Le MeschaceÌbeÌ. [volume] ([Lucy] La.) 1853-1942, 1895-02-23
DuN,s COMMERCIAL. REVIEW.


Industries Obstacles which Block the
Path of Business Prosperity.
New YORK, Feb 16.-R. q. Dun ~
Co. S weekly review OF trade, issued to-
day, says:
Exports of gold and Withdrawals
from the treasury have been almost
entirely stopped by the contract for
purchases of gold from Messrs. Bel
mont and Morgan. Though its de-
tails only became public Thursday,
and were quite sharply criticized by
many, the tact should not be forgotten
that the rate OF exchange was IN
fact controlled, gold was actually
started hitherward from Europe, and
there was entirely arrested
at least thus far, the outward move
ment which has seemed within forty
eight hours of emptYing the treasury.
Close criticism of things done IN such
stress comes later. For the moment
business only waits to know whether
sales of American securities and with
drawals of gold from the treasury have
been lastingly stopped by the remark
able increase of confidence.
The transactions with foreign bank
ers could not put into the treasury
larger revenue, which is still falling
behind, expenditures for February
thus far being S4,953,5 ,592. While the
imports of merchandise at New York
for two weeks have been 80 per cent.
larger in volume than last year, they
are much behind those of two years
ago, and the customs revenue aver
ages so per cent. less. The revlvlng
confidence has not only prevented
Withdrawals of gold by Americans in
the main, but sales of American secu-
rites by foreigners have been nearly,
if not quite, balanced by purchases.
The two obstacles which block the
path Just now are exceeding cheapness
of farm products and restricted opera
| tions in the industries. There has
been no gain in prices of farm products
| on the whole; corn is nominally half
| a cent higher. but with an insignifi-
| can't movement, while wheat, also
with movement hardly half of last
wears is quarter of a cent lower for
| the week. Cotton with continuing
large receipts, remains unchanged.
Few words tells the story: The corn
crop is undeniablY short, though prob
ably a much larger supply than of
fetal reports Indicate. Wheat and cot
ton supplies are so far beyond the
worlds demands that extreme low
prices are atural and speculation for
advance is greatly handicapped. Re
stricted purchases by the west and
south naturally result.
| Perhaps this influence is felt as
much in the boot and shoe industry as
in any other, for only a part, though
/ large part, of the various qualities has
been advanced in prices. the distinct
curtailment of orders in others is espe-
cially observed. Between this shrink
age, and that which results from
inability of joobers to pay adj
vanced prices for other goods,
quite a number of factories have been
closed, and others are running part
time, comparatively few having orders
for their full force. Shipments from
the east continue larger than in any
previous year to date 479.97a cases
| against 454,419 two years ago, but a
| continuance of such activity is scarcely
to be expected.
Leather continues strong in all
grades and receipts are, on the whole
closely taken.
The output of pig iron February
| was 167, ,29l tons, against 1853, ,4l4 weekly
January 1; but the stocks remaining
unsold were 71S,073 tons, against CAS-
55s January 1, and indicate decrease
of 16, 137 tons in actual consumption
weekly, during the month of January
Continued dullness is reported IN
cottons and a reduction OF prices oy
the Amoskeag mills causes some hesi
tation. In the main the works are
well employed, but with extremely
scanty profits and considerable doubt
whether market will be found for &C
cumulating stocks of some goods. Trade
in woolens is by no means satisfac
tory, though fairly large in volume il
medium and low grades; but prices
have been generally reduced and com
petition with cheap foreign goods is
felt somewhat more. Sales of WOO
continue within about a sixth of, {
weeks normal supply for eastern
mills, amounting to $500, 400 pounds
of which 8, sos. 900 were domestic.
The money market shows a tendency
to strengthen, and somewhat largel
offerings of commercial paper appear
though not in proportion to the re
ported activity of mills. Doubles
many are working only short time
but any improvement is encouraging
A somewhat closer market is expected
as result of the bond transaction
The volume of domestic business rep
resented by clearings was So per cent
larger than last year, but 34.5 per cent
smaller than in 1898, and the averag
for February to date shows an increas
Of SO per cent. over last year, but de
crease of 80. 1 per cent. from 1898.
The failures for the first week o
February show liabilities of only 81,
!. 9O9, 800, of which S729, ,34s were of man
ufacturing and S1,934,s 1914 of tradin
concerns. The final report for Jan
, uary shows an aggregate of S15,637.5 53s
; against s29. .s43. 62s last year; So 90. .22
were of manufacturing concerns thi
year, against Sl1,5ss.715 last yeal
while last year s11, ,s26, 105 were tradini
concerns, against sl7,e34.5s7 last yeal
Failures for the week were 270 in tn
. United States. against i2a last yeal
and 81 in Canada, against 55 last year
ANOTHER MISSING STEAMEF