The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-07-07
BUSINESS SITUATION.
E,o,n Rrndstreefs Stote OF Trnds

From Brddstreet's Stat of Trade.
Aside from the Intervention of a holiday,
| there is q sharp restriction of general trade
and industrial production, due to railway
troubles west of the Alleghenies and north
| of the Ohio River, which extend west and
southwest to the Pacific Court. and make
their influence felt in all other directions.
The combined railroad strike n boycott
| has had a steadily increasing damaging
| Influence upon the general Industrial sltua-
ton. Calculations as to the number OF men
out are necessarily not complete. but there
is little doubt that the totafnumber idle as a
| result of this railway tie7up far exceeds
the outcome of any previous labor trouble
in this country. Indirectly OF directly, the
present disturbance is affecting every portion
| of the country, and if much prolonged
general shutdown of industrial operations III
all lines will be threatened. The number
| striking or idle through strikes so far this
year has already exceeded 500.0O0. With the
| combined strike and boycott under headway
a little more than a week, one-third OF the
| railroad mileage is tied=Hp, IA coal famine IS
threatened, trade with country merchants is
in many instances actually stopped owing 10
| inability to ship goods, factories are closing
| for wanto of fuel or because of sympathetic
| strikes, and producers and receivers OF perish
able produce are suffering serious financial
| losses. owing to checked shipments or in
ability of roads to handle freight. from
California information IS wired that thou
| sands of tons of fruit are rotting for want
of transportation. All cereals except wheat
nave shown &. decided advance in priceipork
| and lard are up sharply, as are fruits. yege-'
tables, meats and other perishabie produce.
| Pig iron West is commanding 2lcents more
per ton, and cattle, hogs and sheep are no.
Jiceably higher even at Far Western markets,
| where receipts are restricted. Fiji forego7
ing features are most conspicuous at Chi
| a and San Francisco, but are having a.
| very unfavorable effect at Minneapolis, st.
Pau, Milwaukee, Omaha, Kansas City, st.
Louis and Cleveland.
From r. G. Dun O. Co.'s Weekly Recietc.
The interruption of business by the rail
road strikes has bsen such that the usual
signs, whether bright or gloomy, have little
value. stocks are notably unaffected, and
close with a decline of only IA cents per
share. because it is commonly believed that
the struggle cannot last, and will be followed
by quick recovery of any loss. Railroad
earnings show a decrease of BIB for June,
against 200 for May, the main trunk lines
at the East, the West and especially at the
South averaging less, and the other roads
more. but these returns refer to receipts
prior to the strike. Clearing house returns
for the first week of July are 1872 per cent.
less than last year, and 25.l per cent. less
than in 1892, but these record half yearly
settlements rather than the volume of cur
rent business. The Senate has passed the
tariff bill but in such shape that no lqone
ventures to risk much on its final passage
without further alteration.
Speculation III products has turned largely
upon temporary uncertainties, but meat pro-
diets have been higher, with a threatened
/ famine here, and the probability that large
quantities will be Spoiled at Chicago, while
improved crop prospects have depressed
wheat Ia cents. The crop year ends with
narrow exports, though a little larger than
of late, and the aggregate for the year has
mot been far from 165, 000, 600 bushels, -four
| included, though at the lowest average price
| ever known. The years receipts at West
| ern ports were about 15S, 900, 600 bushels,
against l249, 000, 900 the previous year. Cot
ton promises so well, and the stocks in sight
! here and abroad are so large, that specula-
| tlon for an advance is difficult. With two
| months of the crop year yet remaining,
over 1850, 900 bales have already come into
| sight, and there is a strong promise OF q
much larger yield this year.
The iron industry had not yet recovered
from the coal miners strike. when it was
seriously interrupted by the blockade of rail-
roads at the West. An obvious effect viii
be restriction of repairs and car building and
| Of track laying, and the track laid during the
first half of 1894 has been only 495 miles, the
smallest addition for many years, against
LOIS in the first half of 1898. A large and
somewhat lasting reduction in the demand
for iron is the natural consequence of dis
turbances affecting railway earnings. h
demand for iron products does not appear
better, and prices are again tending down
ward. in spite of the general feeling that an
advance must follow the termination of the
mine s. strike. The demand for boots and
shoes is slightly better as to the cheaper
grades, particularly of wonlens goods, and
the shipments from the East are at present
about equal to last years. sDHss1 ?
Textile manufactures do not show i'm
broyenent-two. important cotton mills
manufacturing colored goods having
stopped indefinitely, while the unsold stock
of PRINT cloths at Fall River and providence
has reached l,064,000 pieces, and a down
ward repisionafn prices OF blaaehed sheetings
IL expected. Quite ia large number of
woolien mills have filled all orders in hand
and closed for the present, and in most
branehes orders for the future fall far below
expectations. Interruption OF traffic IS felt
in these industries, but much more the I'M
certainty how far foreign goods may be de-
iyered at lower prices than domestic after
new duties take effect, and behind these
causes of hesitation lies the fact that, with
| many hands out of work, and wages reduced
for others, and prices OF farm products ex-
ceedineIy low, the buying power Of the peo-
Die is greatly restricted. Minor industries
are also affected much in the same way,
especially where important changes OF duty
are expected.
The Government has closed its fiscal year
with q decrease of $SS,919,392 i'll revenue,
and has now to make numerous payments
| which have been deferred, while from other
| causes its reserve would naturally be reduced
il July. On the other hand, payments to
| avoid new taxes, particularly on whiskey,
are likely to be large, and may compensate
for the loss in customs receipts this month.
Bankers are, therefore, calculating that the
r l--x--w 70 q M ty - 0ald