The times., 1898-08-06

plus held by factories will soon be ex-
Stocks seem to have started upward,
after a surprisingly long period of steadi-
ness. The average of sixty most active
socks-$6O Arises for the first time in
this year over $50 per share, against
$59.94 q week ago. G
Failures for the week have been 1876
in the United States. against 237 last
year, and q in Canada, against 29 last
year" ~.
New York, Aug. 5.-Bfadstreet's to-
morrow will say:
.4The stimulating influences of the APP
parently near approach of peace, coupled
with the generally expected beneficial eff
fects it is hoped will flow from the open
ing up of new markets in the lands added
to the national domain seem to increase
as the Summer wanes. That the improve
ment while as yet admittedly one large
ly of sentiment, is not entirely so con-
fined, however, is proven by reports of a
still further increased distribution of sta
pie goods in the Wests Northwest and
Southwest where the exceilerit crop stu
alton has rendered harmless the supposed
benumbing effects of war So far as the
crop situation is concerned the past week
furnishes not the least notable contribu-
tion of the year in reports coming from
the great surplus producing States
OF beneficial rains, checking a deteriora-
tion which threatened material damage
TO this most widely grown, and intrinsic
ally valuable of the country's cereals
While the tendency is generally TO con-.
cede some diminution in the corn Weld as
result of the recent drought the steadi-
ness of the price of that cereal bears wit
ness to the Willingness OF the trade to
believe that some falling off in this years
yield can be safely permitted in view of
the bumper crops of recent years. An
other encouraging feature of the week
has been the growth in strength of the
iron and steel situation partly as the re-
suit, it is claimed, of the hoped for an
preaching close of hostiiities, but partly
as the result of an active demand on do
mestic and foreign account for nearly all
forms OF these metals ENCOURAGING ex-
port demand for our cereals. great steadi-
ness of prices, largest recorded mid
Summer bank clearings and fairly en-
couraging railroad earnings, notwith-
standing the unwillingness of farmers to
accept present cereal values. are add ion
al encouraging features of trade at the
present time.
business failures In the United States
are at minimum. numbering 1s9, identical
in number with those of last week. bur
comparing with PA in this week a year
ago, 269 in 1896 2C9 in 1885 and 1877 in 1884,
Features of distributive trade in the
West the section reporting relatively the
most activity at present, are the i'm
proving demand for dry goods, clothing.
boots. shoes and hats at such centers
al Chicago. St. Louis, Indianapolis, Kan
sas CITY and Omaha
Buyers from the South and Southwest
are increasing In number at ST Louis
and orders are larger than ususai at this
period. Throughout the Northwest the
good crop outlook gives tone TO trade,
and prospects are exceptionally good
The same is true of reports from the
States Of Oregon and Washington, where
export trade is increasing. Dry weather
has caused a falling off of trade in
California and the shutting down of some
mining plants, owing to the scarcity of
water. Generally good crop prospects in
the South are mainly responsible for the
increased volume of orders received at
such centers as Memphis, New Orleans.
Atlanta and Galveston. The tone OF
trade at Baltimore is better, Fall trade
prospects are good, and clothing sales
are ahead of last year. Improvement in
the Middle States and New England is
still more matter of tone than of dis
tribution. out more is doing In cotton
goods, and prices OF these staples are
steady.
Peace prospects and the. Improvement
of the Western crop situation have
brought about inereas sed speculative ac-
tivity and an advancing stock market at
New York. Foreign exchange is steady
and firmer on foreign sales of securities
at the advance. Demand sterling is
4S5 1-4a4s5 1-2. Early in the week 81. 2.IO0,-
900 gold was shipped from London TO New
York. but these transactions were due TO
special conditions and the renewal of the
gold import movement is liable to delay
and irregularity.
Prices are quite generally firm or tend
ing upward, in spite of the midsummer
quietness in many lines of trade and the
approximate index number on August l
and is at a higher figurel thaneat any pre-
vious time since October, 1893. As a re-
suit of operations in July, tfarty-two, or
about one-third of all staples, advanced
in value, twenty-sevenI. declined, while
forty-four remained steady or unchanged