The herald., 1894-07-28
THE STATE OF TRADE.

Outflow of Gold and Tariff Uncertainty
Hsvo a Depressing Influence.
New York, July 27.-R. G. Dun &
Co.'s weekly review of trade, which is.
cues tomorrow, will say:
The heavy outgo OF gold, the fall OF the
treasury reserve and of the price ol
wheat to the lowest point on record, and
! the increasing uncertainty about tn,
tariff, have greatly overshadowed othel
I, influences on trade. Business delayed
for months by two great strikes nov
crowds the railways and ewells the re-
turns, and gives the impression of a. re.
vival in business. But it is not yes clear
how far there is an increase in net traf-
fic. distinguished from that which has
been merely blockaded or deferred.
In some branches there has been more
activity, but in others less, because
events early this week led many to in
Ter that no change OF tariff would be
made. The internal revenue receipts
on whisky suddenly dropped more than
half, and sales OF wool greatly increased.
But the uncertainty is not removed, and
much OF the business done ms to be
in the nature OF insurance against possi-
bilities.
Wheat has found in the lowest depths
q deeper one still, and has sold below IS
cents, making the average at New YORK
the lowest ever known. Western re-
ceipts have been o. .455, ,87l /, against 8, 12y,-
bushels last year, in part because of de-
layed shipments; but the movement
from the farms was heavy. whilo Allan
tic exports have been only 1,5I1. .604
bushels, against 2,057 ,050 bushels last
year.
Corn was stronger, with accounts of
injury to part OF the crop. and exports
are tritling.
Cotton declined a sixteenth, to 7c.,
though receipts OF plantations were
small. Official reports count for moth
ing in comparison with the enormous
visible stocks. Textile industries have
been perceptibly stimulated, according
to dealers, by the disagreements which
many suppose may prevent a change OF
the tariff, and there has been more buy
ing OF cotton goods, with slightly higher
prices for q few. Notwithstanding the
closing OF some important mills, the
stock of such goods is, on the whole,
quite large.
In woolens the goods famine for which
clothiers prepared themselves by defer
ring orders, is such that imperative
necessities now keep most OF the mills
at work, and purchases of wool for i'm.
mediate use are large. But there is no
change for the better, as respects ordsrs
running into the future, and indeed
some concerns have been Withdrawing
spring samples on which very low prices
had been fixed. and will rake no eifjrt
for trade at present. Sales Of wool have
been greatly swelled by speculation in
the belief that wool is not likely to de-
cline In any event and will advance
sharply il tariff changes fail. Sales for
the week were 9,034, 100 pounds against
"a, 600. 500 last yesr. In four weeks of
July sales have been %, ,359. 285 pounds
against 10, $685. 800 in 1898.
While the scarcity of coal delays the
resumption OF work in many central and
western iron mills, the light inquiry for
finished products at Chicago and the
disappointing demand for most of Pitts
burg raised doubts whether material
increase can be expected until the tariff
question is out Of the way. The demand
Tor eheets is better at Chicago and there
are numerous small orders for structural
work at Pittsburg, with rather better
demand for bars, but nothing like the
expected rush.
For the week failures have been 249
in the United States, against 1868 last
year.