The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-05-23
THE BUSINESS OUTLOOK.

(From r. G. Dun & Co.'s weekly Re-
vfeW.19
There is nothing like reaction in business.
though the volume is small. The Stock Mar
ket refuses to obey orders for a panic. Manu-
facturers are not gaining on the whole, but
Very few are losing. Railroad stocks average
a shade higher than a week ago, and there
is abundant evidence that men of money are
watching for the right moment to buy at the
bottom certain that good crops and definite
political prospects Will bring Improvement in
the fall. Men of all parties have faith that
the American people will find the right way to
maintain the soundness of their currency.
There is no longer the threatened danger that
both Houses Of Congress will go wrong, and
the success of Sound money men in both par
ties as far west as South Dakota is most
significant. The business world has the best
or reasons Tor refusing to go into a panic,
and it looks hopefully forward to definite i'm
provement as soon as political uncertainties
are out of the way.
The waiting condition, which seems to some
people nothing better than stagnation, still
continues. But there is a difference. Thou
SANDS OF orders and contracts are merely de-
ferred because they can be more safely given
a little later. When railroad earnings are
s.6 per cent. larger for the month than a year
ago and ~ Der cent. smaller than in 1893,
the tonnage movement eastward from Chicago
is larger than last year. and larger than in
1888. Foreign trade is on the whole more
favorable. imports being at New York for the
month about 2 per cent. lower than last year,
while exports of merchandise are about 10 per
cent. larger. and the continued outgo of gold
is rightly attributed to foreign operations.
There is nothing exciting in the speculative
market for exportable products, and the sto-
ries about damage to wheat have been numer-
Gus, but the general belief regarding the
future supply is fairly reflected in the decline
of 1.62 cts. per bushel The Western receipts
els against 4-362, 537 last year. while Atlantic
exports. flour included. have been only $685.
500 bushels for the same weeks. against 4,749,-
GA last year. The home market fails entirely
to respond to short crop stories, for it is
known that Western reports indicate a crop
exceeding last years.
The volume of domestic trade reflected by
clearing house exchanges is for the week 11.2
per cent less than last year. and for the
month 10.1 per cent. and for the month it is
1853 per cent. smaller than in 1893. although
the panic had at this date in that year be-
come serious Prices of commodities are re-
markably low. and the average for all is
again the lowest ever known. Failures for
two weeks of May show liabilities of Sc. 719, 1853
against $5,17S, 1855 last year. and s5,0T1. 116 in
1894. Manufacturing were $2.003, 1877 against
81, 524,5 27 last year. and 81, $50, 9s3 in 1894. while
year. and So. 1856. 637 in 1894. Failures for the
week have been 227 in the United States
against 267 last year, and Is in Canada against
% last year
From Bradstreet's Estate of Trade.'')
age in railroad earnings, the falling off in
bank clearings, and the fact that the present
constitutes the beginning of the between-sea-
sons period, include the more conspicuous fea-
lures of the general business situation. On
the other hand, business failures have fallen
off sharply.
Gross and net railway earnings for the FIRST
quarter of 1896 are satisfactory. showing totals
enlarged beyond those of last year in all but
one group-the coalers. Total earnings Of 1872
companies, having about two-thirds of the
total mileage of the country, are SIT, 07O, 1926,
a gain over last year of 7 per cent. while net
earnings. aggregate $51, 1872. 022. an increase of
9.S per cent, following gains of respectively
1.6 and 3.5 per cent. in the first quarter of
1895 over 1894. The best relative showing is
that by the CHANGERS.
The New York Stock Market is %stagnant,
though speculative values are frmer, and bull
ish manipulation in industrial stocks, notably
American Sugar, supplies the lack of other in
terest. There is no disposition to liquidate,
and the market shows decreased anxiety about
the political situation and its bearings on the
currency. Foreign exchange is firm at 4.SS% to
4.e9. Gold continues to go to France and
Germany, the exports for the week being ST.
$50, 900.
There is no. improvement in demand for
or price of wool, and manufacturers are in
duced to purchase only by price concessions.
Warmer weather helps retailers of dry goods,
but has not continued long enough to stimulate
wholesale demand. The iron and steel indus
tries report a moderate increase in request
for raw material, but not sufficient to strength
en- prices or encourage makers as to an in
crease in the output. Jewelry manufacturing
is restricted.