Evening journal., 1897-07-24
FINANCIAL REVIEW.
Settlement of Tariff Controversy
Gives Greater Confidence
SOME FEATURES OF THE MARKETS.
Many OF the Industries Show a General
Improvement, While Failures Are
Less Than Last Year In Both the
United States and Canada.

@-~~~~~N~~~-
New York. July 24.-The following is
Duns review of the market for the
past week:
The end of uncertainty regarding du-
ties on imports gives greater confidence
alike to those who have opposed and
those who have favored the change.
The great strength In stocks. particu-
larly in those Of the granger list re-
fleets assurance Of heavy crops. The
remarkable rise in wheat. notwith-
/ standing that assurance, Is based on
heavy buying for export and belief that
foreign demands will be large. To these
must be added another element of con-
! fdence scarcely observed a week ago.
! The heavy increase in receipts of gold,
whether from one side OF the Alaska
border or the other, swells deposits at
the mints and in the banks Of this
country. and II the yield from new re-
( gions answers current expectations
may have an influence akin to that
Of gold discoveries In California. The
one retarding force, the strike Of coal
| miners, has caused closing Of a 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 2 the price
had risen u cents by Wednesday when
a reaction of cents was not surprls-
ing. but the close was flve-eighths of
cent higher for the week. 1t Is notable
that this rise came in the face of high
ly encouraging crop news which Is not
disputed and had for support nothing
but foreign conditions and demand.
Actual buying for export has at times
been heavy and loading Of oargoes
here and In California for countries
which usually contribute to European
supplies greatly strengthens the inn
preston produced by continental re-
ports. That there is speculative han
ding behind the great advance is evil
dent and the buying for export has
not yet resulted in Atlantic exports
quite as large as last July to date.
Advance In Stock Market.
The stock market has advanced In
average price Of 60 active railway
stocks every day since July s. as it had
then advanced with little interruption
about seven weeks.
with a radical change In foreign
trade at hand. heavy imports and with
drawals of merchandise are important
only because they strengthen the treas
ports of merchandise last week were
81, 10000 or 80 per cent larger than last
: year, but for July show no material
change.
Both because of the season and be-
cause of the pending action on the tar
if industrial operations are waiting
and yet with an Improvement which
under such circumstances is significant
p There is a general advance in boots
and shoes, averaging about ~ per cent
with a larger demand as dealers lose
e hope of lower prices, but leather is un.
: changed. and hides at Chicago aver.
I age per cent lower.
The textile Industries have lost nc
ground, as the curtaiment Of produc-
ton in cotton for time Is really a
I gain. The demand has somewhat in
creased but the accumulated stocks OF
] goods must be reduced before impa-
e tience to buy can be expected. The de-
! mand for woolens increases as to low
e and medium grades. with reported large
e sales at advances Of 8 to 10 per ceni
over last spring. Speculative sales of
. wool continue large. and prices are very
5 strong, especially at the west. Clear
ing house payments for the month in
creased SO per cent over last year and
for the first time slightly exceed ex
changes in 1892. Failures in Is days o
July were only s2.s15.s42 against SS,214-
2S1 in 16 days last year. S6599,75l II
n 1895. and S6.317 ,696 in 1894. Manufacture
ing were S1.1S9.O1O against S4.1s7. 7S3 las
i year. and trading We're 81. sos. .232 agains
a S3, ,399.S47 last year Failures for th'
$ week have been 227 in the United
e States against PSI last year. and 2S II
e Canada against % last year.