The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-05-03
THE WEEKS MARKETS
Moderate Reaction in the Price Of
Various Staples.
BRADsTREET's REVIEW OF TRADE,

Very Low-MiIls Now Running on Full
Time Higher Prices for WoOlens Is An
Effort to Anticipate the Tariff-M oderate
Increase in the Commercial Death Rate
Exports of Wheat.
New York, May 3.-Bradstreet's says:
the more conspicuous features of trade
are less satisfactory, including moder-
ate reactions in prices of staples, fall
ing off I'm the volume of transactions in
various lines, continued slow collections,
and less favorable conditions in the iron,
steel, cotton, and some other industries.
There is less demand for staple varieties
of iron and steel, makers reporting
trouble in securing specifications for
contracts on hand. Southern pig-iron
has secured lower rail rates to points
west of Pittsburg and Buffalo, all Of
which saving has been given the pur-
chaser. The outlook is for the shutting
down of some furnaces In the Pittsburg
district. Sales of wool have declined
sharply, but receipts Of foreign have
brought up the weeks movement to a
fair total. Nearly a years supply has
been imported during the first four
months of this year The movement of
cotton goods is slow and prices are low,
buyers purchasing in large lots only
where inducements are offered. Woolen
manufacturers are fairly supplied with
orders and are inclined to ask an ad-
vance on new business. The three
months restrictions of output in cotton
goods has ended and mills are now run
on full time
To Anticipate the Tariff
The prices movement furnished little
basis for special encouragement, the
only advance on general recognized con-
ditions being those of pork and cotton.
Higher prices for woolens is an effort
to anticipate the tariff. Exports OF
wheat (hour included as wheaD from
both coasts of the United States amount
to only 1.15S,SS6 bushels this week
against 1.654 900 bushels last week, l.
2G0, 600 bushels in the week a year ago,
2,555 900 two years ago, 2,773,000 bushels
three years ago, and as compared with
2.776, 900 bushels in the like week in 1898
The current weeks export of wheat
(flour included) is the smallest since
the second week in Nav, 1891. Exports
of Indian corn have also fallen off this
week. amounting to 1861, ,465 bushels,
against 4. 769. 900 bushels last week. 2,142,-
600 bushels in the week year ago, L.
016,0O0 bushels two years. ago, $4,000
bushels three years ago, and as COM
pared with ,040 900 bushels in the like
week of 1898. There is a moderate in
crease i'm the commercial death rate
there being 2i4 business failures through
out the United States this week COM
pared with PIG last week, 254 in the
week one year ago, zoe two years ago.
179 three years ago. and as contrasted
with PAS I'm the last week of April,
1893 There are 81 business failures re-
ported from the Dominion of Canada
this week. against % last week, 26 in the
week a year ago. 36 two years ago, and
as compared with 80 in the correspond
ing week of 1893
Eastern War situation.
While the eastern war situation has
PASSED into a stage which no longer
seems dangerous to the stock and money
markets, it has been followed by no
speculative revival at London or on the
continent Prices recovered, American
stocks with the rest. but there has been
no marked improvement or disposition
to buy on the part of foreigners, so that
the European influence on the market
has proved disappointment. The
principal incident of the financial week
was the breaking of the bankers COM
pact in regard to gold shipments, and
the export during the current week of
some Sc 0O0, 900 specie. This was regarded
as unsettlng, but at the same time the
large specie reserve in the treasury de-
prives the movement of danger, even
though it should, as now seems proba-
BILE. result in the expectation Of $40 000,
900 or more gold.
Other factors such as uncertainty
about the tariff or the crops. with the
inactivity of general business. all had
their influence, and the weeks market
has been excessively dull. The fact that
Tuesday was a holiday here was also
calculated to restrict business on the
stock board and to limit transactions TO
the smaller class of traders. The tone
was generally strong and though the
bear traders INDUCED in some attacks,
particularly on Jersey Central and West
ern Union. there seemed to be a demand
for stocks al all declines and an indis-
position t. ali them ehort to a-v great
extent