St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-30

tinues Large-Many Works Re-
Stunning Operations.
NEW YORK. Sept. 29.-R. G. Dun &
Co. S weekly review of trade: A COM
plete statement of failures for the quar-
ter which will close tonight, is not pos
SIble, but the number this far reported
Is about 5000 and the aggregate of liza
bilities about S150,000,000 greater, sur
passing the record of any previous
quarter. For the past week the failures
have been 329 in the United States, and
in Canada 81. Hope deferred" eX-
plains the past week in part. and it is
doubtless true that many indulged un-
reasonable hopes, but business has not
entirely answered expectations. 1t is
true. also. that many works which have
resumed operations do not find orders
as large or the demand from consumers
as vigorous as they anticipated. and with
some it is question whether they will
not close again. While money OH call
has been abundant and cheap. and
about 100000 clearing house certiti-
Gates have been retired, there IS per-
ceptible greater caution in making
commercial loans here and at some
Western points. Confidence, proven
Dlally of Slow growth. has been some
what diminished, in part because ad
yancing exchange suggests the pOssi-
bility OF gold exports.
RAILROAD EARNINGS
for September show decline of Is per
cent, compared with last wear. On
Western lines and trunk lines the de-
crease is somewhat smaller, but South
ern and Pacific roads do not materially
improve, and eaSt-bound shipments
from Chicago show decline of IA per
cent for the last week.
Wheat receipts decrease again and
fall far behind last years. but stocks i'll
| sight are too heavy. and the price for
Deeember fell nearly one cent.
Corn continues to come forward
| unfavorable, but the price fell rs cents.
Changes in pork products were obvi-
ously due rather to manipulation than
| 10 any change in the outlook.
! Cotton declined about three-SlXteenthS,
| with no great change in the movement
or i'll crop prospects. and with increas-
ing work by the mills in this country.
The cotton manufacturer is gaining
more than any other, and there is a
! stronger market for print cloths and
prints, while some reduction has helped
| w olliliululC tlduC III OtH6r ROOuS.
Trade in wo0ien dress goods is better.
and there is a little more demand for
mems woolens. Sales OF wool last week
! were 4, 629,450 pounds, against 6,4SS.600
! last year, and for four weeks IA IA, ,275
pounds, against 81, 900, 500 last year, but
1t Is expected many purchases are
FOR. INVESTMENT
rather than for manufacture. While
seyenty-elght manufacturing concerns
are reported as starting wholly or in
part, against twenty closing or reduc-
ing force. more than third of the in
crease has been in cotton mills and an
other third in machine shops. nail
mills, manufacturers Of stoves and hard
ware, tools, cars; while in the iron
manufacture proper only seven con-
Germs have started against three that
have stopped, and the outlook does not
seem brighter. Chicago is adding
to her marvellous uildings, and
in structural and some other forms
the demand at the West is clearly
Increased. But the closing of the larg--
est iron mine in the country, the Norrie,
which ordinarily produces a million
tons yearly, indicates the limited char
acter of the business. At the East the
I demand for products is painfully made
1 qnate, even for the S:anty force now at
w0ik, and the lowest prices on record
attract little business. In boots and
shoes the marked activity seen in New
York is not found i'll the East, but the
rubber works are all fully employed
and the demand for their product is
large. The return of money from the
interior continues large. and plainly re-
| fleets less activity than usual at this
season i'll domestic trade and industry.
| The Post says: 1t is noticeable that
the financial community still takes a
very
DESP0NDENT VIEW OF
| the Granger railway reports for August.
| This Is natural enough, III view of the
| heavy actual decrease in earnings, es-
! pecially of gross; but the statements
| are nevertheless in some important par
tlculars much better than circumstances
! would have led observers TO expect. A.
comparison with last years returns is
worth making. In that month, where
| the results of the business breakdown
began to be severely felt. the ST.. Paul
gross earnings decreased 9per cent from
1892. while saving of only 10 per cent
| was made i'll operating expenses. In
! August gross returns fell off from last
year II per cent, but the cut in operat-
ing charges had risen to %, much
greater relative saving. The Burling-
toms record is even better. In July the
gross receipts decreased per cent from
1892, and its operating expenses 4 but
in August when the falling off in gross
was II per cent the percentage of re-
duction in expenses had reached IT, In
both these railways. moreover, it should
be remembered that wage reductions
! have cut no such figure in tie
| finances. For example, on the Union
| Pacific and the Louisville that the net
| results for September should under
such conditions show very great i'm