Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-09-29
REACTION
Moderate but Quite Generally
Felt in Business.
No Upward and Some Downward
Movement Of Prices.
Little Confidence Placed in Higher Prices Tor
Cottons.

Nrw YoRk, S5pt 2S --Bradstreets will
say tomorrow Tue feature of general trade
throughout the country is found in the mod
crate reactions of the week, more particu-
lsrly in The volume of purchases of staples
in the West, whete trade was quite active,
and at eastern points; in course of prices
the week fails 10 show any upward move
ment of note in this line and in check to
business in the South, together with dam
age TO rice and orange crops.
Leading iobbers at distributing points, for
n month past, reported relatively most
fsvorably concerning the course OF business
Baltimore, st. Louis, Nashville, Chicago
send modified adyices Ms 10 activity and
bright outlook.
Wheat made another ''lowcst price.
Iudisn corn and oats both declined. Sugar
aud coffee record lower figures; another
lowest price for cotton had an unfAvorable
influence on the tone of business st import
ant Southern markets, particularly in view
of the activity in the receipts of that staple.
Besst mer pig iron sales show a loss of %
cents, and steel hillets almost as much.
Standard brands of forge iron, West and
South, shoS large depressious, ana the
trade admits that production exceeded con-
price is for lumber, il being fairly active,
but low at Minneapolis, sitter at st. Louis
in contrast with atviccs from Chicago and
elsewhere. Leather is fairly firm, and in
the distribution, dry goods, shoes, millinery
and notions lead.
Bank clearing in cities throughout the
United States aggregates Ss25 600 900 this
week, falling of of . per cent. from the
week before, and is per cent. more than
the last week of September, 1893. As
compared with that week in 1892, the de-
crease the past week amounts To 90 per
cent. Corrected comparative totals fur
nished by Buffalo show a moderate gain at
that point AS contrastcd with year ago.
Detailed clearings show weekly decreases
from last year, and include only II of the
20 cities, chiefly those supplying the north
western region recently affected by the
drouth, and several New England and
southern points affected by special intlu-
enCes.
Exports of wheat (flour as wheat) on
both coasts, L nited States and Canada, this
week, have fallen of some, amounting to
2 $50 600 bushels, against 3 537 900 last
week and 3, 400 600 in the week n year ago.
Two years ago the total was ,0ij 600 three
years ago 3,i0j 600 and four years ago
,59S 600. London wool sales proved dis
appointing to those who predicted or anti
cipated heavy purchases for the American
market and rapid advance on price.
On this side quotations are of ] cent,
heeces particularly being weak. There is
better trade in the territories and Austria
liSn. Distribution of dry goods from
eastern points declined on the slackening
of fall demand.
Little confidence is placed by buyers in
liRher prices for cottons due to the strikes
Of operatives, and print cloths are weaker.
Domestic woolen manufacturers report
active present business, but little in sight
for spring. Competition is keen between
foreign sna domestic mems wear woolens.
Actual business failures, . months Chose
in which liabilities exceed sssets) number
q25l, / : per cent. less than last year. Total
debts of those failing amount to Sll0,674,-
coo third as much as the aggregate in
1898, and a smaller total than for the cor
responding periods in 1891, 1884 and 1888.
Assets of those falling this year are $59,-
707 900, quarter of what they were last
year. New Hampshire, Rhode Island,
PennsylvaDis, Delaware, Wisconsin, Vir-
gina, West Virginia, Alabama, Louisiana,
California and Washington report more
failures thus far this year than last. Rhode
leland, Louisiana, Washington, strange to
say, furnish liabilities iu excess Of totals a
year ago, but these are small and of little
significance. The other states mentioned
furni.h heavily decreased totals of liabili-
ties, notwithstanding gains in the numbers
of failures.
Railroad stocks holl firmer in the New
York share market, in spite of the absence
of outside or foreign buying and the
bearishness of professional spectators.
The latter deiye encouragement from the
declining tendency of sugar stocks, which
worked TO a lower level on unfavorable
conditions in the sugar trade, and the belief
that insiders favor lower prices. Other
industrial stocks, including Chicsgo Gas
snd COrdgge, are weak; the reported con-
dii)n Of the Disiilling Company, no less
lhin the price of stock, indicates posi-
bIlity OF reorganization. The Reading
reorganization plan is opposed by London
fi1sncial ipteres's; the uncertainty about
tnis company and the Aichi,on and North
ern Pacific hurts American securities
abroad.
Bords are dull in sympathy with the
dcpr' ssed tone i railroad stocks. Slveris
steady bat slightly lower. Foreign ex-
change is dull and strong on smaIl supply
Of hills, Sterling. 1856 l-2 for demand.
Gensr trade is quiet at Boston in all lines.
Baltimore jobbers are advised by travelling