St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-09
MILLS ARE'IN MOTION.
CONDITION or LARGE INDUSTRIES
GREATLY IMPROVED.
MONEY MARKETS nEALTnY.
Premium on Currency Has Nearly
Vanished, and There Is Money
for Commercial LOans-Faii-
ures for the Past Week Much
Less Than the Week Before
General Financial News.

Less Than the Week Before
General Financial News.
NEW YORK, Sept. S-R. &. Dun Sc
Co.'s weekly review of trade: I'M
provement has extended from the banks
to the mills. The condition of great in
dustries has distictly mended, though
still seriously depressed. More import
ant by far than any rise in stocks is the
fact that more works have resumed
during the past week than have stopped
operation, SO that the producing force
of the country. after months most con-
slant decline, has begun to increase.
The money markets are more
rency has almost vanished, the
embarrassments in domestic ex-
changes have we'll nigh Disappeared;
and while very little money is yet avail
able for commercial or Industrial loans,
there is some relief in that respect also.
Soft steel has reached the lowest point
on record. $40 at Pittsburg, and conse-
quently all rail mills IN the country are
idle; but there is somewhat better de-
mand for hardware, wire rods. baTbed
wire, and contracts for architectural
work and agricultural implement sup
plies are reported at Chicago. Sales of
wool have been the lowest on record for
years, 1,271, 900 pounds at the principal
markets for the latest week. against
7.6l6,S90 for the same week last year.
the average OF 1O4 grades being II cents,
ha 60 onA In tho
manufacture it can hardly be said that
recovery appears. In cotton mills re-
sumption of work is quite general; the
paper business is
DOING BETTER.
But shipments of boots and shoes
from Boston were again 80 per cent
smaller for the week than last year. and
in three months they have been about
500, 900 cases, against 1,050.000 last year.
Chicago receipts of cattle in August
were 269.224 head, against 31S,55l last
year. a decrease Of over Is per cent.
These evidences of the extent of de-
preston are needed now. because they
show why the sudden recovery which
some look for is not possible. ltmuSt
take time to revive business after such
shock as it has sustained, and there is
not occasion for disheartenment If re-
coVery is slow. The prospects for corn
have not improved, and the injury done
by drought seems to insure a much
smaller yield than was eXpectrd.
The price during the past week
has advanced fully IL cents. Cotton
has advanced to cents, with assurance
that new treasury arrangement will
facilitate the supplies of money for
moving the crop. After touching 8
cents. the price has fallen a sixteenth.
and crop reports are still favorable on
the whole, in spite of damage by the
storm in South Carolina. That the
volume of trade has been small of late
is not surprising. Exchanges through
the principal clearing houses, outside
New York, continue to show large
decrease in comparison with last year,
for the past week 24.3 per cent. Al
, though several banks which were forced
to stop IN July and August have re-
sumed this week, the
NUMEROUS FAILURES
of two months have thrown into con-
fusion the calculation of merchants and
compelled them to curtail operations.
Incomplete returns of assets and liabil-
tiles for the month of August show that
the liabilities in about 1850 failures
amounted to about $55, 446, ,030, and the
returns for the remaining failures of the
month will probably raise the amount
above $50, 600. The assets reported
were SCI, ,S2S. .210 and while 734 of the
failures. with s28,742, O29 liabilities, were
at the West, there were 54e, with S21.-
236, ,907 liabilities. in Eastern states, and
800. with S5,467. .004, in Southern states.
This body of defaulted liabilities for the
single month of August exceeds the ag-
gregate for any entire quarter except
five during the past sixteen years.
The monetary situation has chunged
but little. for there has been an abun-
dance of money, and only confidence in
employing it is lacking. Failures for
the week have been only 1923 in number,
against 3S5 last week. While one large
mortgage company swellssthe aggregate
of liabilities for the week. the average
of other failures was lower than usual,
263 being for less than $1,000 each, and
only four for over 800 600 each, 49,