The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1896-08-22
DUN's COMMERCIAL REVIEW

Injurious Effect on Business OF the TorrId
Weather and the Government Crop Re-
ports-The Latter Discounted by General
Distrust of Their Accuracy-RaiIroad
Stocks Reach the Lowest Prices In Twen-
ty-Seven Years.
New YORK, Aug. 15.-R. &. Dun &
&c. say to-day in their weekly review
OF trade:
Failures for the week have been 29s
il the United States, against 196 last
year; and N in Canada, against IS last
year. An extraordinary spell Of
deadly hot weather has affected trade
throughout the country, and in the
east speculative feeling was somewhat
affected until Thursday by apprehen-
sion of the possible influence of the
Bryan meeting. With cooler weather
there came also on Thursday percep-
tlon tina the meeting would not af-
feet business unfavorabiy. But other
conditions were not stimulating.
according to government reports,
the crops nave sustained serious inju-
ries. Labor difficulties extend, and
closing of establishments for want of
work, and the refusal of commercial
Ioan by banks, checked operations in
many branches Of industry and trade.
The week, therefore, closes as the
last week did, with domestic business
unusually dull for the season.
There Is evidence of greater conf
dence in the stock market which be-
gan to appear on Monday. The aver
age OF sixty most active railroad stocks
had fallen to $40. 81 per share, "A decline
OF over seven per cent. Tor the week,
SO that prices were actually the low.
est IN IL l-2ycars, since the first month
after specie resumption. Trust stocks
had also declined S27S for the week.
There was some selling for foreign
holders, but a far more important
factor was the general feeling of capi-
tallsts and investors here that it might
not yet be the best time to buy. Men
of more confidence put up prices a lit
tie on Tuesday and still more on
Thursday, SO that the week closed
with an advance averaging % cents
per share fo- railroads and 81. 81 Cor
trusts.
G-iiroad earnings for the first week
- August were 81 per cent. smaller
ma AhSL JCI1s III SlAlSIs OSdSl-DOllhu
tonnage was V 1 per cent. less than
last year.
The government crop report for Au-
gust was SO gloomy hat Q great rise
in prices would have followed if it
had been entirely credited. In fact,
sFkcst rose about half Il cent, but
again declined, closing only a fraction
higher for the week. Corn declined
throughout the week, closing over q
cen lower. Cotton advanced a six
teenth because of continued reports
of injury.
Iron production was reduced 20, 76f
tons weekly in July, and has been fur
thur reduced since August l, while
unsold stocks increased 70, 1872 tons in
July. The stoppage of a lacGe share
of the Connellsville coke works, and
of many lake iron mines, is fair indi-
cation that the two combinations do
not believe anything could be gained
by reducing the prices of materials,
and the main difficulty is the
obviously extreme narrowness of
demand for finished products,
which is so small hat most transact
tions are at some concessions even
from the current low prices. With
Alabama No. 2 offered at ST. so at
Birmingham, equivalent to SO. % here,
against S11. so for northern No. ., the
market is not large enough to support
prices of either. Copper receded to
its quotation before last week; tin has
been sold below current quotations at
LIB cents, and with sales of 500 tons
lead weakened to 2.75.
The boot and shoe industry is ap-
preaching the end of orders at hand,
and gradual advances in the prices
asked tend to the restriction of new
orders. Leather is scarcely changed
in price, many of the tanneries hay
ing ceased operations, but hides are
six per cent. lower for the week,
and have declined 17.43 per cent.
within the last five weeks. The
wooden manufacture makes little
change, with not more than a third of
the machinery nov running, and h
demand for goods does not improve,
although prices of some important
grades have been further reduced.
Nor has improvement appeared IN
cotton goods, although the curtail-
ment of production for some weeks
has been great.
1t is Il step toward recovery, not
quite pleasant but sure, that merchan-
disc imports since July l are Is per
cent. less, while exports are IL per
cent. more than last year. 1t means
depression of trade, but also decrease
of foreign Indebtedness.