The Portland daily press., 1897-07-24
THE TIDE SETTING RIGHT.
Hopeful Signs for Business Improve
ment Continue.
WHEAT MARKET THE SENSATION
OF THE MONTH.

Price Has Risen - Cents Since July 3
The Gold Discoveries in Alaska an
Element Of Confidence-End of Uncer-
tasnty Regarding Duties Another.
New York, July Or. G. Dun and
Company in their weekly review Of trade
will say:
1.-THE end of uncertainty regarding
duties on imports gives greater confidence
alike to those who have opposed and those
who have favored the change. The re-
markable rise in wheat is based on heavy
buying for export and belief that foreign
demands will be large. To these must be
added another element of confidence
scarcely observed week ago. The heavy
increase in receipts of gold, whether from
one side of the Alaska border or the other,
sweIls deposits at the mints and in the
banks of this country and If the yield
from new regions answers current ex-
pectations, may have an influence akin to
that of gold discoveries in California.
The one retarding force, the strike of coal
miners, has caused the closing of few
manufacturing works for want of fuel,
but negotiations for settlement are still
pushed with hope.
The wheat market is the sensation Of
the month. Since July Q the price had
risen 10 cents, by Wednesday, when a
reaction of cents was not surprising,
but the close was So cent higher for the
week. 1t is notable that this rise came
in the face of highly encouraging crop
news which is not disputed and had for
support nothing but foreign demand.
Actual buying for export has at times
been heavy and loading Of cargoes here
and in California for countries which
usually contribute to European supplies
greatly strengthen the impression pro-
duced by continental reports.
That there is speculative handling be-
hind the great advance is evident and the
buying for export has not yet resulted in
Atlantic exports quite as large as last
July to date, 4,631, 40 bushels, -four in
cluded, against 4, 961. TAG last year. Corn
exports are still heavy, 6,635, 1896 bushels
in July against 2, 421, 999 last year, which
perhaps reflects more certainly than the
wheat movement the actual conditions
abroad.
Both because of the season and because
of pending action on the tariff. industrial
operations are waiting, and yet with an
improvement which under such circum-
stances is significant.
Minor metals are in better demand, tin
at 10 SO and lead at 3.15 cents and copper
is sustained at Ills for lake by exports.
There is general advance In boots and
shoes, averaging about 11-2 per cent with
a larger demand as dealers lose hope Of
lower prices, but leather Is unchanged
and hides at Chicago average two per cent
lower.
The textile industries have lost no
ground as the curtailment of production
in cotton for time is really gain. The
demand has somewhat increased, but the
accumulated stocks Of goods must be re-
duced before Impotence to buy can be
expected. The demand for woolens in
oreases as to low and medium grades with
reported large sales at advance of five to
ten per cent over last spring. Speculative
sales of wool continue large and prices are
very strong especially at the west.
Failures for the week have been 227 in
the United States against 2S1 last year
and twenty in Canada against twenty
nine last year.