The herald., 1893-10-22
MONEY AND KINDRED SUBJECTS,
A Commercial Retrospect and
Pertinent Comment.
An Interesting and Well Considered
Vi~w of the Business Situation.
Dun's Revfew-The Local Market-City
and County Taxes-The Late Fire.
The Water Situation in
the City.

A careful review OF the business situa
lion, including the aspect of affairs at
le great centers of activity in the east,
I'D an examination, more in detail, of
fairs on that part of the Pacific coast
18th whose business interests this COM
unity ia more Immediately identified,
ads to the satisfactory conclusion that
ere is more cause for congratulation
an for alarm, more expectation of sue
Hs than prospect of failure.
DUN's REVIEW.
The best condensation of the business
d financial outlook from the eastern
int of view is contained in the latest
mber of Dun's Review, under date
th inst. 1t says:
The country has been waiting. While
certainty has prevailed. men have not
Aaown what to do with safety, and 80
hrve done as little as they could. In
astries cannot always wait, and in
oam an arrest OF ofimprovementg generally
ans some reaction. Merchants who
hAFe obligations to meet cannot always
vait, and for some there has come mis-
iortune. The speculators and traders
Ws lt because they have no substantial
au iiness transacted increases some. be-
csT SO the longer people go without
ei.fhing or food or other necessaries, the
gor re- certain their demand is to revive.
But the recovery itself hesitates, for no
cne can tell what it may have to meet.
g sithful photograph of business under
ILca conditions necessarily presents
cCr Trajectory features, but the underly-
jag fact for the week is that people are
F1i Ting as far as they can.
For speculation in most lines, waiting
has involved decline, as is natural.
Railroad stocks have yielded about so
cents per share, the thing especially
noteworthy being that under the cir
cumetances they have not yielded more.
The constant loss in railroad earnings,
compared with last year, is less than it
has been for some months past. the
average loss for all roads reporting
during the first week of October being
only 6.l per cent, against over IL per
cent last month. In the industrial
stocks the sort of speculation appears
which sometimes thrives when most
people who think are doing nothing,
and the average has advanced 81 per
share. Abundant money on call makes
stock operations look inviting, but peo-
pie see that money on call is abundant
chiefly because the money market
itself is waiting, and does not know
what to do.
Government crop reports have not
helped speculation, because they are
not in harmony with prevailing judg-
ments. Wheat has weakened / d cents,
though the government report would in
dicate yield of only 39l 100000 BUSH
els, so small as to warrant much
higher price. Western receipts for the
week have been 6,054 ,648 bushels,
againet 0, ,361 ,979 last year, while Allan.
tic exports have fallen TO 72l .S61 BUSH
els, against 1909 ,123 last year. Corn
has advanced ohe-qusrter cent, pork
products being unchanged, but either
would be very much stronger if men put
full confidence in official estimates. Oil
has risen a cent and coffee is unchanged.
Cotton stands just where it did week
ago, in spite OF report which some in
terpreted as conclusive proof of Yield
far below that Of last year, but the enor-
nous stocks of old cotton in sight here
and abroad would explain great hesita-
tion in that market, even if the official
estimates were fully credited.
There is less evidence of recovery in
the great industries than has appeared
for some weeks past. The monthly re-
port of the iron output October / shows
a decrease OF 10000 tons weekly in
September, being 73. S95 tons weekly
against S3. 434 last month and 158 OPT q
year ago. Since May the decrease is
about go per cent, and unsold stocks
also slightly increase, while prices are
the lowest yet recorded. But the de.
mand for finished products has started
nearly 20 more mills at work, though at
cut-throat prices, since it falls much be-
low the capacity of the mills now in
operation. In textile manufactures the
number of mills closing wholly or in
part is again about as great as the num-
ber resuming work, and industries are
further disturbed by important strikes
against reduction of wages, one
in the Providence region affect
ing $4,000 persons, it is said.
Cotton goods show general
Improvement in tone, though weak in
spots. The demand for wooden goods is
not third OF the usual magnitude, and
sales of wool at the three chief markets
for the last week were 2 900, ,452 pounds,
against 1893, 600 last year. The situa-
tion is strange one, which perplexes
the ablest dealers, and though in dress
goods steady demand appears, the un-
certainty as to mems goods, knit goods
and carpets is as great as if months had
not elapsed with extraordinary narrow
distribution of products. Outside New
York boot and shoe factories are but
poorly employed, and eastern shipments
for the week were "a per cent below laet
years, but bright spots appear in
women's shoes and in rubber goods.
The stock of gold in the treasury has
fallen to the lowest point touched, only
1896, ,037, but the course of foreign
exchange does not as yet indicate ap-
prehension. There is money enough
Sa sight for larger business than is
@ow transacted, and come improvement
appears in freedom of commercial loans,
but quarterly returns OF national banks
show less return from hiding places of
the money withdrawn in July and
August than was expected. New York
banks report only 81, 800, 900 increase in
individual deposits, and Philadelphia
banks decrease OF $4,500,000 since
July 18th. In all quarters the power
lessnees OF the senate to do business
and the consequent continued urcer-
tainty have bad effect.
The failures for the past week number
S93 in the United States against 189 last
year, and AZ in Canada against 26 last
year. Eighteen failures were in magni-
sude exceeding 100000 and 81 were
over $4,000 each, but less than 100000.
Tho oF Iioh =