Fair play., 1893-11-25
MONEY AND BUSINESS.

uc.,y... SLOWLY Calming, Hut the Pro-
grcss L. Uphill work-Thc Monetary
Situation Getting Easier ~ the Gcrcrss
Alarm Subsidies and the Surplus In tho
New York Banks lncressrs-SPecuiass
Continues Light. Produce Markets snow
Weakness and Industries Continus to
ReAume-Business Failures Etc.
NEW YORK. Nov. 1S.-R. q. Dun u
Co. S weekly review of trade, issued to-
day. SAYS:
business Is gaining. but /, Is q constant com"
plaint that the change is slow. IL Is hus very
few that realize how heavy load business
has 10 drag after IL in climbing up again Leg
islaJive uncertainties weigh heavily, bat othcr
loads may be overlooked The past Cepresr
sion with trading and manufacturing failures
involving more than SIS. op0 in nine months
besides banking failures Of enormous iiabtia'
ties and failures of heavy firms involve con-
tinuai cmhsrrussments which men are prone
TO forget. There has neen great encourage
ment during the past week in the fact that NO
vembcr payments are far more satisfactory
than was feared and yet the extensions wouio
have seemed alarming in other years MOT
chants who collect part OF the amount due arc
rcioccd. hut their buying power Is not Us largo
Us usual. The extraordinary shrinkase in par.
chases for consumption. II lcsscnins. has still
made 1t impossible for many firms to SO on as
before. and the largest failure OF the pass
week, that OF Turber Wyland Co, Illus
trates cmbarrassmentS which cannot Do seS-
minated in week or q month
Monetary difficulties no longer hinder. tiS
true the treasury cash has fallen To '.2Ss.S0o.
OF which only 81 400, ,s9i was In gold, but there
Is no such alarm rs there when the gold
reserve went below $lO.WJ0O. business iS
not leaning on the treasury and II IL well thaS
1t Is not. The receipts for the month thus far
are about 3 oo1 Oc) less than expenses. and the
at. nt.,atN
partly because OF Inflated valuation Of goods
imported last year. Weekly imports at New
York decreased in part from the same cause.
But while tho imports in October were only
tSl6ii. ~ AMI exports of products 81. t.6sSslS,
yet the enormous balance on merchandise ac-
count brought net imports OF only tl,WOWU
gold. The exports represent large increase
In the quantity Of products sold, but Mt lower
prices, while IN place Of merchandise i'm
ported IL Is evident that there have been large
imports Of securities from abroad The banks
OF New Yorl, hold o great surplus. and the RAGS
now comes out that of the clearinghouse cer-
tihcates recently issued three banks took from
s. 600 90 TO s. 1Un 900 each, indicating the mag.
nitude of stock loans carried over.
1t has not hecn much OF a week for speculnr
tion. and that perhaps Is encouraging. stocks
have slightly declined railroads an average OF
81 cents per share, and trusts Sl.25 per snare.
the grangcrs and some Of the trusts being
earnings OF railroads must decline greatly
now that the passenger traffic is no longer sus-
tanned by the fair. But freight receipts alone
declined in October 1i.2 per cent. compared
with last year. and In the first week OF NoyeIn-
ber l0I per cent, and although passenger
earnings showed gain of only IA per cent.
against ZIG per cent in October the decrease
on all roads hut As per cent. for the tirss
week on November. II Is also to bc rcmem-
bered that the earnings represent that part OF
November in which the tendency to recovery
WAS least apparent
In produce markets weakness was the rule
and yet the yielding was but small Wheat 10
quoted full cent weaker. though western ro-
celpts are about 5OO,0OO bushels less than
usual the Atlantic exports being only 40OUO0
bushels, against 2300,OD last year Corn 10 l
cent lower. with larger receipts. Cotton, with
large receipts. Is an eighth lower. Pork prod
ucts are lower. with large selling, and coffee 10
also lower
The condition OF the Industries improves.
but they will await the revival OF purchases BY
consumers. Twenty-four works OF all kinds
have wholly or In part resumed. against four.
teen closing yet less than half the iron n-workin8
power Is active. and out OF nincty-nine WOODEN
works at the east only ten are working fuil
time, while forty five were shut down Novem'
ber l. the production for four months In mems
wooden being a. 3i3 43i yards, against 2s 800
last gear.
The stat g factory inspectors report that ous
OF 80 900 persons employed in textile mills In
Philadelphia, only $50 are At work. There.
fore II Is more gratifying that. for the nrst
time in many months, the sale OF wool exceed
those OF the same week last year ClothierS
evidently begin to realize that they cannot get
goods at all, unless their orders prevent . gen.
eral closing OF the mills early in December.
In boots and shoes here Is also decided i'm
provement, in spite Of the fact that orders arc
smaller than usual: and most factories are 70.
ceiving orders, though not enough for full en-
ployment. Shipments from Boston for tho
week were only per cent less than year
ago
The great change In steel rails, which arc
said to be selling at Pittsburgh for 30 instead
of SO few weeks ago, has given much stimu-
lus 10 the demand for materials and western
mills have also taken some large structural con-
tracts. little better tone Is seen In pig iron.
and large orders are reported for cast pieces.
Blu; the whole business is still small.
The New Jersey Central has suggested .
stoppage OF anthracite coliicries for two days
In the week TO sustain the price, and nero -
eaid to be general assent
The decrease in the volume Of business
through the clearinghouse continues about
the same and for the past week was 1876 per
cent
The failures this week number ga In the
United States. against 205 last year: and 20 ID
Canada. against IS last year.
EMIGRANTS' MOvABLE9.