The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-07-23
THE STATE OF TRADE,

New York, July Ar. G. Dun & Co. Is
weekly review of trade tomorrow will
say:
A state of war does not disturb business
but reaction after phenomenal movement
of grain causes relative lose WHOA many
mistake for decrease in the volume OF
trade.
After the surrender of Santiago barely a
week has preceded the sailing of the Porto
Rico kfOroes. but meanwhile the Presi-
dents proclamation opening Santiago to
trade on terms singular1y favorable to in
habitants there and the rush to build up
business in eastern Cuba, are occupying
the thoughts of many enterprising firms.
Reduction of one-balf in the tax hereto
fore paid, with an honest instead of a
Spanish administration brings home to
Cuban residents the meaning OF the
change and they also learn to use money
of which a.paper dollar is as good as gold,
which for them is step forward.
In the stagnant summer season with
business larger than ever before, tho
great manufactures nearly all share the
ordinary small movement prior to July,
the shipments of boots and shoes was
larger than this year, but in no other
year have shipments in the weeks Of July
been as large. while very many orders are
refused because higher prices are not paid
the shoe manufacturers are accepting
enough to do more business than In any
other year, while leather Is stagnant and
hides are weaker.
Print cloth works at Fall River have in
part combined to curtail production, by
half the spindles of that city for a month,
but in other branches Of the cotton trade
no such heroic measures appear neoeas-
sary. There is an increased demand for
wooden goods, although in some lines
ov,d nfntf I,,+
OF establishments at work increases,
though the mills are not assured of salts
factory prices.
The iron manufacturers seem to be on
the verge of another revolution. Since
Bessemer pig is held by curtailment of
production in the Shenandoah and
Mahoning valleys at $10.25 at Pittsb urg
and yev some steel concerns made some
enormous sales of biliets, 100, 600 tons, to
the great wire association at prices I'M
known, co. 900 tons to various parties
in Chicago at $3.50, and 10000 tons at
Pittsburg at Sl4.75 The demands for
structural forms keeps all the works busy
while the late mills are everywhere
crowded, sheets and bars are in better
demand than heretofore. Heavy sales Of
lake copper have fixed the sales at II 10
and the output for the last half year has
been 1873. 457 tons American against 4S, $3.50
tens foreign. Tin at Is. 800; lead at
| 3. 90 1-2c are both a shade weaker.
With abatement OF foreign needs and
the prospect of excellent crops in many
foreign countries wheat has declined
during the week three cents in price
Corn still goes abroad in astonishing
quantities. The price has not changed in
spite of the decline in wheat. The closing
of some New England mills has doubtless
affected the price of cotton to some extent
and yet the crop reports are sufficiently
favorable to depress prices an eighth
during the week without further infu-
ence. The collapse OF strong pool to adj
vance prices and control the market Is al
so reported.
Failures for the week have been 207 in
the United States against 227 last year
and IL in Canada against 20 last year.