The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-01-20

New YoRK, JAM 19-R. G. Dun &
Co.'s weekly review OF trade says: The
event OF the week is the offer of $780,
100000 United States 5 per cent ten
year bonds. The decision OF the secre-
tary gives much satisfaction to all vino
care fora sound currency, because the
necessities of the treasury were danger
ousIv strengthening those who urged
the issue of $50, 100000 more silver GER
tifcates against silver "seigniorage" to
be coined. The gold not represented
by certificates has fallen below S70,0O0,-
900, the revenue continues to 1all be-
hind that OF last year about S5,00O,OOO
per month, and action in Congress on
various financial measures is liable at
any time to excite doubts whether gold
payments can be maintained. Hence,
replenishment of the gold reserve was
necessary to restoration OF confidence
and revival OF business. The imme-
diate effects were not great, though 1T is
hoped Improvement in trade and indus
try may be fastened.
While industrial improvement con-
tinues, the gain is slow, and increase in
the purchasing power OF the people by
enlargement OF tho force at work Is in q
measure counterbalanced by the loss in
purchasing power of the people through
reduction in wages.
During the past week dispatches have
told of reductions averaging ID per cent
in fifteen iron and steel works and
averaging 154 per cent in eleven textile
works, five, employing thousands OF
per cent Meanwhile twenty-five tex
tile and eleven iron and steel concerns
resumed, wholly or in part, against sew
euteen textile and four iron concerns
stopping or reducing force. The vol
ume of business done has increased in
leading branches, but not largely.
Textile works resuming are mostly
carpet and knit goods concerns, with
some worsted works. Sales of wool for
the week have been 3,1S9,500 pounds
against 6,OS2, 800 last year. and the pro-
portion since January'1 has been about
the same. Though more mills are at
work and there is more speculative buy.
ing, prices nevertheless decline. so that
sales at Boston are about a cent below
prices asked two weeks ago.
In silk manufacture the depression is
indicated by mports Of raw silk Tor six
months, not third as large as those OF
a year ago. Most shoe manufacturers
are doing little more than half the
usual business, though some are well
employed, and tho shipments from Bos-
ton this year thus far have been 20 per
cent less than last year to date.
Again there is reported more BUSINESS
in iron and steel products, but at lower
prices. Steel rails were reduced Janu-
ary to S24 per ton. and at Pittsburgh
steel billets are ceiling at SIS rs, steel
bars and tank steel at LIZ cents, beams
at 81 35, and wire rods at $23 so. AT
Philadelphia consumption increases
very little and the market is all in
buyers favor At Pittsburgh bessemer
pig is quoted at $1075 and less, and
contracts for coke are made at 81 for
six months, while some southern forge
iron is sold at price including only
So so at furnace. Structural work is in
fair demand, and there is more BUSH
ness in wire nails at IL cents but no
Improvement is. seen in bar or pipe.
Chicago reports increase in structural
work but lower quotations, though the
Iroquois furnace is about to start:
Cotton has fallen II cents, as receipts
continue much larger than year ago
and the demand for consumption. is
narrow.
Failures for the week have been i4O7
in the United States against 200 last
year, and 46 in Canada against AZ last
Veur