St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-01-26
MINING SHARES.
REVIEW OF TRADE.
There is a General Complaint of
Dizziness, While the Volume Of
Transactions Continues Large.

Special to the Globe.
New YORK, Jan. Or G. Dun & Co.'s
weekly review of trade will say: The state of
trade is unusually perpleXing, for. with the
general complaint of dizziness, there are evil
dences that the volume OF transactions is
large. The payments through banks last
week were % per cent larger than for the
corresponding week last year at New York,
and Is per cent larger at ali other cities;
and, while speculation in stocks and products
accounts for much Of this increase. and an
other part is but reflection or the heavy
business done last fall, the gains appeared at
so MANY. and are SO large that the new
transac tons of the week can hardly
Railroad earnings also show the traffic is
large, though apparently but little in excess
OF last years. The demand for money is
sufficiently active On all interior points,
moreover. to indicate that large business is
in progress. Yet it is undeniable that the
prevailing temper is one of disappointment
at the results of business since the new year
began, and this is not wholly explained by
the steadily declining prices of products.
The reports from commercial centers are far
from gloomy. At Southern points, after
some depression, trade appears to be i'm
proving, and it is hoped that the liquidation
is about over. In the Northwest trade is
fully equal to that of last year, and at some
points clearly larger, and even where COM
plants of present inactivity are heard, there
is much confidence that business will be ex-
cellent when the effects of the weather have
pissed The supply of money seems to be
everywhere ample for legitimate demands,
and while collections are dull. or but fairly
satisfactory at many points, the complaints
are, on the whole, rather fewer than usual.
The open winter has prevented such sales as
We're expected by many small dealers and SO
deferred settlements, but there are no lBdi-
cations OF general unSOundneSS, or over
straining of commercial credits. Much of
the existing disappointment is undoubtedly
due to the arrest Of railroad building and
stoppage of wheat exports, which are tracea-
BILE to speculative influences. In the great
iron industry. consumption for all other than
railroad purposes appears to be larger than
ever; but there is serious disturbance, be-
cause fully third of the former enormous
demand for rails has ceased. In con-
sequence, The Iron Age reports a gen
in blinking at and holds that furnaces
which cannot face without serious loss q de-
cline of fully 81 from present prices may
wisely suspend production. At Western
equivalent to S12 at Birmingham, which is
considered equal to SIT for Pennsylvania
iron, and large sales are reported at prices
below published quotations. Last year de-
about 60 per cent of the capacity of works.
Bar iron is weak but the report that the
steel-beam combination has broken is
contradicted decline in the price Of coke
is considered probable, ana the anthracite
coal market continues weak. The large pro-
ductfon last year, it appears from official sta
tistics, raised the unsold stocks to 652, 156
tons, an increase of SCI 900 for the year, SO
that actual consumption was but 100000
tons, or 8 per cent greater than in 1887.
The decline in wheat continues. the price
having fallen 2asc for the week. The record
of ST. 20 for wheat Oct. 8 looks rather alb
surd in the light of subsequent events but at
the prices reached this week-93is@ 937sc-
there has been some buying for export,
though not as yet for Great Britain. Corn
has fallen cent in spite of large export
demand, and oats are a shade lower. Pork
products have also declined: mess about soc
per barrel, lard zoe and hogs 1Oc per 100
Tbs Cotton is shade lower, with sales of
421. 900 bales; and coffee sSc higher, with
sales of 233,000 bags. In Oil the market
was dull and comparatively unchanged
until Friday, when sudden squirt lifted the
price 2Iac in an hour. The market
for copper has been duh, and tin
is lower at 2l2c; lead is also
weaker at $3.50, but spelter is quoted at sc.
There is little activity in groceries. but the
sugar market fayols holders, though the esti-
mates make the world production j, 240, 600
tons, against 1876. 900 last year. The
general oaverRge of prices has o fallengS-1O
per cent for the week, and more than 2 per