The morning news., 1894-07-28
BUSINESS A BIT BETTER.
Gold Exports, Strikes and the Tariff
the Only Drawbacks.

Odubeu a LACK OF commence among
Foreign Lenders-A Decided Inn
provement Reported in the Textile
Industries-The Iron Mills Still
Short of Orders.
New York, July pr. G. Dun g. Co. IS
weekly review of trade tomorrow will
say; The heavy outgo of gold, the fall
of the treasury reserve and the price of
wheat to the lowest point on record, and
the increasing uncertainty about the
tariff have entirely overshadowed other
influences. Business delayed for months
by two great strikes now crowds the rail-
roads and swells the returns and gives
the impression of a revival in business,
but it is not yet clear how far there is an
increase of new traffic, distinguished
from that which has been merely block
AIDED 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
the tariff would be made. The internal
revenue receipts on whisky have sud
denly dropped more than half, and sales
of wool have greatly increased. But the
uncertainty is not removed, and much of
! the business done seems TO be in the
nature of insurance against possibilities.
THE EXPORTS OF GOLD.
"All the year it has been argued that
! gold exports have practically ended, but
| the outgO this week has been $1,000, 600,
making the net outgO for the month
| about Sl0,OOOO00. OF all explanations
| given only one is based on facts. With
wheat at the lowest point ever known,
| and moving from the farms very freely
while imports are still restricted 10y
| doubts about future gold duties, could
not go out if there were the ordi-
| nary confidence in the future of
enterprises here. But much was done to
! prevent that confidence by legislation hos
tile to lenders in western and southern
! states, ana many millions have doubtless
| been called in by foreign loan companies
and taken away Still more has been
done by the strikes, the depression of
manufactures, the loss of railroad earn
| ings and the rapid decrease of treasury
! balances.
THE TEXTILE INDUSTRIES.
"The textile industries have been per-
| ceptibly stimulated, according to dealers,
! by disagreements which many suppose
| may prevent change of the tariff, and
| there has been more buying of cotton
! goods, with slightly higher prices for
| few, notwithstanding the closing of some
| Important HILLS. Inc STOCK Oh SllCl gOOQS
is, on the whole, quite large.
In woolens, the goods famine which
clOthiers prepared for themselves by de-
ferrine orders is such That imperative
necessities now keep most of the mills at
| work. and the purchases of wool for i'm
mediate use are large. But there is no
| change for the better as respects orders
| running into the future, and indeed some
! concerns have Withdrawn spring samples
on which low prices had been fixed, and
| will make no effort for trade at present.
| The sales of wool have been greatly
swelled by speculation, in the belief that
wool is not likely to decline in any event,
but may advance sharply if tariff changes
fail.
| AMONG THE IRON MILLS.
'While scarcity of coke delays resump-
tion of work in many central and western
| iron mills, the light inquiry Tor finished
! products at Chicago and the disappoint-
| ing demand at Pittsburg raises doubt
whether a material increase can be eX-
| pected until the tariff question is out of
the way. The demand for sheets is bet
ter at Chicago and there are numerous
small orders for structural work at Pitts
| burg, with a rather better demand for
| bars, but nothing like the expected rush.
| At Philadelphia the tone improves and
prices are steady, but foundry business is
| much depressed and sharp competition
! prevents an duNduC6 III uUlSu6O pfOuuCIS.
THE failures for the three weeks of
| July compare well, of course, with the
panic period last year, commercial liabili-
| ties being S6,4l7 1886, of which S3, 3,5SS, ,93S
were of manufacturing and 81, ,3S3,0ll of
trading concerns Commercial loans are
expanding but little, and great caution
| still maintains soundneSs.
For the week the failures have been
249 in the United States against 1856 last
year, and 80 in Canada against % last
! year"
NO NET GAIN.
Bradstreet's tomorrow will say
Leading influences affecting the course
of general trade throughout the United
States within the week have not resulted
in a net gain. Prolonged drought and hot
winds have damaged corn and other crops
in Nebraska, and fears are entertained of
like losses in Kansas. Without early
rains the reduction in the yield of Indian
corn is expected to be considerable. The
outlook for tine yield in the spring wheat
states is regarded as unfayorable. which
reacts on country merchants and checks
demands.
Several thousand striking miners in
Ohio, Indiana and Alabama refuse to re-
turn to work at the rates agreed upon in
conference, and this continues to depress
business throughout the tributary re-
gious.
hampered throughout the Pittsburg dis
trict for lack of coke, which restricts
production in the face of a mildly improv-
ing demand, and keeps the price of spot
bessemer pig and billets about 81 higher
than quotations for future delivery.
Continued exports of gold from New
York are regarded as an unfavorable in
nuence, and there are more unfavorble
reports as TO mercantile collections. More
serious IN its disorganizaing effects on
general business is the continued delay in
tariff legislation, few merchants caring
TO try ito provide for prospective wants
in view of the uncertainty.
WHAT THE REPORTS SNOW.
"The other side reveals reports Of mod
crate improvement in general trade al
larger number Of southern cities than
last week Improvement in the outlook
for the Columbus river salmon canning
pack: increased activity IN leading lines
IN san Francisco full and regular fruit
shipments east from the Pacific coast,
and an improved demand for iron
aud steel 40 ST. Louis. PittsburR,
aud other centcrs practically complete
restoration Of the railway freight service
throughout the country; "a tendency 10
bus very spariuRly for fall delivery 40
Philadelphia Baltimore, New 1OrE and
Tfgsfun. fsNrHIlfuL FFgp uF0Huffts Iu fnDaf