The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-08-29
THE BUSINESS OUTLOOK.

appear to be at Baltimore. Louisville ana
1 Kansas City. which send out more favor
able reports as to the quantities of gen.
eral merchandise sold than any other
centre. Early movement OF crops is said
| to be behind the increased orders. An
other encouraging influence is found IN
lower rates for foreign exchange, the
movement of $1,000 900 in gold from
abroad to the United States, and the ex-
| preston of opinion that not less than
| S25, 900, 900 in gold is to be imported in the
| near future.
Conspicuous among checks to trade are
greatly increased firmness for money at
| nearly all financial centres. AS at New
York, banks at most larger cities report
| withdrawals Of deposits, in many in
| stances by country banks, higher rates
for call loans and at some points the
is the outcome, primarily, OF uncertainty
as to the financial situation. in instances
due to increased and important business
embarrassments, and in some localities
| to increased demands for accommodation
from country merchants and jobbers who
AVE excessively large book accounts and
find collections exceptionally slow. Banks
are very generally meeting the needs OF
| regular customers at former rates, either
turning down or charging the higher rate
to outsiders. The demand for funds to
move cotton at the south and southwest,
ana wheat west and northwest. with the
tying up in a speculative deal of several
millions belonging to Chicago banks. in-
t~ensiies the relative difficulty in securing
funds.
After some hesitation and a little bear
ish professional manoeuyring, the New
York stock market has developed a strong
and rather confident tone on the engage
| ment, in all, of about $l0.500.0W gold for
shipment from Europe to this country.
About 81, 100000 has arrived, and the fact
that most Of it is 70 be exchanged for
legal tenders at the Treasury has a good
effect. Money has necessarily been firm,
with great restrictions on transactions in
time loans or commercial paper. while
call loans have been 6 per cent. or better.
with quotations as high as Is per cent.
The opinion of leading financiers is that
money rates will be strong but not UNI
duly high, and this influences covering
of short contracts although public or
European buying is absent. The premium
paid for free gold has fallen from *
to V per cent. Foreign exchange has
been demoralized by the offering of grain
and provision bills and the absence of in-
ouiry.
Jobbers and manufacturers report no
general increase in demand for staple
merchandise. The tendency of the for
mer is TO let the latter carry stocks, and
of the latter to cut down production until
scarcity cornpels freer purchases by
gain in business need be expected until
after election. Merchants in regions
where cotton and new wheat are moving
freely are somewhat more hopeful as TO
Bank clearings totals continue to range
at dow levels. the aggregate for six
business days ending August 27 being
S74S. 10000, nearly 5 per cent less than
last week, Is per cent. less than in the
fourth week of August, 1895, and only
one-haf of l per cent, larger than in the
like week in 1894. when business was sup
posed 70 have touched low-water mark
after The panic Of 1893. Compared with
the total in the week in 1893 this week
shows an increase of Is per cent.
The general tendency of prices of
staples continues downward. exceptions
being advances for print cloths. wheat,
sugar and anthracite coal. On the other
hand lower quotations are recorded for
cotton. leather, wool, pig iron, barbed
wire, lumber. coffee, corn, oats and pork
and lard.
Total exports of wheat. -four included
g. wheat, from d both Cas- Of the Unitsa
noun to 3.281.S54 bushels. against 2, 49,
00 bushels last week, 1871. 600 bushels IN
the week a year ago, $4,000 bushels two
years ago, and 5.092,00O bushels three
years ago.
From R. c. Dun & Co.'S Weekly Re-
Clearing House certificates have not
been issued. but instead gold is coming
hither largely o the swiftest steamers
about 100000 600 being already on the way.
| Higher lending rates bring 1t, notwith-
standing foreign events which disturb
London markets. ana growing confidence
in the monetary future of the country
helps. The shrinkage of merchandise inn
ports and the increase of exports also
help, for comparing with last year ex-
| ports nave increased 9.6 per cent. in
August, while imports have decreased
30.4 per cent. and for last week 40 per
| cent. These tendencies all help to lessen
the strain. but the closing of works and
| failures of important concerns show how
much disturbance a proposal Of radical
monetary change has already caused.
| Liabilities. in failures for three weeks
ending August 20 were $50. 932. 2S5 against
s6,519.366 last year. and s8.2i4.4 40 in 1894;
q ~ ND af-4- ~. A 4 II 0oC ~-e--
| s3,517,37 last year. and 81, 845, 1888 in 1894:
| trading were 1904 1862 against 50, 852. $3.50
last year, and s3,S84.414 in 1894, while
| brokers and other commercial concerns
added $.S27.9 S5 against $149,000 last year,
and $1.S84.7l8 in 1894. The stoppage of
Hilton, Hughes & Co., this week, is of
course not Included in these figures. If
| such are the fruits of partial impairment
of confidence, it may without departure
from a non-partisan attitude be asked,
what would follow the change which is
| only feared2
The stoppage of works also continues,
including among other iron concerns the
Illinois Steel plant at Hammond, Ind,
and the Lakeside Nail Works there. Dis
ruption of the Tinplafe Association re-
suits from inability of many eoncerns to.
go on paying wages demanded, and viii
| presumably be followed by the stoppage
OF some. Other iron works are getting
very light new bus ness, many contracts
| having been deferred until after the
| election and there is so little doing that
quotations. are almost nominal. Nume~-
Gus small contracts for rails, a few
bridge contracts for the Baltimore and
Ohio. a contract for $50 miles four-incap
pipe from Indiana OIL fields TO Chicago.
and a fair demand for plates and sheets
are bright spots. though prices are ex-
tremely low.
Domestic business shown by clearings
is small. for the week 1871 per cent. less
than last year, and 22.6 per cent. less than
in 1892 The railroad earnings for the last
week reported are slightly more favorable
| than for the second week. and the
months returns thus far, 81 per cent.
| less than last year. are l4.5 per cent. less
than in 1892. The loss is partly due to
cutting of rates at the West. and partly
to small westward movement of goods.
but eastbound shipments from Chicago for
three weeks of August are 1886 tons
against 1896 last year, and 1929 in
| 1894.
The outgo of money TO the interior. fol-
| lowing the talk of issuing Clearing House
certificates, has exceeded the income by
sS.O00.O00, but since shipments of gold
hither began, has fallen of. The hanks
also lost $500, 600 to the Treasury. Close
money must be expected until gold ar
rives, end as much as Is per & has
been paid on call, with commercial leans
few and hard to make. This accounts for
failure Of many concerns. Failures for the
week have been 2SS in the United Stafes
against lSe last year, and SO in Canada,
against ~ last year.