The herald., 1893-10-08
THIS Is STRICTLY BUSINESS,
A Review Of the Past Week
Commercially.
The Element Of Dependency Con-
spicuous by Its Absence.
The Situation in tho East-Psopic
Still Hohrding Their Money.
Mortgages Real Es-
tate-Rents.

In business circles during the past
week there has been almost an entire
absence of that element OF dependency
that characterized the earlier days OF
the late financial panic. Affairs on the
coast have taken a brighter turn. A
leading San Francisco financier who has
large interests here, writes most en-
couragingly of the improved state of
things in the northern part OF the state,
and predicts an early return to condi-
tion where banking and commerce will
again be conducted on terms Of mutual
confidence.
THE EASTERN SITUATION.
The latest bulletin OF affairs in the
east as furnished by Dun's Review
under date of September 30, does not
speak of the situation there in such
hopeful way, although the tone is by
far less alarmist than that OF the same
circular month ago. 1t says:
A complete statement OF failures for
the quarter which close tonight is not
possible, but the number thus far re-
ported is about 1000, and the aggregate
VI Al6UliltlOo 4UVut plOV,OOb,OOt, ktOablJ
surprising the record of any previous
quarter. For the past week the failures
have been 329 in the United States
against 177 last year, and in Canada "a
against 81 last year.
Hope deferred, explains the past
week in. part, and it is doubtless true
that many INDUCED unreasonable hopes,
but business has not entirely answered
expectations. A feeling OF dieappoint-
ment is commonly ascribed to delay of
action on the silver bill in the senate. 1t
ia also true that many works which have
resumed operations do not find orders
as large or the demand from consumers
as vigorous aH they anticipated, and
with some it ia q question whether they
will not close again. While money on
call has been abundant and cheap, and
about 1900, 900 clearing house certi-
ficates have been retired, there is per-
ceptible greater caution in making COM
mercial loans here and at some western
points.
Wheat receipts decrease again, and
fall far behind last years, but stocks in
sight are too heavy, and the price for
December fell nearly one cent. Corn
continues to come forward freely, and
crop reports are not more unfavorable,
but the price fell off one and three
eighth cents. Changes in pork products
are obviously due rather to manipula-
ton than to any change in the outlook.
Cotton declined about three-sixteenths
with no great change in the movement
or in crop prospects, and with increae-
ing work by the mills in this country.
When stocks are unusually large, their
very weight at times over-balanceH all
other considerations.
The cotton manufacture is gaining
more than any other, and there is
stronger market for print cloths and
prints, while some reduction has helped
to stimulate trade in other goods. The
enormous decrease in production for the
past two months begins to be felt, and
sales are larger, though much below the
usual quantity. Trade in wooden dress
goods is better, and there is little more
demand for mems woolens, though not
enough to beep employed the increased
number OF mills now running. Clothiers
are cutting up more goods, it is said,
but the change is not greater than prepa-
rations of samples for another season
might cause, and there are noticed at
tempts to clear off old stocks by open
ing retail stores and selling at manufac-
turer's prices. Sales of wool last week
were 1929, ,450 pounds against GAS. 600
last year, and for four weeks 14,473.275
pounds against 81, ,0S0, 800 last year, but
it is believed that many purchases mere
and at the east are for Investment rather
than for manufacture.
While rs manufacturing concerns are
reported as starting wholly or in part,
against 20 closing or reducing force,
more than third of the increase has
been in cotton mills and another third
in machine shops, nail mills, manufac-
lures of stoves and hardware, tools and
cars. while in the iron manufacture
proper only Z concerns have started
against that have stopped, and the
outlook does not seem brighter. Chi
cago is adding to her marvellous build
ings, and in structural and some other
forms the demand at the west is clearly
increased. But the closing OF the larg-
eat iron mine in the country, the Nor
rie, which ordinarily produces million
tons yearly, indicates the limited char
acter OF the business. At the east the
demand for products is painfully inade-
quate, even for the scanty force now at
work, and the lowest prices on record
attract little business.
Oleaflnk uOuS6 exchanges indicate q
little gain in the volume of business.
being for the week 10 per cent below
those of the same week last year. In
foreign trade. exports again exceed last
years, and for the month about "a. 6 per
cent. while imports show decrease for
the month of about 80 per cent. Yet
foreign exchange has risen so far that
exports of gold to Germany might be
made with little loss, and it is believed
that calls for repayment OF gold obtained
on loans from Europe in July and
August affect the rate more than current
business. Though return Of part of
the gold has been expected, and the
banks have on hand more than thev
need, the treasury stock is 80 low that
renewed outflow would be regarded with
some apprehension. The return of
money from the interior continues large.
and plainly reflects less activity than
usual at this season in domestic trade
and industry.
AS TO HoARDING MONEY.
Considerable complaint is made bv
fha nrincipal 1ocal hrokora of a. a:cc