St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-15
Despite the Panama Canal Fail
ure the Financial Outlook Re
mains Unchanged,
Special 10 the clone

Special 10 the Clone.
New York, Dec. 1f.-R. G.. Dun & Co.'S
weekly review of trade viii say; The most
i'm portant event of the week in the financial
world, the future OF the Panama canal has
not yet been felt in this country. The
amour. of securities held here is not large,
and there is q general belief that the French
government will be obliged 10 do something
TO avert widespread disaster 1t can do no
thing To make permanently valuable the vast
amount of securities issued, and heavy
French losses viii in Time have some effect
on money markets elsewhere. In other re-
spects the financial outlook remains
unchanged. Considerable exports of gold
continue, but cause neither disturbance
nor alarm. The supply OF money IN all parts
OF the country is so large. and the heavy dis
bursemcnts of January are so near at hand.
tbat there is an unusual feeling OF confidence.
Business continues 10 improve IN nearly all
sections and. though 1t does not meet the cx
peptatiuuS of the most sanguine there IS
every indication that il is greater in volume
than that OF year ago. The bank cleariugs
for the first week Of December, though they
reflect 10 q noteworthy extent transactions OF
months ago on which Payments are now ma
turing exceed those of last year by Is per
cent. which implies large volume of present
as well rs ( past business. The gains out
side of New York are remarkably large
aud uniform. inclu ling even Southern see
tions. ia which there has been most de
prcssion Reports from Memphis still indi-
cate that collections are hard TO make, and
business shows no Improvement, the cotton
return for Arkansas and Mississippi being
nnfavorabc. Throughout the Northwest
Improvement is felt. except at few points
where wild speculation and over trading last
wear did NEST mischief. More SeaSoneble
weather helps the dry goods aud clio, hing
trades at the West and IN hardware some
disposition to purchase, III expectation OF
higher prices. is noticed ut Cleveland. cut
ting of rail rates demoraliZcs business at
Denver. and doubtless emharraSses at many
other points but the general teaorof reports
is decidedly favorable. The iron output
december Ist illustrates the prevailing con
iidence. and at the same time the danger OF
over confidence. Furnaces in blast were of
tho capacity Of 49, l3 tons weekly. accord
ING 10 the New York report. and 1879 $50
tons According 10 the PittSburg report. Tax
ing the former as q maximum and the latter
as a minimum, IN either case. the Increase in
November was about 5000 tons. and the
production i either little larger or little
smaller than the largest ever attained. about
Nov. l. 1857. The tone Of the market is
naturally weaker, though prices OF pig are
unchanged. Bar is Irregular and the de-
moralizaiion in manufactured steel Is strik-
ing while i'll rails tate contracts are said 10
havc been at $3.50 with Eastern, and
SEQ 30 with PiftSbdrg mills. In other great
branches of industry no change of import
ancc occurs: the volume OF production is on
whole increasing. ana the state OF markets
appcaTs to Justify some increase. Wheat
has advanced lac on small speculative
transactions. exports 10 the continent of
Europe having reached 800. 600 bu. with
none To Great Britain. The outgo of -four
is larger. ana yet not half that of year ago.
Corn and cats have declined Ice each and
pork is 25e lower, and lard a quarter lower.
Cotton mas been steady; Memphis circular
now estimates the yield al 6, Totl. 900 bales,
\ and tie exports last month were 10. 100000
lbs larger than for November. 1857. coffee
has declined TIC, and oil has risen sac. The
comparative inactivity of speculative
markets helas legitimate trade 10 adjust
prices 10 new conditions The general average
for all commodities Is about per cent lower
than week ago. and slightly below the
level Of Nov. l. In the stock market there
has been hesitation. without pronounced
movement either way. though the average
price j 36c on 500, better than week age
| The prospects OF settlement of railroad
duarrals ct the West Go not brighten. and the
desired peace seems to be again deferred by
cutting ia passenger rates. IL is remarkable,
on the whole, that such dIsheartening CON
troYerSies and with continuing sales on
foreign account, the market has been so we'll
sustained. Foreign trade Is also fair IN
volume in spite OF the scsnty movement OF
breadsluifs; from New YORK the value for two
weeks has been only > per cent behind last
year with decrease of per cent IN value
of imports here. The treasury has put out
s. loa 600 more than il has taken in during
the week thus supplying the loss caused by
gold exports, and il is still believed that any
monetary need could and would be met by
liberal purchases OF bonds. Failures during
the last seven days nunlbar for the United
States, 26s; Canada, 80; total. 1903, a. com,
pared with 500 last week and 2Se for the cor
responding week last year.