The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-05-02
CONDITIONS BETTER.
Increase in Bank cIearings and
Railway Business.
THE RESTRICTION OF BANK LOANS


who DO Not Know What They Are Wait
Ing For-The Consumption of Iron the
Greatest Ever Known-The Cotton Man
ufncture Helped by Government Con-
tracts-wooien Manufactures Pick Up.
New York, May 2.-R G. Dun g.
Co.'S weekly review of trade says: Hos
Utilities have not as yet changed last
weeks conditions. There is much post
ponement Of orders by men who do not
know what they are waiting for, and
much restriction Of loans by banks
which are abundantly strong All this
checks new business, and yet the vol
ume or transactions through clearing
houses is per cent. larger than in the
same week in 1892, with no foreign trou-
Die. But this increase would be much
larger but for the speculative stagna-
ton here New York clearings being 81
per cent. smaller than in 1892. Rail-
roads are doing a great business, 81
per cent. larger than in 1892, in April
earnings thus far and 1879 larger than
last year Many have been asserting
about every day for the last two weeks
that the wheat speculation had culmi-
mated. but the price has in that time ad-
vanced 21A cents, SA cents within the
last week.
No Extinction of Supplies.
Receipts of 2,746,590 bushels at the
west this week against 1,552,S75 a year
ago. and averaging 100000 bushels per
week for January, February, and
March. show no extinction of supplies,
while exports amounting to 3,704675
bushels from Atlantic ports, against
64S,lIS last year. and 7S6,07S from Pa
cine ports, against 1854 last year,
hour included in all cases, make exports
Tor the four weeks 12,093,76S from At
lantic and 2,SS0020 from Pacific ports,
and for the crop year thus far 1S0 661,-
67S bushels against 127, 15S, 6S4 during the
same months and weeks of last year. Corn
exports for the week were BITS, 280
bushels. against 3,029,O46 last year, and
Tor four weeks have been 12,266,6S1
bushels, against 13,250,2O7 last year.
This makes 151,000,OOO bushels for the
crop year. No such foreign demand for
both grains has ever been known, and
1t does not seem to be satisfied at all
as yet.
Cannot Cause Surprise.
Confusing accounts about the great
industries cannot cause surprise in
view of the contradictory influences of
monetary stringency curtailing many
orders heavy orders by the government
in many branches, and the all-pervad-
ing confidence that after temporary
conditions have passed business is go
ing to be better. The government is
buying many uniforms and great guam
titles of supplies, cloths, shoes, copper
wire and iron for vessels and arma-
ment and the purchasing of many ships
compels building of other vessels.
Banking caution at the same time is
stopping work in some iron and wool
en- mills Yet confidence as to future
business causes refusal Of many con-
tracts for long time, the holding Of wool
above its current manufacture value,
and marked rise in hides.
Enormous Consumption of Iron.
The consumption of iron is Still the
greatest ever known, though many |
structural and car contracts have been
deferred. The week has witnessed east
ern inquiries for plate at Chicago, and a
general advance of 81 per ton, with re-
fusal of bids by implement makers ar !
Chicago for bar iron because higher
prices in the future are expected, and I
eastern buying of bar from Chicago for |
car building, with shade lower prices |
at Pittsburg for Bessemer pig because
the associated producers hold to agreed |
prices, although middlemen are selling |
at lower figures In spite of agreement |
by foundrymen and forge producers the |
price of gray forge at Pittsburg slightly |
declines. Considerable orders for steel |
rails for export have been received dur |
ing the week. With but two or three |
structural orders of consequence the |
works are fully employed for months |
to come.
Helped BY Government Contracts.
The cotton manufacture has been |
helped by some government contracts, |
q little better outside demand and the |
temporary advance in raw cotton to GA !!
cents, although the price has since de- |
clined again to 6.37 cents. Supplies have |
been larger in some previous years than |
they are now and yet are enormous.
and the demand for goods Is still him
dered by the great stocks In sight or re- |
ported. Wooden manufactures are doing |
rather better, large government orders |
helping some works, while other de-
mands are more encouraging. Sales Of |
wool are about a sixth Of last years
for April, half Of those in 1896, and a
third of sales in 1892. though eastern
buyers are weak, but country holders
are sticking for higher prices. Failures
for the week have been 262 In the Unit
ed States. against 237 last year. and
10 in Canada, against 40 last year.
Boundary Properly Settled.
New Orleans, May 2.-The British
steamer Andes. from Port Lmon, Costa