of
the treasury reserve below the minimum
The Populist and silver conventions
caused some apprehension, and large
Withdrawals of gold for boarding were
rather feared than seen Then came sharp
recovery, with the union of banks to turn
O,OOO,OO gold into tho treasury, and of
International bankers to control foreign
exchange. The gold reserve has been
quickly lifted above the Sl0O 0Oo,0 600 mark,
and political events have helped to clear
away apprehension. Business of all
kinds has been considerably affected by
the monetary conditions, apd is slower TO
improve. The produce markets have been
seriously depressed, lard mskin the low
est quotations on record, corn falling to
32 cents, wheat to 6i 75 cents, and cotton
to :. .l2 cents.
There has been n slight recovery In
corn, sixteenth in cotton, and cent in
wheat, but the main cause of low prices
remains, namely. prospects of large crops
with heavy stocks on hand Old corn Is
coming farward at about double the rate
year ago, and so far another big yield Is
Indicated. Wheat receipts at western
points have been lO,255, PSI bushels in
three weeks as against 4, 4S0, ii3 last year,
when the coming crop If official reports
are To be credited, was larger than it is
now, and Atlantic exports for three
A. III 81
bushels, against 2,522053 last year,
large gain, but not enough to balance the
increase i'm receipts In spite of contra
dictory accounts the impression grows
that the crop may as much exceed official
estimates as it did last year. Cotton re-
ceipts are as usual insignificant, but new
cotton already begins to appear some
weeks earlier than usual, and the pros
poets for large yield grows clearer,
though owing to over-rain development
the quality may be defective. Nothing
appears of encouragement in industries,
and there has been considerable further
decline in the working force.
The closing of iron furnaces continues,
only three out of eleven i'm the Mahoning
and four or five out of sixteen in the She
mango valley remaining in blast, and yet
ever known, while the demand is remark
ably light. Southern No. /, at the east,
is nominally Sll.25. and Pennsylvania sl2,
with Bessemer Sll.75 at Pittsburg, and
gray forge 500. But even these and all
prices for finished products are shaded
to secure business. The general demorali
zation is partly due To growing belief that
large combinations which still hold up
prices cannot hold them long Nearly all
wire and wire rod mills are closed, sales
of nails are'small, bar iron at l.2 Is being
largely superseded by steel Mt los cents,
open hearth billcts are offered below Bes-
semer the demand for rails Is very light,
and the great structural works at Home
stead go on half time unless orders this
week are better Minor metals are also
weaker
Textile industries are rapidly reducing
working force, as the prospect for future
demand does not grow clearer, and, while
prices are nominally unchanged, il is be-
cause there is little chance of business at
present. The state of wool for manufact-
ure appears I'm sales at the chief markets,
for the week the smallest ever known only
/ l,37O, $50 pounds of which Sii $50 We're do
mestic, against lO.3Ol, 300 last year. Of
which 6,23l, $40 were domestic. Prices do
not nominally change, but are shaded TO
make sales, and western markets are
weakening some, though still higher than
eastern. Leather is inactive, and hides at
Chicago average 3 per cent. lower for the
week. Failures for the week have been
PSI In the United States, against POI last
year and % in Canada, against % last