Birmingham age-herald., 1894-07-28
WEEKLY TRADE REVIEW. Wheat Is Down to the Lowest
 Known Notch.
TARIFF PROVES EFFECTIVE
In Causing a DullneSs in Trade. Improvement in Iron
 Industries.


 say: The heavy outgo of gold, the fall of the treasury reserve and the price of wheat 10 the lowest point on record and the in- creasing uncertainty about the tariff have entirely overshadowed other influences. Traffic delayed for months by two great strikes now crowds railroads and swels returns and gives ths impression of revival in business, but it is not yet clear how far there is an increase in new traffic, distin- guisbed 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 infer that no change of tariff would be made. The internal revenue 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 seems to be in the nature of insurance against possibilities.
 All day it has been argued that gold ex- ports have practically ended, but the outgo this week has been S5,300, ,000, making the net outgo for the month about S10, 900 ,C0o. Of all explanations given only one fits facts. With wheat at the lowest point ever known and moving from the farms very freely, while imports are still restricted by doubts about future duties gold could not 20 out II there WAS bne OTuludTy COnHueuce in the future of enterprises here. But much was done to prevent that confidence by legislation hostile to lenders in western and southern states, and many millions have doubtless been called in by foreign loan companies and taken away. Still more has been done by the strikers, the depression of man ufactures, the loss of railroad earnings and the rapid decrease of treasury balances.
 Textile industries shave been percepti- ply stimulated, according to dealers, by dis agreements, which many suppose may pre- vent change of the tariff, and there has been more buying of cotton goods, with slightly higher prices for few, notwith- standing the closing of some important mills. The stock of such goods is, on the famine, which clothiers prepared for them selves by deferring orders, is such that imperative necessities now keep most of the mills at work and purchases of wool for imDiediate use are large, but there is no change for the better as respects orders run hing intoth future, and indeed some con- rsrns havs withdrawn spinning samples, o1wEich very low prices had been fixed, and make no effort for trade at present. Sales of wool have been greatly swelled by speculation, in the belief that wool is not likely to decline in any event, but may ad- vance sharply fl tariff changes fail.
 While the scarcity of coke delays resump- tion of work in many central and western iron mills, the light inquiry for finished products at Chicago and the disappointing demand for most at Pittsburg raised doubt whether material increase can be expected until the tariff question is out of the way. The demand for sheets at Chicago is good and there are numerous small orders for structural work at Pittsburg, with rather better demand for bars, but nothing like the expected rush at Philadelphia. The tone i'm proves and prices are steady, but foundry business is much depressed, and sharp competition prevents advance in finished products.
 Failures for the three weeks of July com pare well, of course, with the panic period last year, commercial liabilities being S6 ,317 ,696, of which S, ,5SS, ,93S were of man. ;ufacturing and $2,4S3 ,0l1 of trading con- cerns. Commercial loaus are expanding but little and great caution still main tains the soundness.. For the week the failures have been 249 in the United States, against 336 last year, and 39 in Canada, against 23 last year.