The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-02-23
IouN,s COMMERCIAL ggviEw.

"AAeA DAcSN ~
Path of business Prosperity.
New YORK, Feb. 16.-R. G. Dun &
Coz weekly review of trade, issued to-
fay, 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 fact 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
J ment which has seemed within forty
eight hours of emptying the treasury.
Close criticism of things done in such
a stress comes later. For the moment
business only waits to know whether
sales of American securities and with
irawals 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 a
larger revenue, which is still falling
behind, expenditures for February
thus far being S4.953, 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 80 per cent. less. The reviving
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
lions 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-
cant movement, while wheat, also
with a movement hardly half OF last
years is a 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 natural 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 a
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 jobbers 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 1892 cases,
against 454,410 two years ago, bat a
continuance of sucr 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 1
was 167. POI tons, against los, Ala weekly
January L; but the stocks remaining
unsold were 71S,073 tons, against 645,-
55S January 1, and indicate a decrease
of 1G, 1877 tons in actual consumption,
weekly, during the month of January.
Continued dizziness is reported in
cottons and n reduction of prices by
the Amoslseag mills causes some hesi-
tation. In the main the works are
well employed, but with extremely
scantv profits and considerable doubt
whether a market will be found for &C
cumulating stocks of some goods. Trade
in woolens is by no means s~atisfac-
tory, though fairly large in volume in
medium and low grades; but prices
have beer generally reduced and COM
petition with cheap foreign goods is
felt somewhat more. Sales of wool
continue within about a sixth OF 4
weeks normal supply for eastern
mills, amounting to $500, 400 pounds,
of which ), 505. coo were domestic.
The money market shows a tendency
TO strengthen, and somewhat larger
offerings of commercial paper appear,
though not in proportion to the re-
ported activity of mills. Doubtless
many are working only short time,
but any improvement is encouraging.
A somewhat closer market is expected
as a 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 average
for February to date shows an increase
of so per cent. owe last year, but a de-
crease of 80 per cent. from 1898.
The failures for the first week Of
February show liabilities of only So
900, $50, of which S729,3 4S were of man.
ufacturing and 81, 9Si, S94 of trading
concerns. The final report for JAN
uary shows an aggregate of S15,637, $50,
against $40, S43,6 CPS last year; S3,992,22S
were of manufacturing concerns this
year, against S1l, last year,
while last year S11, s26, los were trading
concerns, against SIT, 23I, 5s7 last year.
Failures for the week were 27G in the
United States. against 323 last year.
and 81 in Canada, against 80 last year.
ANOTHER MISSING STEAMER.