The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-25

silver Agitation Making Merchants
and Manufacturers Cautious.

THE BUSINESS OUTLOOK.
silver Agitation Making Merchants
and Manufacturers Cautious.
New York. July ar @. Dun q Co.'S
weekly review of trade tomorrow will
say: The week began with extreme de-
preston IN the stock and speculative mar
kets. owing to the heavy outgo OF gold
and the fall OF the treasury reserve below
the minimum. Tho Populist ana silver
conventions caused some apprehension,
and large Withdrawals of gold for hoard
ing were rather feared than seen. Then
came q sharp recovery with the union OF
banks TO turn so. eoo. 600 of gold into the
treasury. and or the international bank
ers to control foreign exchange. The gold
reserve has been quickly lifted above the
80. ooe. ooo mark, and political events have
helped 10 clear away apprehension. Busi-
ness OF all kinds has been considerably
affected by the monetary conditions, and
Is slow 10 improve.
The produce markets have been seriously
depressed. lard making the lowest quota
lions on record. corn falling to &c, wheat
to ID. 75c. and cotton TO 7.f2c. There has
been slight recovery in corn, sixteenth
IN cotton and a 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 forward at
about double the rate of q year ago. and
so far another big yield is indicated.
Wheat receipts at Western points have
been 10. 275 81 bushels In three weeks. as
against ASA, +s3 las, year. when the coming
crop, If official reports are 10 be credited.
was larger than Il is now. and Atlantic ex-
ports for three weeks, -four included, have
been 6s2.lE bushels. against 2522, 900 last
year. a large gain. but not enough TO balance
the increase in receipts. In spite Of con-
tpaA fafr.
that the crop may much exceed official
estimates. as Ii did last year.
Nothing appears of announcement IN
the Industries, and there has been con-
siderable further decline In the working
force. The closing OF iron furnaces con-
tinues. only three out of eleven IN tho
Mahcnsng and four or FIVE out of sixteen
In the Shenandoah valley remaining In
blast. and vet prices fall, as the unsold
stocks are the largest ever known. while
the demand Is remarkably light. South
ern No. ! at the East is nolninally S11.25
ami Pennsylvania sl2, with Besseufer
siL75 at Pittsburg and gray forge 1915,
but even these and all prices for finished
products are shaded TO secure business.
The general Generalization is partly due
to the growing belief that the large COM
binations which still hold UP prices can
not hold them long. Nearly all wire and
wire rod mills ara closed; sales of nails
are small: bar iron at IL Is being largely
superseded by steel a. los; open hearth
bsliets are offered below Besscmer; the
demand for rails is very light. and the
great structural works at Homestead
win go on half time unless orders this
week are better. Minor metals are also
weaker Textile industries are rapidly
reducing the working forces.
The state of WOODEN MANUFACTURES ap-
pears IN sales Of wool at the chief mark
cts for the week. the smallest ever
known. only 1870 $50 pounds. OF which
So. $50 were domestic against 1880 $50 last
year. OF which s.zsi.7b0 were domestic.
Prices do not nominaHy change. but are
shaded to make sales. and Western
markets are weakening some. though stih
higher than the Eastern. Leather ts In
active. and hides at Chicago average 3
per cent lower for the week.
Failures for the week have been 81 IN
the United States. against 20, last year.
and . In Canada. against 2 last year.
Bradssrees's Review or Trade.
Rraastreet's tomorrow win say: Tele-
rrarhis. and mail advices from CONNER
ciaI ana industrial centers Indicate more
unsatisfactory state or trade. Joooers and
retailers houses show stili further eau
ton in the matter OF securing supplies,
buyfug for actual needs 10 segree NOT
heretofore reported. There rs m outlook
favortng an early revival of trade. while
the volume of sales continues light and
prices low, with a further restriction OF
credits.
UnfavorabIe crop reports from Sebras-
ka have caused cancellation 81 some or
ders. and iong-centinued rains ~ Ten
ness.a have checked business there.
Louisiana reports the new rice crop short.
and Eastern Washington and oregon tnAs
q foug-contfnued dry season has had an
tnfavoratls effect on the wheat crop.
7'he industrial situation is somewhat
more depressed. particularly In IRON ana
steel, prices for most varieties OF wiiicn'
notably Southern pig iron, are shaded.
rrn~ encouraging feature in iron ant steel
1. the extent to which stacks have blown
ou..
both coasss % the United States ara rom
Montreal amount 10 10000 bushsls TITS
week. as compared with 2,sSoos bushels
last week and i-sssee Dusheis IN ms COY
responding week in 1875
business failures for the week number
"a throughout the United states. against
az last week and 20 IN the same week
wear ago There are thirty-ons business
failures reported throughout tie DOMINION
80 csannda this week against rnirfy-fnree
last week and twenty-five the correspond
ing week q year ago.
grsdssreat's stock Review.
rrasStree.sss review Of the New York
stock exchange market tomorrow VII say
TIE action Of the New York banks IN
agreeing 20 replrnssh the diminishing
treasury reserve by snFrendering part OF
,hagr o~n gold holdings IN exchange for
legal tenders. followed up 81 ths actual
d~ro~ss OF 81. 1890 % such gold. has
checked INC growth OF q p&uicky feeling
4, the securities market. and has 10 very
faree extent checked the tsfstefsey 70
koarst gold that was apparent IN many
asrerfsonS. Equally important was ths
SEES, taken % secure concerted action ~
foreign exchange houses for TIE restfic-
:aou % gold exports. These dewsloi'in~Fits
came al an opportune moment wnea quo
1900 ae~e san ~rurnksfng and hqufdA-
szns arf hear seiE4ng ia full progreSS
Tnndon vas. indeed. very heavy buyer
a. tn. severe decline early IN the wees
,kamwts re action seemed TO have 20 ff-