St. Paul daily globe., 1890-11-22
MINING SHARES.
CONDITION OF TRADE.
Legitimate Business of the
Country Not Affected by the
Panic.

New YORK, Nov Or. G. Dun & Co. IS
weekly review of trade says: 1.-The marvel to-
day is that the business world has been able
to stand, with so little disturbance thus far,
such shock and strain as the past TWO weeks
have brought. With the assets of the largest
banking house in Great Britain turned over
TO the Bank of England, with several large
stock failures and one at Philadelphia. and
some savings banks besieged by ignorant
deposltors in panic, the legitimate business
OF the country has hardly been affected at all
as yet. StFingency has checked some buy
ing, difficulty of making foreign exchange
threatens to retard movement of cotton, and
more conservative temper is seen in trad
ing, but everything thus far indicates a
sounder condition of legitimate business
than many supposed. The collapse of many
great seculauOns has brought beavy losses
but the public has not been taking much
part in such operations. 1t may be hoped
that financial institutions, forced at last TO
drop speeulations which absorbed enormous
capital, will have more available after the
storm has passed for the use of industry and
commerce. British losses Dy the shrinkage
III south American stocks, nitrates, cedulas
and South African securities are esti-
mated at i39.OHU.uOO. The depression in
American stocks since last Spring mas IN
volved loss of more than S20O.Ou0 900, and
In wheat and other products losses have been
heavy. Yet the number of failures up to
The time has been smaller than was appre-
hended. While money markets are generally
collections. though renewals and redis-
counts have been large. The volume of bus
mess continues to exceed that of any previ-
Gus year at all clearing houses outside of New
k,a5out 1872 per cent for the month thus
far. Exports have been checked at New
York, falling per cent below last years for
the month, but the imports here in half of
November exceed last years by % per cent.
Prices Prices are yielding, which will help
en- four cents during the week,
corn about &c and oats 2l2c Sales Of as
100000 bu of wheat here indicate large
liquidation. Cotton has fallen 1sc; coffee,
Ice; oil, 45sc: pork, 75c per bbl, and hogs
3Uc per 100 lbs. Sugar is also 1sc lower. Tin
is demorallzed. lead weaker, and no takers
are reported for copper at 1634c. The gen.
eral average of prices has fallen Ia per cent
TINS month, but is still aoout7 per cent above
that OF the same date last year. Yet neither
the shrlnkage in prices nor the stringency in
the money markets can be attributed to op-
eratlonS OF The treasury, which has put out
during the week 81, 500, 900 more of the new
silver notes, while taking in only $500, ,U0J
of other forms of money. The volume of
currency in circulation outside the treasury
is now over 81 500, ,0uu, 900, against ST., ,4l5,-
OOOOuO year ago, but there are very few
interior markets at which more or less strin-
gency is not reported. Baltimore Pittsburg
and Galveston are exceptions, beng well
supplied. But at Chicago and most other
points, while the demand is sharp, no trouble
10 ISpUIUSus hepOrtS OF traQG from other
cities are encouraging. The South is mov-
ing the largest crop of cotton ever grown
and, while exchange causes some embarrass-
ment, the movements is rapid. Sugar comes
In largely at good prices, and the receipts of
molasses at New Orleans are liberal at some
decline, with moderate receipts of rice
Trade is healthy at Memphis Louis
vile, Atlanta and Galveston, though
IN Texas lower prices caused some coun-
try failures. Baltimore notes no disturbance
bpcajlSp EaSrnrn nd or I 10
trade In all lines is good, with bright p1os-
poets. Trade at Denver and Kansas City is
talr; at st. Paul active; but money pressure is
felt at Milwaukee and Detroit. Business in
general through the country is good, except
that mild weather checks retail trade, and the
same cause affects the shoe trade at Cleve-
land. Plttsburg notes fair business at all
mills, no change IN iron or steel and good
trade in glass. OF the great centers Chicago
fares the best, feeling Eastern troubles little ::
the movement OF wheat ana corn is slightly
less than for the same week last year, cured
meats, lard, butter and cheese larger and
oats nearly double; but in dressed beef and
hides there is a heavy decline. The dry
goods trade equals last year, and the trade
IN clothing and shoes is ending profit
able season. Even at Boston and
at phlladelphla the great failures
are felt less in commercial circles than might
have been expected. At Philadelphia money
is tight, and commercial paper almost unsai-
able, but trade i'll wool improves; in groc-
cries tlade is good, though In tea and coffee
dull. In produce trade is fair, though coliec-
tlons are slow. Boston notes very quiet
wool market. Lumber is in very fair demand,
and prices of boots and shoes are firm,
though some grades of leather are lower and
hides are depressed. On the whole, the COM
mercial outlook is decidedly more favorable
than might have been expected. and, while
the demand for iron and rails is slack, buy
ers holding off as far as possible, the produc-
ers of finished forms of iron and steel are
generally well occupied, and prices do not
decline. The business failures occurring
throughout the country during the past
seven days number 274, as compared with
266 last week. For the corresponding week
of last year the figures were 27z