The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-06-11
WEEKLY REVIEW OF TRADE
uOBSON'S HEROIC DEED GIVES
TONE 10 THE MARKET.

TONE TO THE MARK ct.
Every Step of Progress Which Hns Look
Toward an Early Termination of The
Struggle has Been Reelected in the
Market and ina Lower Rates for Mon
ey-Industries Feel an Uplifting In
1iuemce.
New York, June 10.-R. G. Dun &
Co. in their weekly review of trade
will say: The nation has been thrilled
during the past week by the heoric &C
ton of Hobson and his associates, and
the certainty that the Spanish Atlantic
fleet is imprisoned and powerless to do
harm has helped to make the tone Of
the markets more confident. Every
step of progress during the week which
has looked toward an early termination
of the struggle has been reflected in
the market and lower rates for money.
All Industries have felt the uplifting
influence. The cotton manufacture has
been more embarrassed than any other,
owing to causes not connected with
the war, but has found larger demand
for goods and higher prices for print
cloths in a general conviction that the
point of difficulty has passed.
In the wooden industry, with much
larger consumption in manufacture
than ever before there has been no ur-
gent demand for materials. The iron
manufacture shows reduction in out
put so small that consumption is evil
IDENTIFY larger than it was month ago.
In finances the growing anxiety to lend
even on long exchange at low rates in
place of shipments of gold to this coun-
try, begins to accumulate standing
credit in favor of the United States. A
stronger situation it would be difficult
to describe.
The exports of merchandise from
New York during the past week have
exceeded those for the corresponding
week last year by 40 per cent.
Iron and steel production has declin-
ed because several establishments have
stopped for repairs Yet the weekly
output June 1, 225,39S tons, against 234,
1853 May 1, with the unso1d stocks which
decreased 1912 tons during the month,
indicate a consumption weekly of 239,
S76 tons against 22S,25S in April, so
that the ablest iron journals are in err
ror in saying that the apparent con-
sumption does not keep pace with the
production of 100000 monthly.
The wooden manufacturers are buy
ing no wool, and the sales at the three
chief markets during the past week
were only 2,549,30O pounds against A.
87S, $50 in 1852. The manufacturing
works are running steadily, without
inquiry for more wool, as if they had
on hand material for a year to come
1t is the plain truth that dealers here
and at the west have greatly underes-
timated the stock of wool held by the
mills. But the demand for goods proves
somewhat better in many directions
than was expected and the govern
ment requirements have compelled
some manufacturers to buy somewhat
largely grades of wool which they have
not expected to require. The auction
sale of carpets resulting in prices said
to average so per cent. below the list
quotations, does not encourage buying
and in carpet woods the market is de-
cidedly tame. In cotton goods there is
a stronger tone throughout, with print
cloths sustained at the recent advance
but the coming crop is watched with
anxiety. 1t is still somewhat doubtful
whether the demand for goods during
the past two months has been materi-
ally checked by the expectation that
the price of cotton and consequently
the price of goods would decline, and II
so marked advance in prices and in.
crease in demand may be expected. The
boot and shoe manufacture is actually
shipping more products than in any
previous year, and more in the last
three weeks than in any year except
1895 and 1894, though disputes about
the prices continue and for the time re.
tary shipments. The holders of leath.
err are trying to get higher prices, ant
prices of hides have materially ad.
vanced, but with much fear of reaction
There is little new in the market fol
minor metals, tin being firm at H.!
cents, and copper being sold at 11.S7 fol
Lake, with lead weak at 3.75. Though
the manufacture of tin plates expands
prices are shaded on good orders, quo.
tations being still $2.35 for full weight.
Failures for the week have been 20,
in the United States against 262 las
wear, and II in Canada against 80 las
year.