The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-05-27
BUSINESS OUTLOOK.
A Favorable Reaction Looked For In the
Near Future.

Near Future.
New York, May 23.--R. G. Dun & Co..
in their weekly review OF trade. say:
There is nothing like reaction in busi-
ness, though the volume Is small The
stock market refuses to obey orders for
panic. Manufacturers are not gaining. on
the whole, but very few are losing. Rail-
road stocks average a shade higher than
a week ago. and there Is abundant evidence
that men of money are watching for the
right moment to buy at the bottom. GER
tain that good crops and definite polit-
ical prospects will bring Improvement in
the fall Men Of all parties have faith
that the American people will find the right
way to maintain the soundness of their
currency. There is no longer that threat
ened 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 a panic, and it looks
hopefully forward to definite improvement
as soon as political uncertainties are out of
the way
1.-The waiting condition which seems to
some people nothing better than stagnation
still continues. But there Is a difference
Thousands of orders and contracts are
merely deferred because they can be more
safely given a little later. There is moth
ing exciting in the speculative market for
damage to wheat have been numerous, but
the general belief regarding the future
supply is fairly reflected in the decline of
162 cent per bushel. Cotton speculation
lifted the price fraction for 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.
eff the output of pig iron were always a
reliable barometer of business conditions,
as some suppose, the returns of furnaces
in blast May l, according to the Iron Age,
1888 tons, against 1S7,451 April 1, would
be convincing. But the increase of stocks
unsold since January l has been 243, 915
tons, and this, deducted from the output of
furnaces, leaves 2,976348 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
| ucts, though the Bar association has be-
come strong enough to enable makers Of
steel bars to get slightly higher price.
The demand for. nails is so light that re-
duction of price is expected: the demand
for structural work is less urgent but yet
orders are encouraging III nuNlDer, al
though new contracts are for small guam
titles. Bessemer pig is shade lower.
1.-The boot and shoe manufacturers have
quite the best of it 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 won-
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
cago market for hides is quite excited be-
cause of scanty supplies, and the average
of quotations is nearly seven per cent.
higher.
THE textile manufacturers are stll wait
ing as they have been for months past,
and the extensive curtailment of produc-
ton does not strengthen prices in the least.
Failures for the week have been 227 in
the United States, against 207 last year, and
Is in Canada. against 20 last year."