Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-08-18
WEEKLY TRADE REVIEW.
General uccIire in Prices Bottom Reacht d
in Steel and Iron.

ANcN pl ~. W. buH
Weekly Review of Trade, tomorrow,
Will say: After great wave of ad-
vancing prices, optimism as to bust
ness is dangerous, but the top was
reached in the middle of March, since
which time reaction has come in every
great industry. 50 that consumers are
asking whether in some directions the
decline may not have been unreason-
BILE. as was the advance. and whether
buying on the basis of present prices
is fairly sure. There are further evil
dences Of weakness in raw materials,
notably the break in structural iron
but each one is awaited of to place
heavy contracts. New York is welcorn-
ing buyers from all over the country
in larger numbers than for many
years at this season, in dry goods. in
groceries, in jewelry and in hardware,
and if contracts are not placed to as
large a volume as expected by this
time il is because of conservatism of
those who think they may compel some
farther shading of prices. Reports
this week, from other important points
Of distribution show the same eager
ness to buy when the time seems right:
and current business in the country Is
shown to be of good volume by bank
clearings for the week at the chief
cities outside New York, only 2.5 per
cent. smaller than last years record
Of extraordinary speculative activity,
and 20.2 per cent. larager than in 1898.
while at New York, 2i.l per cent.
smaller than year ago and 1921 per
cent under 1898.
1t Is becoming more apparent that
the bottom has been reached in prices
of iron and steel. The decline was Sc
were and recovery must be slow. but
gradual advances and moderately in
creasing activity are more health than
violent changes. In no single division
is the Improvement more striking than
in any other. Except steel rails. all
forms of iron from the ore to the fin
ished product are being sought more
eagerly and with less effort to secure
further concessions in price.
The first effect of the official report
Of wheat conditions indicating a total
crop Of only 81. 1877, 900 bushels was 10
strengthen prices. but when the secre-
tary OF agriculture was reported as
predicting dollar wheat" before the
end Of the year. the market showed
an inclination to disagree, and the
September option fell below 50 cents
at New York for the first time in two
months, the week closing with a net
decline of rs cents. Mr.. Wilson's
statement that the per capita consump-
ton will increase to nearer seven
than six" bushels this year on account
of greater prosperity. suggests thu
question whether many will eat so PEI
cent. more bread than in previous
years. The farmers have not begun II
hoard their wheat, for receipts at in
terror cities in two weeks have been
l3.o06. 13S bushels. against 7,13O,333 last
year, ana 5.S15 $40 in 1898.
For the year thus far shipments Of
boots and shoes from Boston are .
1875. 443 cases. against 2,9l4.SS5 in 1899,
but the volume of business to date has
been exceeded in three years. The
trade is suffering from accumulation
of stocks. that cannot be sold without
loss as compared with the price at
which shoes could now be made. West
ern shops ana dealers are actively
employed and DO not share depression
al the East. Hides are in better posi-
tion than the leather market seems to
warrant.
Failures for the week were 161 in the
United States. against 156 last year
and II in Canada against "A last yea.
Aside from Manitoba. crop news
throughout the Dominion is generally
satisfactory. and business shows i'm
pIOvrment in consequence. While trade
is quiet in hardware and shoes at s.
joan, the movement of dry goods is
maintained and a good fall trade is eX-
pcCtcd to follow the harvesting OF
crops. which are in favorable condition
Midsummer quiet prevails at Halifax.
but the situation is healthy and crop
prospects promising Wholesale trades
show an increase at Toronto Too
much rain has retarded business III
certain lines at Quebec. and also injur-
ed the hay crop. but collections are
fair. Trade conditions are unchanged
at Winnipeg. Business is very active
At Vancouver and Victoria in goods for
shipment to the Northwest before nav
igation closes on the Yukon river, but
local trade is quiet ana collections only
fair.
Captain Seth Nj. Milliken Of Belfast
Me. assistant cormissary of subsistence