Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-08
N-BRADSTREET'S REVIEWS
Report the Cotton Condition
Critical.
POLITICS PLAYING A HAND
While Labor Continues More Disturbed Than
Ever.
MANY sPlNDLEs ARE LYING IDLE
And Pig Iron Is Being Stacked-That Sem
sational Collapse of the Diamond
Match Company-Frequent
Failures.

New York, Aug. 7.-R. G. Dun & Co. in
their weekly review of trade tomorrow
will say:
The sensational collapse of spectators
at Chicago who controlled Diamond
Match and New York Biscuit stocks and
had hoisted them to fancy figures with
the consequent closing of the Chicago
stock exchange for a period yet indefi-
mite, though followed by remarkably few
failures, brings a sudden change in mon
etary conditions throughout the country.
AT least a month earlier than had been
expected Chicago has drawn heavily
upon its bank balances here, and with
drawals of all other western funds may
naturally result. Europe was also
moved to sell American stocks rather
freely, SO that the average of sixty most
active railroads stocks fell about S2.1S
per share, and the average Of trust
stocks about $1.88.
1t is Important that the increase of
merchandise exports 100000, or II per
oent over last year for the week, and the
decrease of imports, 100000, or III per
cent, still continues to limit the sum pay
able abroad.
The situation as to cotton is doubtless
critical for many producers. Extremely
hot and dry weather has done serious
harm, but 1t must, indeed, be an extraor-
dinary condition that reduces the yield
20 per cent in August. Men OF much
knowledge and experience but few days
ago judged "a yield of 10,000000 bales
probable, and if they were 100000 bales
too high, still those who now predict only
1000, 600 bales are likely to err in the OPP
poste direction. With large acreage 1t
Us always safe to remember that only
part of the crop will be affected by mis-
fortunes between August 1 and frost.
vl,o ri hQV0nd
ss of a cent on Wednesday alone, and the
alarm will at least be of service to plant
ers In giving them better prices, whether
buyers realize profits or not.
Labor is more disturbed than usual.
The great strike of garment workers here
is much extended; the strike at Cleve-
lard has broken out again and involves
sey eral other branches of iabor,- thetron
furnace men of the Shenango valley re-
sist a reduction to the wages OF May,
1895, though Mahoning valley workers do
not; the iron works throughout the coun-
try are striving to cut down cost In or
der to keep in operation; the iron mines
of the Gogebic range are stopping; the
suspension of cotton mills has become
more general and over 4,OO0,000 splndleS
are said to be idle at Fall River alone,
and probably three-eighths or more OF the
entire producing capacity in the country;
the rubber works have mostly stopped.
Evidently the working force and also
wages have been reduced.
The iron markets grow less demoral-
lied in tone, because all the associations
decided to maintain prices for this
month, but the markets are stronger in
volume of orders or purchases.
The volume of domestic business re-
fiected by exchanges was III per cent
smaller than in 1892. The early crop
movement and the speculative loans here
appear to be much restricted. Failures
in July, classified by branches of bus
mess show larger liabilities in the lum-
ber than in any of the manufacturing
class, and for seven months double the
liabilities in the next largsst class, while
in trading the dry goods liabilities lead.
Failures for the week have been 240 in
the United States, against 225 last year,
and 80 in Canada against 43 last year.