The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-10
DULLNESS IN BUSINESS
The Outlook for Trade Not Very
Bright at Present.
WEEKLY REVIEW OF II. C. Dun 4 co.

w W Va ne We D.sf - W.
Sudden Change in Monetary Conditions
Throughout the Country Caused by the
Collapse OF Chicago speeuistors-Labor
Suffering Through Idieness, Four Mill
ION spindies Having Been stopped at
FAN River, Mass.-Business Failures
New YORK, Aug. l0-R G. Dun &
Co.'S Weekly Review of Trade says; The
sensational collapse of spectators at Chi
cago who controlled Diamond Match and
New York Biscuit stocks and had hoisted
them to fancy prices, with the consequent
closing of the Chicago Stock exchange for
period yet indefinite, though followed by
remarkably few failures, brings sudden
change in monetary conditions through
out the country At least IA month earlier
than had been expected Chicago has
drawn heavily upon Illinois bank
balances here and Withdrawals OF
other western funds may naturally re-
suit European was also moved To sell
American stocks rather freely, so that the
average of sixty most active stocks fell
| about s22S per share and the average OF
| trust stocks about 81 80. The instant CO.
| operation of money interests with Chi
| cago To restrict disturbance deserved
| praise and did much good but IL Is not
] possible To avoid some shock To public
| confidence and quick Tightening OF
| eastern money markets which already
| shuts off commercial loans almost entire
| ly The collapse also increased the eau
| ton of bankers and other lenders regard
| ing loans on securitie, of "A similar char.
acter
| Increase of Exports.
| Ii is important that the increase of mer-
| chandise exports. $500 OOO or II per cent.
| over last year for the week, and the de
crease of imports 500, 600, or ~ per cent,
still continues to limit the sum payable
aboard In five weeks the increase of ex'
ports has been $i,00).O00, or III per cent,
and the decrease of imports s9,2oO,OOO, or
| Is per cent. which helps to balance ac-
counts The movement of wheat Is again
large, Atlantic exports being l,16l ,O33
bushels for the week -four inc luded,
against I53.3}0 last year, and since July !
| sS5S 10i bushels, against I, I2o, ,ol9last year
| Conflicting crop reports are as numerous
and noisy as ever but the more reliable
mark up winter wheat to 3OO,OOOOO bush
els, and the movement tends To sustain
such estimates, for since July western
receipts have been l7,635,S32 bushels,
against 9, ,330,0 02O last year. Ii Is not easy
to believe that with prices 10 cents lower
than year ago farmers have marketed
from u smaller crop 30 per cent more
wheat. Corn is also moving rapidly, with
western receipts of i,S13,O9l bushels
against 1861 .O1l last year. The situation
| Ill. .srif . ft.sstl faVI n
producers. Extremely hot and dry wealth
er has done serious harm.
Rose Almost Beyond Precedent.
Men Of much knowledge and experience
but few days ago Judged Il yield ot TO-
OOO.OO bales probable, and If they were
. 900 600 bales too high, still those whC
now predict only 7,O0O,00O bales are likely
: To err in the opposite direction. witt
large acreage ii is also safe to remember
that only part of the cropis ever aifcctc'
by misfortuncs between Aug. and fros
time. The price rose almost beyond prec
dent. g on "Wednesday alone, and th'
alarm will at least he of service To plant
ers i'm giving them better prices, whethe
. buyers realize profits or not. Labor Il
g more disturbed than usual. The grea
strike of garment workers here ha
= much extended; the strike at CLEVELAND
4 has broken out again and involves severa
other branches of labor; the iron furnac
men of the Shenango valley resist r(
duction to the wages of May, 1895, thoug
Mahoning valley workers do not; the lrO
works throughout the country are striN
ing To cut down cost I'm order To Keep !
: operation :the iron mines of the Gogebi
J. range are stopping The suspension {
: cotton mills has become more genera
and over 4. 900. 900 spindles are said to
idle at Fall River alone, and probabl
three-eights or more of the entire produ'
ing capacity in the country
I, Iron Markets Less DemoraIized.
The rubber works have mostly stoppc
and Notwithstanding the light wcigl
= oneninr "A number of woolen mills ais
" Evidently both the working force ana u
WAGES have been reduced The iron ma
:, kets grow less dcmoralized in tone b
causc all the associations decided
= maintain prices for this month, but q
markets are not stronger i'm volume oil o
dcrs or purchases Pressure 10 sell, eve
at concessions is the prevailing rule, al
? nrices are almost nominal. Minor meta
+, are generally weak, but prices
coke and coal are held withol
; variation Curtailmcnt OF production
u cOttOns does not Drlng u suohSVi "i''i nv
G and few quotations are reduced. Sai
'c of light weight woolens are disappolhtli
and mainly for cheap grades ana IN son
" instances prices are again reduced oal
n OF wool for the week Were @''to't
r. pounds, against 6,s59,YD last year ~
10 q o-i 700 in 1892 Failures for the wee
III have been 2lO in the United stat,
ls against s25 last year and 81 In Canad
1 40 lat ran