St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-20
DUA's REVIEW.
Industrial Improvement Grows,
but the Gain Is Slow.

Industrial improvement Grows,
but the Gain Is Slow.
New YORK, Jan. 19-R. G. Dun 81
Co.'S weekly review of trade: The
event of the week is the offer of $50
100000 United States per cent ten-year
bonds. The decision of the secretary
gives much satisfaction to ali who care
for sound currency, because The ne
cessities of the treasury were danger
ously strengthening those who urged
the Issue of so, 900, 900 more silver GER
tifcates on the coinage of the silver
seigniorage. The gold not represented
by certificates has fallen below SIC, OO0,-
GOO. the revenue continues to fail be-
hind that of last year about s.. 100000
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 or confidence
and revival of business. The imme-
date effects were not great, though it
is hoped Improvement in the industry
may be fastened.
While industrial improvement con-
tinues, the gain is slow, and increase in
the
PURCHASING POWER
of the people. by enlargement of the
force at work, is in a measure counter
balanced by the loss in purchasing
power of the people through reduction
i'll wages paid. During the past week
dispatches have told of reductions aver
aging Ii per cent i'll fifteen iron and
steel works, anu averaging l515 per
cent in eleven textile works, five. en-
ploying thousands Of hands each, having
reduced wages 20 per cent. Mean while,
twenty-five textile and eleven iron and
steel concerns resumed, wholly or in
part, against seventeen textile and four
iron concerns stopping or reducing
force. The volume OF business done
| has increased in leading branches. but
not largely. Textile works resumipg
are mostly calico goods concerns, with
some worsted works. Sales of wool
this week have been 1859, 800 pounds,
against 6,0S2, 300 last year. and the pro-
portion since Jan. has been about the
same. Though more mills are at work
and there is more buying. prices never
theleSS decline, SO that sales at Boston
are about a cent below prices asked two
weeks ago. Lowell Brussels carpets
have been reduced five cents. The de-
mand for WOODEN goods increases, but is
very small, and is largely confined to
goods of low cost but known repute for
quality, and trade in dress goods is de-
cfeasIng. An amendment deferriug
the change Of wool duties was expected
by some to
INCREASE BUSINESS,
but did not pass. Cotton goods are
xurgara l-aaH.
415c, low grade bleached at 415c, print
cloths at 23lc, with dull market:
American prints at 3&c, Merrimac
prints at 4c and Lancaster aud Amos
keag glnghams at &c and 49lc. In silk
manufactures the depression is indi-
Gated by imports OF raw silk for six
| months not third as large as those of
year ago. Most shoe manufacturers
are doing little more than half the
usual business, though some are we'll
employed, and the shipments from
| Boston thus far have been 20 per cent
! less than last year 10 date.
Again there is reported more busi-
ness Ill iron and steel products, but at
! lower prices. Steel rails were reduced
Jan. TO S24 per ton, and at Pittshurg
steel rails are selling at $1575, steel
bars and tank steel at 1.2 cents. beams
/ at l.30 cents and wire rods at S23. so.
{ AT Philadelphia cenSum ption increases
very little and the market is all in buy
! erS' favor. At Pittsburg BeSsemer pig
| IS quoted at Sl0.75 Or less, and contracts
| for coke are made at 81 for six months,
F.! While some Southern forge iron, is sold
! at price yielding only $3.50 at the
furnace. Structural work is III fair de-
/ mand, and there is
MORE BUSINESS
/ In WIRE nails at hut M i'm
| proVement is seen i'll bar or pipe. Chi
cago reports Increase in structural
work, but lower quotations, though the
| lroquols furnace Is about to start.
| Cotton has fallen Il cents, as receipts
| continue much larger than a year ago
/ and the demand for consumption is
narrow.
| Lard and coffee are lower, but oil was
| advanced cent with large trading.
| Gain in distribution of products is
! still small. Imports at New York show
! Tor January thus far decrease of more
! than 80 per cent, while IN exports hence
gain 81, 500, 600, or nearly 20 per cent
appears. There is now no thought OF a
| movement of gold, as London sends
stocks hither to settle for products. The
excess OF exports over imports in De-
cemoer was S43, 0O0, 900, but the ex-
| changes seemed to foreshadow gold
| exports. Greater confidence abroad in
the financial future would be an especial
! service in coming months.
Failures for the week have been 407
in the United States, against 290 last
year, and 46 in Canada, against II last
year. For the first eleven days in Jan
uary tile reported liabilities of firms
falling were 50, 04l, 225, of which 8, 069.-
O52 were in manufacturing and S5,346,-
372 i'll trading concerns. But the
| number of failures about the first OF
! the year does not necessarily Indicate
| bad state of business.
| Ii. c. McNair and wife and Mary
Mcdonald left for st. Louis Thursday
liz Il,r,,.t Z