The times., 1899-08-05
THE MIDSUMMER TRADE
Optimistic Tone of the Bradstreet
and Dun Reviews.
Unusual Activity In Several Fields
of Industry-Increased Railroad
Earnings and Firm Money Mar
ket Are Two Encouraging Fea-
lures of the General Situation.

New York. Aug. 4.-Bradstreet's to-
morrow will say;
"All signs indicate the maintenance OF
general trade and industry in an unprece-
dented midsummer volume. Specially in
dicative of this are the continued very
heavy bank clearings returns, largely in
creased railroad earnings, redectiag 4 traf-
fic in grain and merchandise generally fsr
in excess of year go; reports Of activity
| IN numerous lines OF manufacturing in
dustry, notably in all branches OF iron and
steel and kindred lines, woolen goods,
boots and shoes and cotton goods, and ad-
vices from leading markets of satisfactory
opening of the regular fall demand. with
| heavy shipments OF goods on orders. The
firmness of money at many centres is itself
an additional evidence OF the expansion in
trade now in progress.
with the exception of food products. the
prices situation is generally cne OF main
tained strength, advances being most nu-
merous in the line of manufactured goods
or in raw materials for manufacturing in
dustry. Cereals are all lower on the week,
rejecting the generally favorable crop out
look and also some indifference as regards
foreign buying of wheat. though export de-
mand for corn has been apparently stimu-
lated by recent price reactions All classes
of iron and steel are either firmly held OF
tending upward, notable in this respect be-
ing all grades of pig iron, steel rails. struc-
tural material, and bar iron and steel.
Other metals are rather quieter, and tin
shows some Improvement from the high
price OF last week.
Wool Is still moving upward in sympa-
thy with the improved demand for the
manufactured article. but buying is more
closely confined to manufactures. specula-
tive dealing being apparently less notice
able.
Activity in building Is reflected in very
firm prices for lumber at the East. while at
the West further advances, particularly In
white pine, are noted Cotton is steady.
Weather conditions are generally favor
! able, particularly in the South Atlantic
States, but Texas advices tell of deteriora-
| tion.
''The boot and shoe trade continues in
| good shape, and hides are slightly higher
on the week. The anthracite coal trade
| appears to be well under control, and re-
cent advances are reported maintained.
| Business failures number 155, as against
153 last week, 1s9 in this week year ago,
| PA in 1897, 269 in 1896, and 209 in 1885"
| Dun's weekly review of trade tomorrow
will say:"July failures have been smaller
| than in any other month of which there is
record excepting May. and trading fall
| ures smaller than in any other month.
| Surprising contrasts are shown by COM
| parison OF small with large failures IN
! different years, and in no class Of business
without some large failures not attribut-
| able to present influences. does the ag-
! gregate equal the average or the past si1
| years London again recognized the finan-
| cial power OF this country. The Bank o.
| England virtually admits that 1t eanno
| draw from New York the gold it needs
exchange moves to the importing point
over s, ,O0O, goo starts from Sydney to SaI
| Francisco London's net hying OF stock!
has been 40, 600 shares, and bills asains
produce to be shipped are very heavy
| When it is known that over S32 600. .O0'
| worth of the stocks OF four leading Amerf
can railroads were sent here by Londol
during the past eighteen months, the Tor
eign buying may prove important. Heavl
shipments come from Alaska, and offieia
reports show that the United States mine!
/ produce over S65, ,0os.000 yearly.
| This describes a revolution in finances
not unlike that in industries-Europt
searching for secured wool here at so cents
and for pig iron at 20 shillings per ton
| vast demand for both materials has fallen
upon the commercial world. Cotton goods
! are unchanged in price, with cotton still
| at 6.12 cents heavy surplus rendering croI
| uncertainties pOHS4ArSS " SASSN NA NN
| vance.
Scarcity Of Bessemer high pig has caused
two steel works at Pittsburg TO stop q
day or two. and s21 25d21.75 has been paid
for SO. GOO tons, with SIZE for grey forge
and rise OF so cents in local coke al
Chicago. There is no longer a question
whether enough can be had after while
the trouble is about early supplies.
Failures for the week in the United
States were 1S2. against 1876 last year, ant
20 in Canada, against p last year.