The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-05-28
BUSINESS OUTLOOK. /.
A Favorable Reaction Looked For In the
Near Future.

Near Futurs.
New York, May 23.-R. G. Dun & Co.,
in their weekly review of trade, say:
'"Thcre is nothing like reaction in busi-
ness, though the volume il small. The
stock market refuses to obey orders Tor
panic. Manufacturers are not gaming on
the whole, but very few are losing. Rail
q week ago, and there IL abundant evidence
that men Of money are watching for the
right moment to buy at the bottom, Ger
tain that good crops and DEFINITE pout-
zeal prospects will bring Improvement IN
the fall. Men Of all parties have faltn
way to maintain the soundness OF their
currency. There 10 no longer that threat
cned danger that both houses Of congress
will go wrong. and the success of the sound
money men Of both parties as far west as
South Dakota Is most significant. The
business world has the best Of reasons for
refusing to go into panic, and It. looks
hope fully forward to definite improvement
as soon as political uncertainties are out OF
the way.
The waiting condition which seems to
some people nothing better than stagnation
still continues. But there Is difference.
Thousands Of orders and contracts are
merely deferred because they can be moro
safely given a little later. There Is moth
ing exciting in the speculative market for
exportable products, and the stories about
damage to wheat. have been numerous, but
the general belief regarding the future
supply is fairly reflected in the decline Of
l62 cent per bushel. Cotton speculation
lifted the price fraction for a day or two,
but 1t declined again, and such movements
are always easy at this season. when stocks
can be easily controlled. The European
and American mill supplies. with CONNER
cial stocks. still exceed maximum con-
sumption for the crop year, and the prom.
Use for the coming crop Is decidedly good.
If the output Of pig iron were always
reliable barometer Of business conditions
as some suppose. the returns OF furnaces
S,31s tons, against 1S7.451 April 1, would
be convincing. But the increase of stocks
unsold since January l has been 243, 9l5
TONS and this, deducted from the output OF
furnaces, leaves 2,976,34S tons for four
months, which Is certainly in excess OF the
actual consumption. because the stocks OF
the great steel companies are not included
in the statement. Since the steel billet pool
was formed these stocks have doubtless In
creased largely. There Is scarcely any i'm
provement in the demand for finished prod
uc,s, though the Bar association has be-
come strong enough to enable l makers ,o OF
The demand for nails is so light that re-.
ductfon Of price is expected: the demand
for structural work Is less urgent. but yet
orders are encouraging In number, al
though new contracts are for small guam
titles. Besscmer pig is shade lower.
1.-THE boot and shoe manufacturers have
quite the best of 1t at present. and the fac
tories are nearly all employed at full time
some of them having orders for some
months ahead. "A slight advance in wor1-
ems grain shoes Is the only change yet
made in prices, but general advance Is
expected, because the market for leather
Is much stronger in tone. though this week
unchanged in quotations, while the Chi
caso market for hides Is quite excited be-
cause Of scanty supplies. and the average
OF quotations Is nearly seven per cent.
higher.
1.-THE textile manufacturers are still wait
Ing, as they have been for months past.
and the extensive curtailment OF produce
ton does not strengthen prices In the least
..Failures for the week have been 2N in
the United States, against POI last year. and
Is in Canada. against % last year"