The Monticellonian., 1894-10-05
oUN'S COMMERCIAL REVIEW.

'
 Business, but on the whetc Less Than
 Normal, Disclosed by Ca-e fuI Inquiry
 into the State Of the Differ int Branches
 of Trade Continued Depression in Farm
 Products.
 NEW YORK, Sept. 20.--R. G. Dun & Co. $ weekly review of trade, issued to- day, says:
 Retail trade, the last step in the movement from producer to consumer, is at the same time the first step upon which depend empty shelves in the stores and future orders to the mills. After months of unnatural economy buying should be large enough to send the mills further orders very soon. Special inquiry has been made this week at all commercial centers re- garding the state of retail trade, and many of the answers arc given on the following pages. Wide diversity appears in different trades, and the details of business at the different cities merit general attention. The main facts disclosed are, first, a marked improvement within the past month, and considerable excess over the business done year ago, particularly in the necessares of life. But, second, it appears that the volume of trade at present is on the whole considerably less than in a normal year, at most points, and in the more important trades is apparently about 9 per cent. smaller than in September, 1892.
 Evidence of eontinaed improvement in wholesale trade and manufacture does not appear this week There is large distri button on orders given some time ago, but new business going to the manufactures is everywhere slack ening. The completion of or lers for replenishment of stocks leaves nar- rower demand, and it is yet too early for consumption to provide further or ders. The volume of business re- ported by clearings at the chief cities is 6.9 per cent. larger than last year, but 21S per cent. less than in S92, and for the month of September the daily average has been Sl@1, ,019, 010, against SIPS, 0oo,0 last year before recovery from the panic had come, and S177.- 900. GOO in 1892. As these include pay ments resulting from trade deferred
 
 comparison is but moderately cncour- aging.
 The depression in prices of farm products will have some influence. unprecedented records have been made in cotton and wheat, though as to wheat only in contracts for future de- livery, in which the prices are the low est ever made. The available stocks are about t5,000, 600 bushels greater than year ago and western receipts for the week were 5,252, ,716 bushels. against 6,191,05i last year, and since August l, 5l ,000, O00 bushels. against 3s. 1000, 000 bushels last year. The Att lantic exports for the week and since August 1 have been about third smaller th Il last year, but the fall in price during the week has been 1.75 cents
 Cotton on the spot is lower at 6,4t cents than at any other time since 1s49, and quotations then did not mean what they do now, while the lowest option has been quoted at 6.04 cents, which is below all previous records Even at the close the fall for the week is one-quartcr An estimate of 95,- Oao GOO bales minimum this year has influenced the market, but would re- ceiye less attention if stocks in sight were not heavy, while all agree that this crop is likely to exceed the worlds requirements of American cotton.
 It is encouraging that speculation in corn has broken, and the price has fallen cents, less gloomy estimates than those of the department having gained general acceptance. If is now supposed that the yield is not far from 1,50o, ,00oooo bushels, which will compel much economy in feeding, but spacula- tion in pork has also hrehen, and the price has faiien lo cents, while lard has decliued a half to cent.
 The iron industry shows shrinkage of dema d, and the prices quoted to- day are but little above the lowest this year. Bessemer pig is weaker at St1 at Pittsburgh. with an impression that excess of production must cause fur thcr decline unless lower prices are made for steel rails. Billcts, struc- taral forms and nails are shade weaker, and in eastern markets competition of works to get business tends to destroy profits. There is more business at the west and Chicago re- ports good demand for sheets, for bar in small lots, and for coke pig, though states and boiler tubes are weaker.
 The bootand shoe manufacturers con tinues to lead others in comparative ac- tiyitv, and shipments from Boston for the month have been 33s, ,097 cases, against 222, ,623 last year and 32s, lO6 in ls92.
 Textile manufacturers feel the shrinlage of the demand due to the re- plenishment of stocks. and there is less doing in cotton and woolen goods at first hands. The distribution by jobbers on previous orders is large, and stocks are still being reduced by purchases, but the trade now depends in all branches upon the supplemental orders expected. In cottons recent ad- vanees are maintained, but buying is notieeably less active. The fall trade in woolens is prolonged the more because { has been light through the season, but in spring goods there is little new business, Sales of wool for the month have been 1S.352, $50 pounds, against 19,S93, 195 last year and 3l ,0s0, 300 in 1899.
 The failures during the past week have been 235 in the United States against 334 last year, and D in Canada against 3s last year.
 On Trial for Offering Bribe to Council-
 man Jacob Born.
 PIrrsRrRGH. Pa Sent. 29-EX-Conn-