The Business World

Improvement moderate, gradual, consistent and general is the wholesome record of the pa9t business week. The weather has been favorable, erop reports cheerin, and the labor agitations appear to have practicnlly worn themselves out. The conservativo element in all branches of industrj' is now looking to the healthful conditions of our staple crops and the labor market as the necessary precursors of perinament prosperity. Disappointraent is likely to meet both the "buil" and the "bear" on the future of commerce, finance and inanufacturing industries unless the experience of the pust is deceitful and the omens of the present are utterly meaningless. Every week paints tliis lesson in brighter colors and bolder relief. Operations are "not equal to expectations" in several section of the country, while movcments in most branches of trade are reported as "exceeding sanguine predictions" in others. Business men and speculators real ze more clearly all the time that National prosperity anti depression in commercial and speculative alTairs are planta of slower growth as the country's population increases, and its lnterests become more diversified and expanded. The conservative temper which now guides the business public is inimical to wide fluctuations in values In either direction. Trade mny sometimes be characterized as quiet or dull, but never as "stugnunt" so long as the consumptive needs of the people continue to absorb so much of each year's produetion as at present. While demand anticipates supply, so universally as is now the case, both the "booming" and the "stagnation" of business (the bugbears of trade and speculation), must be purely local in character. The average of improvement is, therefore, peculiarly gratifying tliis week, as the general conditions from which it has arisen have been legitimate and wholesome and point to a broader and more stable prospeiity for the future than the country has experienced in many ycare. The industrial situation is very much improved. It is estimated tliat less thau ' 50,000 men are out on strikes against 125,000 ten days ago. Bradstreefs says i tliat at twenty-three industrial centers nortli of the Ohio, east of and includiug St. Louis, the loss of wages through strikes since May 1 lias nggregatcd $!,- 000,000 ; of receipts by employers, $2,500,000 and of future contracts due to labor troubles, $24,800,000, of which $20,400-, . 000 alone refers to deferred or canceled 1 building contraéis. The jobbing trade in dry goods and general merchandise enjoyed au increased movement and sales were not made at a sacrifice in pnces. Wool is still dull and prices are low in anticipation of the new clip and possible tariff chances by Congress. The increased production of petroleum from new wells, witU the consequent speculative manipulation, caused the declined to 67%c agalnst 78#C a week ago. The cotton erop prospects are said to be less favorable owing to cold weather and lack of rain at the South. Tobacco has ruled strong, with a good export demand, and the higher and medium grades are selling above last year's prices. A decided pressure to sell sugars in Europe has depressed the home markets, while coöees have advanced on a healthy demand from consumera. The very encouraglng erop reports have been tollowed by jreater activity in wheat and dullness in the othergrains at steady prices. The export demand, the heavy decrease in the visible supply, and the "short" covericg which succeeded the previous week's decline were effectual in causing a moderate reaction in values about the middle of the week, but it was only temporary, as prices at the close of the week were somewhat lower than May ]5. Speculation in stocks is still beinr carried almost exclusive on the shoulders of professional operators, and trading is spasmodic, but the tendency of the last three days was to greater activity and strength, while the sales of the week amount to l,27G,8s8 shares au increase of 70,000 over the previous. The amicable meeting of the trunk line presidente and the report that the St. Paul road had negotiated a $0,000,000 loan with the Uothschilds, of London, and an American syndicate, were the strong fluences Salurday. At the metropoli!:, loanable f unds were abundant and easier wliile at interior raoney centers the supply of available capital was correspondingly smaller. Firmer rates have been the rule and bankers at Kansas City anü New Orleans have enjoyed larger returns for their money because of the unusual request from the tributary country for immediate accommodation. Tlie decline in sterling exchange.due to Increa6ed expoi ts of our produce, was succeeded by an advance to a point where shipping gold again returns a small profil. Grain and provisión have been taken so largely for direct export from Chicago during the week that the local market has been well snpplied with commercial bilis. In New York, however, the London buying of American stocks and bonds being light and direct exports in a degrce curtailed, the liberal Importa of dry goods and merchandise have served to keep the market pretty well despoiled of bilis. Abroad the money markets were somewhat stronger, and silver, after declining to 44% pence per ounce early in the week at London re:icted to 45% pence Saturday. The weekly statement of the Bank of England showed an ïncrease of L93,000 in bulliou as the result of tle rccenf advauce in the bank's minimum rate to 3 per cent. and the sticcessful floating of the French loan the previous week. The Bank of France reporta a galn of 17,025,000 francs gold and a loss of 3,!)00,000 francs silver. If Canada 6hould be annexcd to the United otates, an oñicial posltion in 'a baiik would be shorn of three-thlrds of its deslrabllity.