The daily morning journal and courier., 1897-12-11
WEEKLY REVIEW OF TRADE
BUSINESS NOT DISCOURAGED BY
 THE OPENING OF CONGRESS-.

THE OPENING OF CONGRESS-. On tho Contrary All Speculative Markets Are Stronger Than Week AGo-The Fruit of Q Prevailing Conviction That New Business Will Crowd the Works After the New Year Starts.
 New York, Dec. 10-R. C.. Dun & O. in the weekly review will say: The opening of congress, with the annual message and reports, has not discourag- ed business as some predicted, but all speculative markets are stronger than a week ago. The productive industries, even in the season usually about the dullest of the year as to new orders. meet definite improvement in demand for important products, presumably the fruit of prevailing conviction that new business will begin to crowd the works after the new year starts.
 The sudden rise of December wheat at Chicago to $1.09 would do harm were in not based on avoWed contracts to ship some millions of bushels to Flu rope. That fact, and continued foreign demand in spite of such contracts, has helped a rise of 11a cents here. Western receipts for the week were $5,79S,7n bushels against 3,691,374 last year, and Atlantic exports, including flour, 4,312,- 137 against 2,975,651 last year, and so great is the foreign shortage that the outgo of corn last year, far greater than ever before is again exceeded, B. S13,0S6 for the week against 3,055,7 780 a year ago, with the price nearly 1 cent higher for the week. The report that western supplies are running low is dis credited by receipts from farms. Cot ton is 1-16 stronger in spite of estimates ranging from 10,100,0O0 to Il, 900 bales by well known authorities. A strike in English mills is no longer threatened, and the possibility of one at Fall River has little weight.
 The mills of that city announce re- auction of il per cent. in wages, and the strike threatened by the workers may / relieve the market from over-produc- tio7. But the difficulty is not tenn porarp one. It results from an increase of machinery north and south, exceed ing the demand for goods. The de-
 
 idea that the fall of over 2 cents in cotton must bring a corresponding de- cline in goods, of which quotations are but per cent. lower than in July, when cotton was selling at cents. The de- 1nand for wooden goods has clearly inn proved, and more wool has just been purchased abroad and is being imported the sales in domestic markets having been for the past week only 2,660,000 pounds at Boston, and in two weeks H., O50,000 pounds at the three markets While some grades have been sold largely at prices lower than a month ago, quotations are generally maintain ed.
 There is more demand for iron and steel products in preparation for rail- way work bridges and buildings next year, and on contracts for export, in- cluding one for a government bridge in Holland and others for bridges in Jap an, with large shipments of various products to England and other coun- Itries.
 Foreign contracts for 4O,0OO tons of rails are pending, 15,0O0 for Mexico. A sale of lake copepr, said to be 10,000000 pounds at Il cents, so strengthens the demand that 1087 is bid but tin and lead are very dull and spelter a shade lower, while future contracts for tin plates have been made at $290 per 100 pounds.
 The shoe manufacture passes all rec ords in shipments, which have been in five weeks, 20 per cent more than last year and 325 per cent. more than in 1892 and yet many of the shops have orders for some time ahead. A good many have been placed at a small ad- vance in price, but many more withheld because dealers will not pay prices asked. The average of quotations is now only 3.7 per cent. higher than in 1892 with leather averaging for most kinds 15 per cent higher and hides at Chicago avera ging 61 per cent. higher than five years ago. Receipts of cattle at the four western markets In eleven months have been 5O,508,5 54S head, which is 6 per cent. more than last year, but per cent less than in 1892.
 Failures in the first week of December were but $2, 617 ,240; manufacturing, $739,- APO, and trading $1, 79l, ,570. Failures for the week have been 312 in the United States against 3sO last year. and 29 in Canada against 43 last year.