The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-18
FINANCIAL FUTURE.
The State Of Trade q Viewed BY the
Expert Writers Upon Dun &
C0mpany's Publication.

New York. July 17.-R c. Dun & Co.
will say tomorrow In their weekly re-
view of trade: Failures for the week
have ben 269 in the United States
against 256 last year and IS in Canada
against 80 last year. Disapproval of
the action at the Chicago convention
has had some influence In the markets
the past week, but a far more import
ant factor has been the feeling that the
financial future is still uncertain. This
attack of doubt coming at a time when
business 10 for other reasons seriously
depressed has made the week unusually
gloomy in speculative circles. The av-
erage rice Of six active railroad stocks
has declined from s47.22 to $44.76 per
share. and the average Of trust stocks
from $4I.30 to si4.4S per share.
The wheat market has been remark
ably we'll supported in spite Of very
favorable report by the government and
prices are a shade higher than a week
ago without any discoverable reason
connected with American supply or de-
mand. This movement and the unoffi-
cial reports from various states do not
indicate small yield.
Cotton has fallen about half a cent
in options, and one quarter in spot
prices. because the men who were sure
there would be q cotton famine in July
and have been holding large quanti-
ties OF cotton in expectation Of higher
prices. have changed their minds. The
closing Of about three quarters Of the
southern mills in producing capacity
and about half of the northern mills, for
part OF the time until the new crop
comes forward. will help to prevent a
disastrous decline In prices Of goods,
but II accounts Of condition are not
misleading and the general rains In
Texas have helped the crop as much as
many believe, the yield Is likely to be
more than nine million bales. The de-
crease in consumption here Is not as
yet effective In helping the prices Of
cotton goods, where still selling at
about the lowest quotations ever nSlde
The woolen manufacture is waiting.
and as new orders are exceedingly
slow, the sales of wool at the three
chief markets were for the week only
2,155, 100 pounds transaction at Boston.
being reported the lowest ever known
at the market.
Considering the fact that the accum-
mutation by the great steel companies
must have been large. the consumption
is undoubtedly smaller than 1t was a
year ago. The demand for finished
products OF iron and steel Is extremely
narrow although one considerable
building contract Is reported. 5000 tons
for the San Francisco Call building.
with a few smaller contracts. But in
bars the combination has found itself
unable to maintain prices, and there
are renewed reports that the great de-
crease in sales of nails will force a re-
duction of price August first. Besse-
mer pig has not changed in nominal
quotation at Pittsburg. although one
sale of 10000 tons to an Indianapolis
concern is reported at prices netting
only $11 to the valley furnace. Grey
forge has been sold at a price equiva-
lent to 1915 at Pittsburg. The average
Of iron and steel prices is the lowest
since year ago. The manufacture of
boots and shoes Is weakening under
the effort to secure an advance in price.
although most of the works have orders
for some time ahead. But the demand
is very light, and nearly all the shops
would have to close If dependent upon
new orders.