St. Paul daily globe., 1894-07-21
OUN'S REVIEW OF TRADE.
EFFECTS or TWO GREAT STRIKES
NOT COVE.
THE REBoUND Is VERY SLOW.
Exports of Gold Have Exercised
an Infiuence-Loss in Customs
and Gains in Internal Revenue
Receipts-Tariff Uncertainty a
Hindering Factor-Wheat on
Thin Ice-Failures Few.

NEW YORK. July 20.-R. e. Dun &
Co.'s weekly review of trade tomorrow
will say: "The effects of the two or eat
strikes have not yet entirely worn off,
and meanwhile disagreement between
the two houses of congress has made
tariff uncertainties more distinct and
impressive. 1t follows that the GUS
tomary tests of the conditions of busi-
ness are less instructive than usual.
The financial situation Is somewhat less
favorable because the exports Of gold
have been resumed and are S3.300.000
for the week, but the treasury receipts
have been So 046, 39l for customs,
against 2.951.574 last year, and S7.474.-
553 internal revenue, against S2.979, 5lS
last year. The extraordinary payments
to anticipate the increase of taxation on
whisky are rapidly locking up large
amount of capital and taking from the
government part of the expected in
crease of revenue, while the current
loss in customs receipts is largely due
to the poStponement of exports in eX-
pectation of lower duties hereafter,
thus the treasury has been gaining in
balance although at the expense OF
some loss in revenue hereafter
Wheat has been skating on thin ice.
with a chance of breaking through and
making the lowest record ever known,
and has declined three cents during the
week. With railroads generally blocked
in the wheat delivering districts, it is
satisfactory indication that the Western
receipts are about twO-thirdS of last
| years, 2,271, ,514 bushels against 3,02S.379
| a year ago, while the exports from
Atlantic ports are Insignificant. only
| 672, ,402 bushels. against 2.S6S.627 last
| year. The enormous visible supplies
| have less actual weight i'll the market
| than the prevalent conviction that the
| government estimates of yields are
| widely erroneous. Corn has advanced a
| shade with no satisfactory reason, for
| the prospect is excellent for large
| yield. A great speculation in oats has
| begun to liquidate with the customary
| losses to the wise men who knew all
about it. Cotton has declined fraction,
| and all indications still point to ma
| terial increase of yield.
Although there was an increase dur
ing the month of June of nearly third
in the weekly production of pig iron
and the consumption in the manufacture
was nearly 10000 tons Der week greater
thau the output of furnaces. it is ques-
tIonable whether any further improve
ment has yet occurred in July. Many
|
stopped because the blockade of rail-
roads cut off their supplies of fuel and
have not yet ventured to. resume.
l2Others west of Pittsburg have been in
active because the coke strike continues
| and the limited production scarcely suf.
fees for the need of works near at hand.
| Behind all other embarraSSments. there
is remarkable narrowness of demand
| for finished products. In steel rails
the official statement shows deliveries
of only $4,000 tons for the first half Of
1894. against 571,S64 tons for the first
half of last year.
The: most hopeful sign noted this
week is that failures continue compare
lively few and not very important. The
| aggregate of liabilies for the twelve
days ending July IL was S2.630, ,3O6, of
| which S1,009.S21 was of manufacturing
and 81. 44S.2 of trading concerns, which
is decidedly below the average for the
past half year. The failures this week
have been 236 in the United States
against 467 last year, and A in Canada
| against 25 last wear.