Evening journal., 1899-08-07
CONDITION oF TRApE.

streets and Dun's take a cheerful
view Of the situation. The former
says:
"Ali signs indicate the maintenance
of general trade and industry in an un-
precedented midsummer volume. Spe-
cially indicative Of this are the con-
tinued very heavy bank clearings re-
turns, largely increased railroad earn
ings. rejecting traffic in grain and
merchandise generally far in excess
of year ago; 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 advices from leading mar
kets Of satisfactory opening OF the
regular Fall demand, with heavy ship
ments of goods on orders The firm
ness Of money at many centres is It.
self an additional evidence OF the ex-
pansion in trade now in progress.
With the exception Of food products,
the price situation is generally one of
maintained strength, advances being
most numerous in the line Of manufac-
tured goods or in raw materials for
manufacturing industry. Cereals are
all lower on the week, rejecting the
generally favorable crop outlook and
also some indifference as regards for
eign buying of wheat. though export
demand for corn has been apparently
stimulated by recent price reactions.
All classes Of iron and steel are either
firmly held or tending upward, notable
in this respect being all grades Of pig
iron, steel rails. structural material
and bar iron and steel. Other metals
are rather quieter. and tin shows re-
action from the high price reached last
week Wool is still moving upward in
sympathy with improved demand for
the manufactured article, but buying
is more closely confined to manufac-
turers. speculative dealings being ap-
parsntly less noticeable. 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. pending further developments
in the crop situation. Weather condi-
tions are generally favorable. particu-
larly in the South Atlantic States, but
Texas adyices tell OF deterioration
The boot and shoe trade continues IN
good shape. and hides are slightly
higher on the week, with the finished
product firm. The anthracite Goa
trade appears to be well under con
troll. and recent advances are reported
maintained"
This is the manner in which Dun
Review sizes uD the situation: Jul.
failures have been smaller than in an,
month Of which there is record. except
ing May, and trading failures smalle
than in any other month. Londoi
again recognizes the financial powe
Of this country. The Bank OF Eng
land virtually admits that It canno
draw from New York the gold
needs; exchange moves to the import
ing point; London's net buying {
stocks has been 10000 shares, and bill
against produce to be shiRped are ver
heavy When it is known that ov'
s32, ,00o.0 600 worth Of the stocks of fol
leading American railroads were SCI
here by London during the past eigl
teen months. the foreign buying mi
prove important Heavy shipmen
come from Alaska, ana official repor
show that the United States mines pr
duce over s65.000.000 ysarly VIII
81 900 was sent in one day to he
a threatened Canadian bank. receiI
from the interior balance that outs
New York banks show great increa
in deposits and loans. with none
cash. compared with last year. but
stead of shipping money to mo
crops they are receiving It in Augu
and commercial loans of the ban
here are cut down to 10 per cent
their total. because country banks
taking large amounts. This descril
revolution in finances not unll
that in industries, Europe searchi
for wool here at SO cents. secured. a
Tor pig iron at 500 per ton. A vast
mand for both materials has fal
upon the commercial world. which I
country alone appears able TO meet
its own needs Wool shipments IT
Australia have been surprisingly Ii
below those Of last year, but Eur
talks Of a wool famine while
country has on hand a years G
sumption or more besides this ye
clip. and prices are not yet as high
they were in February Of last y
when stocks were many million pou
larger. Messrs. Coates Brothers s.
an average advance to 20.40 ce
against 1920 July Is 100 gu
49,. .l.<.lf,.t -. ..oaIol aoooo