The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1894-01-13
REVIEW OF TRADE.
NOT MUCH CHANGE DURING
THE WEEK.
Heavy Deficit In Customs and Internal
Revenue Receipts-wheat Is Trinc
Higher and Cotton Goods Lower-Thc
Failures.

New YORK, Jan. s.-R. G. Dun &
Co. IS weekly review of trade says:
The cloud of uncertainty does not
lift as yet. Strong confidence is ex-
pressed in nearly all markets that
trade must improve with the new year,
but it is yet too early to expect i'm
portant change, if really on the way.
In the main the conditions continue
unchanged.
The condition of the treasury eXcites
less interest with the gold reserve
lower than ever and the entire avail
reserve reduced to 500, 600, 00o than
smaller losses caused when the free
gold exceeded 500, OOO,OOO Yet the
deficit of S37, G0i, 3a0 in the first half of
the current fiscal year, the decrease of
$50, IA, 34S in customs receipts for six
months, and $40, 654, l0l in the internal
revenue point to large deficit for the
year and u greater reduction of treasury
balances than can be safely permitted.
At the point of danger is the large
volume of paper circulation, with n
narrow gold reserve, the proposal to
issue fifty millions more paper by
means of coming silver bullion held
is not rcassuring, and the cham
Der of commerce here has earnestly
urged an issue of short-timc bonds, as
recommended by the secretary of the
treasury. The disbursement of S95,-
600, 600 here ST 900, 900 in Boston and
Pittsburg for January interest and
dividends, has produced nothing like
the usual demand for securities,
though after several days of excessive
selling the stock market rose an aver
age of dollar Il share.
The wheat market is "a cent higher
because of diminished western receipts
and corn is unchanged. Cotton receipts
have lessened Il little and the price has
suddenly advanced n quarter, Il move
ment probably on par with Others
which have made this season trying
one to trade.
1t is questionable whether the work
ing force in the great industries has
increased as yet, though the first of
the year considerable increase is eX
pected. The number of mills starting
and stopping work is the same.
Sales of wool for the week amount
to :,404, 500 pounds, against 4,453, 200
for the corresponding week last year,
and since May / the decrease has been
40G per cent Prices are somewhat
weaker, and few works report salts
factory orders. Prices of cotton goods
are further reduced to encourage pur-
chases. Most of the shoe shops are
moderately employed and the decrease
in the shipments for the week is II per
cent, against - per cent for the last
seven months of 1893.
Still lower prices are recorded in
iron and steel both at Philadelphia
and Pittsburg without increase in the
volume of business. 1t is believed that
the output of pig, though 40 per cent
less than year ago exceeds the pres
ent consumption. The volume of bust
ness represented by exchange outside
New York is 1872 per cent less than for
the same week last year.
The final classified returns of fail
urcs for 1903 are not yet complete, but
the reports received for the latter part
of December have swelled the aggre-
gate of commercial liabilities to $685.
400, 46l, of which SlG7, 54j,0S5 are of
manufacturing failures, SEA- $50 of
trading failures. and S47,23O,5l6 of
other concerns. Complete returns will
be given, it is hoped, next week For
the last week the failures reported
have been 5ll in the United States,
against 23i last year, and forty one in
Canada against seventeen last year.