The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-08-19
TRADE is DULL.
Heat, Labor Troubles and Political Uncer-
tainty Aid In the Depression.

Heat. Labor Troubles and Political Uncer-
tainty Aid In the Depression.
New York, Aug. 16.-R. G. Dun & Co.,
in their weekly review of trade, say:
AN extraordinary spell Of deadly hot
weather has affected trade throughout the
country, and In the east speculative feel
ing was somewhat affected until Thursday
by apprehension of the possible influence Of
the Bryan meeting. With cooler weather
there came also on Thursday perception
that the meeting would not AFFECT BUSH
ness unfavorably. But other conditions
were not stimulating. According to gov
eminent reports the crops have sustained
serious injuries. Labor difficulties extend
and the closing of establishments for want
of work and the refusal of commercial
loans by banks checked operations in MANY
branches of industry and trade The week
therefore closes as the last week did, with
domestic business unusually dull for the
season.
There Is evidence Of greater confidence
In the stock market. which began to appear
on Monday. The average of 60 most active
railroad stocks had fallen to s4085 per
share. decline of over Z per cent. for
the week, so that prices were actually the
lowest in 17k years, since the first month
after specie resumption. Trust stocks had
also declined $2.78 for the week. There
was some selling by foreign holders. out
1ar more important factor was the gen.
eral feeling Of capitalists and investors
mere that 1t might not yet be the best
time to buy Men of more confidence put
up prices little on Tuesday and still more
on Thursday, 30 that the week closed
with an advance averaging IS cents per
share for railroads and 1.32 for trusts
Railroad earnings for the first week in
August were 81 per cent smaller than last
year, and Chicago east-bound tonnage was
over per cent. less than last year.
The government crop report for August
was so gloomy that a great rise in prices
would have followed If it had been entirely
credited. In fact. wheat rose about one
half cent. but again declined. closing only
fraction higher for the week. Corn declined
throughout the week, closing over a cent
lower. Cotton advanced a sixteenth be-
cause Of continued reports Of injury.
Iron production was reduced 20, 764 tons
weekly in July and has been further re-
duced since August 1, while unsold stocks
increased 26.192 tons in July. The stop
page OF large share of the Connellsville
coke works and of many lake iron mines
Is fair indication that the two combina-
lions do not believe anything could be
gained by reducing the prices of materials
and the main difficulty is the obviously
extreme narrowness of demand for fin
ished products, which is so small that
most transactions are at some concessions
even from the current low prices.
1.-THE boot and shoe industry is approach
ing the end of orders at hand. and gradual
advances In the prices asked tend to the
restriction Of new orders. Leather is scarce.
ly changed in price, many of the tanneries
having ceased operations, but hides are
per cent. lower for the week and have de-
clined 17.43 per cent. within the last five
weeks.
1.-THE wooden manufacture makes little
change, with not more than third Of the
machinery now running, and the demand
for goods does not improve, although prices
Of some important grades have been fur
Their reduced. Nor has Improvement ap-
peared in cotton goods. although the cur
tailment of production for some weeks has
been great.
1T is a step toward recovery, not quite
pleasant, but sure, that merchandise Inn
ports since July I are IS per cent. less,
while exports are 16 per cent. more than
last year. 1t means depression of trade.
but also decrease of foreign Indebtedness.
Failures for the week have been 29S in
the United States, against 1856 last year.
and SO in Canada. against SS last year."