The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-07-11


New York. July Ar. G. Dun A. Co..
in their weekly review o. trade, say;
Current movements have been so large
ly OF a temporary character or else purely
speculative on the day by day plan. that
they are not highly Instructive Thus an
extensive shutdown OF cotton mills IN
solely I'm the hope that half production I'm
July and August may clear n largely over
stocked market. Stocks fluctuations were
still more ephemeral. including two sharp
declines and partial rallies within week,
both laboriously ascrbed TO various po-
litlcal causes. but mainly due to keen OPP
orators who saw chances for quick turn.
Extended reviews OF the half years OPP
crations In leading branches OF manufac-
lures 30 far to explain numerous stoppages.
In woolens they are without concern. Mills
are waiting for orders. the sales OF wool
having been not a third OF last years for
the same week. Prices are depressed. but
still depend on foreign possibilities In
cotton goods the closing OF many mills. both
north and south. for half OF July and
August. is In effect a recognition OF the fact
that heavy stocks OF goods manufactured
from cotton costing between ~ and Si4
cents could not be expected TO show profits
II the mills go on manufacturing until n
new and probably heavy crop OF cotton IA
ready. The reduction OF prices has brought
out a large demand In many cases, but not
enough TO meet the output of the mills. A
further decline I'm print cloths 20 2i4 cents
IN significant. when such decrease In
production Is assured.
Having begun by reducing prices TO the
lowest ever known, boot and shoe produc-
ers are doing n shade better I'm prices with
leather little cheaper on the whole. though
hides have mounted to about the level OF
January |. The output OF iron has largely
decreased. and there is a quite general
stoppage OF works for repairs, but the an
nual controversies about wages have I'm
most cases been settled. and II IL believed
win be settled In all without strikes.
wheat declined one-half cent and re-
| covered one-fourth cent. but western re-
ceipts continue remarkably large. The
stocks I'm sight are greater than year ago.
and though winter wheat yields less. spring
wheat seems likely with fair weather "a
| yield more than last year. Corn promises
remarkably well and also oats. Cotton
greatly needs rain IN parts OF Texas, but
| better reports come from most OF the other
sections. and large increase Ia acreage Is
generally reported.
Complete failure returns for the second
| quarter OF 1896, April 10 June So inclusive
cover 1895 IN tho United States, against
| 2S55 in the same quarter OF last year. Fail
ures for tho week have been PSI In thS
! united States. against 1875 last year, and ,.
In Canada. against "a last year
Bradstreet's says:
General trade. IN both commercial and
Industrial lines. is duller, but the failing is
| in part, the usual midsummer dullness
| Compa ratively few changes are noted, bu
] most OF them are decreases In either price
or demand. Quotations for whent, indian
corn, cotton, oats, iron and steel are lower
Sugar has reacted after the decline OF los
| week. leather remains conspicuously firm
with shoe factories busily employed. ant
petroleum and anthracite coal are higher
| Tho sentiment OF the trade az many points
! is that the immediate outlook for business
| ia not favorable At some western center
complaint is made that the purchasing
power of the agricultural community Is cur
tailed by prolonged low prices for farm
| products. The general Industrial situation
shows no renewal OF activity"