Omaha daily bee., 1896-08-08
WAS A SHOCK TO CONFIDENCE
Moore Brothers Failure Had Bad Effect on
the Money Market
MERCHANDISE EXPORTS INCREASING
Dun "a Co. Report Lnrge Movements
of wheat, Disturbed Labor Con-
jitions and Decentralization
I'm the Iron Markets.

NEW YORK, Aug. 7--R. G. Dun & Co.'S
weekly review of trade, which issues to-
morrow, will say: The sensational collapse
of the speoulators at Chicago who con-
troled the Diamond Match and New York
Biscuit stocks, and had hosted them to
fancy prices with the consequent closing of
the Chicago Stock exchange for a period in
definite, though followed by remarkably
few failures. brings n sudden change in
monetary conditions throughout the coun-
try. At least a month earlier than had
been expected Chicago has drawn heavily
upon Illinois bank balances, and with
drawals of other western funds may natur-
ally result. Europe was also moved to sell
American stocks rather freely, so that the
average of sixty most active railroad stocks
fell about 2.fS per share and the average
OF trust stocks about LSS The instant co-opera-
tion of the money interests at Chicago to re-
strict the disturbance deserved praise and did
nuch good but II is not possible to avoid some
shock to public confidence, and a quick tighten
Ing OF eastern money markets has already shut
on commercial loans almost entirely. The col
lapse also increased the caution Of bankers and
others regarding loans on securities OF a similar
1t is important that the Increase of merchandise
exports $500 900 or 12 per cent over last year for
the week and the decrease of imports 500 O0O or
"a per cent. ,still continues to limit the sum
has been 81 Ns o weeks % m te er a OF ex
decrease of imports 50. OOo, is per cent.
which helps to balance accounts.
The movement of wheat Is again large. At
lantic exports being 1.I6l.O3s bu. for the week
Hour included against I53330 bu. last year. and
since July ss5S 7O4 bu against a. i2s 9la bu last
year Conflicting crop reports are as numerous
and noisy as ever. but the more reliable mark
up winter wheat to 800 000 900 bu. and the
ment tends to sustain such estimates, for since
July western receipts have been H. S33 332 bu.,
against 1880. .O2O bu last year 1t is not easy to
believe that with prices 10 cents lower than
year ago farmers have marketed from smaller
crop 30 per cent more wheat. Corn is also NOV
ing rapidly with western receipts OF 4.S73oOs bu..
against ,66l0I4 bu. last year The situation az
to cotton Is doubtless critical Extremely hot and
dry weather has done serious harm and the
price has risen almost beyond precedent asc on
Wednesday alone. and the alarm will at least
be of service to planters in giving them better
prices.
Labor is more disturbed than usual The great
strike of garment workers has greatly extended :;
involves several other branches Of labor iron
furnace men of the Shenango valley resist a
reduction to tae wages of May. 1885. though the
Mahoning valley workers do not. the iron works
throughout the country trying to cut down
the cost in order to keep in operation; the iron
mines of the Gogebic range stopping; the
suspension of cotton mills has become more
general, and over 1900. 000 spindles said to
be Idle at Fall River alone and probably three
| pacity in the country: the rubber works have
mostly stopped and number of wooden mills
| their wages have been reduced. The iron mar
| kets grow less demoralized in tone, because all
the associations decided to maintain prices for
| this month, but the markets not stronger
| in volumes of orders or purchases. Pressure
| to sell, even at concessions. is the prevailing
rule. and prices are almost nominal Minor
metals are generally weak but prices of coke
and coal are held without variation. Curtail-
ment of production in cottons does not bring a
| duced. Sales of light weight woolens dis
| appointing and mainly of cheap grades. and, in
wool for the week were 2. Ii6400 lbs. asainst g.,
25g 300 lbs last year and s.21l'o9 lbs in 1892.
| United States. against 227 last year, and 80 in
| Canada. against 43 last year.