The herald., 1893-10-30
NOTES Of BUSINESS AND FINANCE
Much Gain in Hope and a Little
in Business.
With the Good Signs There are
Some Not SO Good.
Money in New York-Cottons and wooi-
sns-Metal Working Industries.
Domestic Trade - Rail-
way Esrnings.

FROM Dun 8 review. Inere mas Deen
much gain in hope and little in busi-
ness. Assurances that the repeal bill
will soon be passed have again been ac-
cepted by traders as reason for buying
things speculative at higher prices, and
with money abundant on call, $SS,000,-
900 having been received in this city
within 10 weeks, speculation in stocks
and products has an unusual stimulus,
and would have expanded even more but
for continued embarrassment of indus-
tries. Stocks have gained during the
! week 81 cents per share on the average
for railroads, with sales Of 1,000, 900
shares. The receivership for the Union
Pacific has been anticipated, and the
Street reasons that many other stocks
are selling on Teceivership basis al
ready, and that in general the worst
that is likely to happen has bsen dis
counted. Wheat has risen cent,
helped by heavy foreign purchases, and
in spite OF better crop prospects, corn is
nothing stronger. Pork has been lifted
go far that another collapse is feared by
some, petroleum hes been advanced |
cent, and Brazil speculators are sup
posed to be utilizing bombardments to
lncrease the value OF coffee.
With these good signs, there are some
not so good. Renewale of maturing
notes to large amount are forced upon
the banks here, though practically all
the clearing house certificates have been
retired here and at Boston. Business ia
go slow that merchants are asking for
lew new loans, and yet the aggregate of
commercial indebtedness niue. still be
large The state of the treasury excites
some remark. its gold surplus having
fallen to $50, 325, 100. Imports are far
behind those OF last year, and the accu-
mutation OF goods in bond is unusually
large, so that customs as well as inter-
nal revenue receipts decrease heavily.
The root of the difficulty is the decrease
in consumption OF all kinds, and in that
respect the week has brought nc per-
ceptible change.
This shrinkage appears less in cotton
than in some other branches of manufac-
ture, and during the week there has
been elight Improvement ii the market
for some goods. But some large mills
which recently resumed have stopped
again, and while the number reported
in operation increases, the condition of
the markets indicates plainly that few
are working at their full capacity. The
reduction OF wages has been general, and
does not tend to increase the consump-
tion OF goods. The caution of boot and
shoe manufacturers, it is believed, has
enabled that industry to work into q
safe position, but while the stocks of
dealers are unquestionably very low, or
ders received are not enough to keep
fully employed the shops in operation.
Some improvement is reported, and the
decrease in eastern shipments compared
with last year is but % per cent for the
week. In silks, mixed textiles and knit
goods the situation has not changed,
and the demand 10 small. In woolens
a slight improvement is perceived in or
ders given and in the number of cutters
employed, but about as many mills are
closing as resuming work and the GALES
of wool at the three chief markets have
been 3,02S, 800 lbs. against 1888. 600 last
year. There has been some buying at
the west for the future, and one or two
carpet mills are starting, eince the ex-
port of $4,000 rolls has upset the Eng
lish market, but if the home market
were in normal condition exports would
not have been tried.
Metal working industries seem to gain
rather less than others. A large part OF
the consumption of iron is usually in
rails, but deliveries OF steel rails in Sep
tember were only 81, 900 tone, which is
not fifth of the capacity of the works.
The starting of the Edgar Thompson
works Tor two weeks, and the announce
ment that the Joliet steel works will
coon start, are more hopeful signs, and
the ship yards and agricultural imple-
ments makers are increasing their pur-
chases, but the demand for building
purposes is remarkably small, and there
is more weakness in barbed wire, wire
rods and steel billets. In Ppite of heavy
exports, copper is weaker, and it is said
that Lake has been sold for g. 81 cents
cash. Tin rose little with email deal
ings, but reacted at POS cente, and lead
is weaker at 3.3 cents. The feature of
most Importance as respects the great
industries, is that operations are re-
stricted, not by want of money or diff
culties with labor, but by a strangely
large decrease in consumption.
The volume of domestic trade has
been slowly increaeing for some weeks,
as reports from other cities indicate, and
l. all comparisons the fact that trade in
creased in September and October last
year should be kept in mind. The ex-
changes at the principal clearing houses
show decrease OF 25.5 per cent for the
week, which is less than appeared some
weeks ago, though it may be partially
due to the unusual volume of payments
deferred, and now made only in part.
The earnings OF railroads show little
more decrease than last week compared
with last year, and 81 per cent for the
month at the south and west about l5
per cent, but no decrease appears on the
great trunk liues. At most points banks
are somewhat relaxing their caution,
A Leader.