St. Paul daily globe., 1893-08-26
REVIEW OF TRADE.
The Weekly Statement as Pre-
pared by AZ. 81. DUN 81 Co.

New YORK, Aug 25.-R. q. Dun &
Co.'s weekly review of trade: The i'm
pr0vement observed last week has be-
come much more distinct and general.
Many disasters have been avoided by
more general pooling of resources and
greater spirit of mutual helpfulness and
forbearance. One large stock failure
for several millions was thus prevented
in Wall street on Thurs day. Money on
call is more abundant, but there is
little doing as respects mercantile ac-
commodations. The difficulty of collec-
tons and the interruption of exchanges
are nearly as serious as ever. The
number of industrial establishments
lesuming begins to compare fairly with
the number stopping wolk.
Many assumptions only show that the
stoppage was really temporary, or that
wage controversies have been settled.
Of twenty assumptions reported in the
iron industries most are OF this charac-
ter, while three failures and thirteen
stoppages are reported, besides ten
cases of reduction i'll force or in time.
The feature of the week in this branch
has been the reduction of wages for
many thousand hands. A little better
demand appears for some products, such
as wire nails and barbed wire, of which
important producers have been idle
Ior nearly two months, but i'll general
the consumption has so far decreased
that Southern furnaces are Offering pig
iron for very low figures here and
standard makers in Pennsylvania are
contemplating reduction i'll price.
The weekly output of Connellsyiile
coke is $3.50 tons; 12,7ll ovens are
idle and only 1922 in operation.
Numerous cancellations of orders have
depressed lake copper to 912c, nearly
the lowest price on record.
The shipment of boots and shoes from
Boston shows decrease compared with
last year OF ST per cent for tho week,
and coumtermands still offset new orders
at the East. The textile manufactures
show no Improvement, and dispatches
mention twenty-f0ur mills as having
closed indefinitely, and seven others
temporarily, one tor the first time Ill
fifty years; and it is also stated that
twenty OF the largest in Maine ha We de-
termined to close next week. On the
other hand, twelve mills which have
temporarily closed have now reSu med.
Sales OF Wool are ABOUT the smallest
ever known at this season, amounting
last week at the three chief markets tt
l,693,9l2 pounds, against 7,l64,6R foI
the same week last year.
The markets during the past week
have not been active. Wheat is lower,
and cotton has also declined with more
favorable crop reports to nc. The
enormous stocks still depress prices ot
both products.
Though currency is at premium of !
az per cent, the demand is less than a
week ago. Receipts of gold from Eu-
rope during the past week have been
$6,700, 900. but the Bank of England has
raised its rate 10 5 per cent, which is
expected TO stop further shipments OF
gold to this country, and the Bank OF
France has lost during the past week
about Sl,600,000, Men ask in vain what
has become of the money. Although
! S32, 900, 600 in gold has been received al
this port iuAugIISt. New York banks held
| 81. 800, 600 less specie and $500. 900 iega
| tenders than at the end of July, anC
! the treasury also holds about S1,0OO,O0(
| less gold and 100000 less lega tend
! ers, and has outstanding $4,000 more
treasury notes. The absorption Oi
money. it is evident, has not ceased
and credit substitutes III use as ye
poorly supply its place; but 1t is wei
| 10 remember that mere change il
public sentiment would unlock many
millions of money and add enormously
| to the volume of credits. Though sucf
! a change has not yet come, there is gen
! eral hope that il may not be long de-
| ferred. The failures in the past week
number 40 in the United States, and q
in Canada,