National Republican., 1883-08-06

BANK STATEMENT.
Loans decrease Si26,300
Legal tender decrease. 122,5OO
Deposit Increase. llhOOO
circulation increase e..................... 2623OO
eserVeueCFease. ......'.s..ssss.''.-..... Vo,ooO
THE SITUATION.
The unsettled feeling on the general out
look which we noticed last week has been
increased by extensive disasters in the leather
trade. The principal disaster of the week is
of kind that tends TO disturb credits every
where and make business paper very difficult
to negotiate. The Shaws did business on a
vast scale, and virtually controlled the leather
trade of the country. They have been keep
ing up the price of hides by their purchases
and keeping down the price of leather by
their sales; and notwithstanding the de-
preston in trade and lessened consumption
of their goods, they have pushed their tan
neries to their utmost and have reaped the
reward always resulting from over produc-
tion. 1t is Of course, not fully known as to
what extent Boston banks may be affected or
how much of the outstanding paper of the
various suspended firms they are carrying
1t is to be hoped that they have had sufficient
warning to enable them to avoid concentra-
tion of losses that would cripple any one of
them.
In many respects the general situation
shows improvement. Crop prospects in every
part of the United States and territories are
improved, and it can now be said with a GER
tainty that the harvested crops will be larger
than the average, and the quality much bet
ter than had been hoped for.
The labor strikes have not been wholly
abandoned yet but in some lines OF business
agreements between employers and employees
have been reached, and the ranks of the un-
employed have been materially reduced since
last week. The most important of the strikes
that of the telegraphers, however has as yet
not been settled, but all reports agree that
all amicable settlement will soon be reached
At any rate no new disturbing features have
been developed. Money is abundant, and
there is very light demand. At times there
were no borrowers on call even at IA per
cent. per annum, and time loans on good col
lateral have been made as low as A to AZ per
cent. for 90 and 80 days There was one case
of u large loan made at A per cent. for six
months. Rates of discount for mercantile
paper are unchanged, though the recent fail
r1es have caused a much closer scrutiny of
al paper offered. Foreign exchange has been
dull, but steady rates unchanged at 4Si to
S79.
Government bonds have been very firm
the long date issues are to higher, while
the 3's remain unchanged. Extreme dullness
has characterized the railway and state bond
market for the past week There is no for
eign demand for bonds, and Notwithstanding
the abundance of money here, holders hes-
tate to put it in these securities at present.
The most important change was in Rome and
Watertown 5s, which declined per cent,
bod d&Shares went of 1t, and Texas and Rio
G andes about the same. There are no quo
table change in state bonds.
The position of mercantile affairs improves
Notwithstanding the important failures of
the week in the leather trade. Several large
dealers from the extreme southwest are in
town, and it is expected the fall trade will
fully open next week. Speculation in cotton
futures has been active, and the fluctuations
in prices were wider than usual. The market
was lower and much depressed Monday aud
Tuesday, but strengthened on Wednesday on
uniavorable reports from the southwest. Tho
advance continued the remainder of the week.
closing Saturday 81 to SO points higher than
Mondays opening. IL was asserted that a
great deal of speculative manipulation en-
active, both for export and home consump-
tion. Prices were marked up 4 TO on all
grades. Total sales for immed ate delivery
were ll,156 bales, including S,565 for export
and 2,Ss0 for home consumption.
The business in dry goods has not fully
realized expectations as To volume, yet n fair
distribution of goods adapted to the coming
season has been made by commission aud inn
porting houses, and encouraging symptoms
were developed in the iobbing branches of
the trade Retailers from remote sections of
the country are beginning to arrive in con-
siderable force but the fall trade will not
fully open up for week or two when an
active iobbing business is anticipated.
1t was expected by the trade that
business would be stimulated bs lower
rail freight rates to the west but
the secretary of the chamber of commerce re-
ceived notice yesterday from the secretary of
the state board of railway commissioners,
stating that the question of the proposed re-
duction in drygoods classification in the west
bound freight schedules had been submitted
to the Joint executive committee of the trunk
lines, which had voted to negative the request
1t is understood that the drygoods men will
send the commission communication again
defining their position in this matter.
The steel rail market is reported firmer
Sales of small lots for summer delivery are