The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-07-21
THE BUSINESS OUTLOOK

The disappearance of the great railway
strike of 1894, the revival of regular freight
schedules and the customary movement OF
produce and merchandise by water n rail
have done much TO restore something iiks
the preceding So:ume of trade. The mosi
encouraging statement is merely that gen
eral business is only approaching the usual
midsummer proportions. The return to work
of potters at Trenton and Wheeling. EN-
ployes at Pullman. tubeniakers Ut Mckees
port, Pa, a further return of coke operatives
in the CoAnellsviile region and of coal rnin-
ers in Western and Southern States, to-
gether with nearly all recently striking rail
way employees. will furnish more industrial
employment within a fortnight than at any
previous date since April |.
Larger eastern business centres report a
feeling among jobbers and other wholesale
houses favorable to a revival in trade as
soon as tariff legislation shall have been
definitely settled. Dealers west, northwest
and southwest at larger distributing centres
announce that country merchants are run
ning with very small stocks-that they con-
tinue to buy only for actual wants in sight.
The effects of the recent widespread dis
turbance in transportation and industrial
circles are now making themselves felt IN
bank clearings returns, the aggregate this
week being only $500, 000, 600, a drop, as
compared with the preceding week OF about
3 per cent, and as compared with tue third
week of July, 1898, of 16 per cent. There
| are 212 business failures reported in the
! United States this week, against 229 last
week, as compared with 527 in the cor
responding week one year ago, when the
| effects of the financial panic were making
| themselves severely felt. In the correspond
/ ing week of 1892 the total was 179, and in
1891, following the disturbance due to the
Barring crisis, the like weeks aggregate was
252.
Exports of wheat flour included, both
coasts, United States and Canada, are again
moderate, the aggregate this week being
| only 1,S73,00O bushels, compared with 2,377,-
| 600 bushels last week, son, 900 bushels in the
| third week of July, 1898, 2, no 900 bushels in
the like week of 1892, and 2,330,000 bushels
in the corresponding week the year before
that. BYudstfeet;s in an extended article
points out that an average of current esti-
| mates as to the size of the wheat yield in the
United States should enable us, if called
upon, to export fully as much wheat in the
next twelve months as in the past year.
I The stock market is feYerish and dull IN
the unsettled condition Of tue tariff bill. In
terest and activity centre in Sugar, the
Street considering that the whole fate of the
measure centres in the schedule of duties on
that article. Railroad stocks are dull and
neglected, the expectation of better earnings
following the reopening of the roads being
offset by the heavy losses and steppage of
EARNINGS WILLIE UuS SbiIhe was III pa OSl0co.
Foreign exchange is steady at Ass, at 4.SS4
for demand sterling, but the state of ex-
change in London and continental cities per-
mits gold exports S2,S00,00 0 having been
taken this week.
No general revival in industrial lines is re-
ported or expected soon. Shoe factories are
running on low-priced goods and at less than
full capacity, which exercises an influence
on leather. Wooden mills are still running
on fall fabrics, and viii delay exhibiting
spring samples until next month. Stocks of
brown and bleached cottOns are accuInt-
lating. Activity is noticeable only among
retailers and jobbsrs of cotton goods. I'm
proved demand for wool within a week is
the result of lowest prices on the clip.
Front r. G.. Dun G Co.'S Weekly Repieoo.
The effect of the two great strikes have
not vet entirely worn off, and meanwhile
disagreement between the two Houses of
Congress has made tariff uncertainties more
distinct and impressive. 1t follows that the
customary tests of the condition of business
are less instructive than usual. The finan-
cial situation is somewhat less favorable,
because the exports of gold have been re-
summed, and are $1,000, 90 for the week, but
Treasury receipts have been $2,046.391
for customs, against $2,951,574 last
year, and S7,474,553 internal rev
enue, against 81, 979,51S last year.
The extraordinary payments to anticipate
the increase of taxation on whisky are rapid
ly locking up a large amount of capital, ami
taking from the government part of the ex-
pected increase of revenue, while the cur
rent loss in customs receipts is largely due to
the postponement of imports in expectation
of lower duties hereafter. Thus the Treas
ury has been gaining in balance, although
at the expense of some loss in revenue here
after.
The great railroad strike broke down of
its own weight last week; another illustra-
ton of the fact that workers organizations
cannot afford to enter into any struggle so
extensive that it damages the public as a
whole rather than the particular employers
threatened. The railroads report a heavy
decrease in earnings. $50 per cent. for July
thus far, while the east bound tonnage from
Chicago last week was only 4,l42 against
50,257 last year. The ~shrinkage
in earnings is not a fair test, because a great
quantity of traffic is only deferred, while on
the other hand some important roads have
declined to make reports for July as yet.
Stocks have been a shade stronger during
the week, but average at the end only nine
teen cents per 500 higher, while the aver
age for Trust stocks is sixty-three cents
lower, these being influenced almost wholly
by varying phases of the news about action
at Washington.
The volume of domestic trade reflected by
exchanges at the clearing houses is 112 per
cent. smaller than a year age, when the
panic and the scarcity of money caused what
was then considered a paralysis. In com
parison with 1892 the exchanges decrease 22.7
per cent. Much of this decrease, however, is
due to the general decline in prices, which
has been over 10 per cent. for the two years,
and S.3 per cent. since a year ago.
Foreign trade show no important
change, the desired expansion of exports be
ing still deferred. while imports have been a
little larger of late, as the customs receipts
indicate. Tn most hopeful sign noted this
week is that failures continue comparatively
few and not very important. The aggregate
of liabilities for the twelve days ending July
Il, was S., 630,306. Of which 81, 009, S2l was of
manufacturing and 81, AS, 204 of trading
concerns, which is decidedly below the aver
age for the past half year.
ENGINEER HILDBBRANDTS PLANS
Estimates for a Suspension Bridge to
he Built Across fhe Hudson.
Engineer William Hildebrandt appeared