St. Paul daily globe., 1890-02-01
PUBLIC CoNFID ENoE SHAKEN.
Bank Wrecking and Tight Money
Make Honest Business Men Feel
Weary,

New YORK, Jan. 31.-R. G. Dun g. Co s
weekly review of trade says: The closing of
one considerable bank and two smaller ones
tends to pair public confidence. Iu other
respects the news is less favorable this week.
The financial pressure at London does not
abate, and there are reports that heavy with
France will soon be necessary. Foreign ex-
change here grows stronger. having risen
from S4.S6A to $4.N75S. Sales of bonds
have been small and the treasury has taken
in nearly 81, 30 90 more cash than it has
paid out. Tardiness of collections at
plant, and the unseasonably mild
weather once more depreSSeS many lines of
trade. the exports for December proved
much larger than has been expected. with an
excess of S37, ,0OO.o00 over imports The
exports in January from New York have
been smaller than last year by Sig per cent
Money at New York is abundant and cheap
on call, and the demand for commercial pa
per is now strong here and at Philadelphia; /;
at Chicago rates are unchanged, with tair
demand; at st. Louis the market is stronger
at 7GDS per cent with good demand; at Cleve-
land and Milwaukee the market is fairly
active, with ample supply, and at other
Western points somewhat easier, with mod
crate or fair demand. These facts suggest
doubtwhether large supplies will ne available
for the East, II business activity continues
The later indications of business activity are
not quite so satisfactory A heavier move
wool sales were only 2.400,000 lbs. with
market weak and depressed, except for comb
ing and delalne. Goods do not improve
UneXI eeted demand has raised domestic
hides l40i2c, but foreign are dull. Leather
is selling more freely. Philadelphia notes
few sales of wool. At Chicago dealings in
grain an meats are large, but in
dry goods somewhat less for the past two
weeks, and the shoe trade shrinks a little
Distribution has been fair at St. Louis,
Omaha and Kansas City, very fair at Detroit,
but dull at Cleveland, and depressed again
by weather at Milwaukee. From the reports
telegraphed it may be inferred that
trade since the new year began has not an
sWered expectations, and there seems some
signs that the mild weather is not solely 10
blame. In the iron business the mills are
fully employed at Cleveland, but sellers make
better offers at Pittsburg. and some reduc-
tions occur; and at Philadelphia large lots.
which have been hypothecated, have been
sold at some concessions, frightening timid
buyers. The indications are that excess of
production begins to be felt. In the dry goods
trade the signs noted at Boston. Philadelphia
and Chicago. are seen here and at other
points. The coal trade also continues much
depressed as to anthracite, though bitumin-
Gus is active at fair prices. The
made those materials strong and active.
Wheat is ll2c lower, with sales of 2OOuO.-
600 bu.; corn 11sc lower, and oats lac
lower for the week. Cotton is held by specu.
lation, but sales for the week were over
l,u0O.000 bales. and coffee is unchanged; :;
but oil and pork products are lower In the
stock market a considerable advance oc-
Cured because of covering short sales. but
the bank failures came to increase q reae-
ton, which the monetary situation at Lon
don and the withdrawal of the Union Pa
cific from the Presidents association had
commenced. The average of prices for
stocks were still little higher than week
ago, and the reports of earnings are highly
encouraging. The business failures are 29i,
as against total of 33S last week For the
corresponding week of last year the figures
were 322.