The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-13
IN THE WORLD OF BUSINESS
BRADSTREET'S AND DUN X CO.'S
WEEKLY REVIEWS OF COM
MERGE AND FINANCE.
COMPARATIVELY FAVORABLE REPORTS
Concerning General Trade Are More
Numerous-U nfavorable Influence of
the Intense Heat-Mcrcantile
Collections Are Slow.

New York, Aug 7.-Bradstreet's to-
morrow will say:
| Trade in all departments is dull. South
and west the heat has had an unfavora-
bic influence, but merchants in all di-
rectons continue to buy for needs only.
| While it is too early for fall trade to as
sumo large proportions, distribution of
clothing and shoes at Chicago has I'M
proved somewhat, although less active
| than n year ago. At several centers
bankers have preferred not to lean as
freely as heretofore Merchants, not
wishing to be refused, have accordingly
curtailcd their requests for accommoda-
ton.
Mercantile collections are slow, in some
instances more difficult to make. Re
newed scrutiny of credits has had an eff
feet in restricting the same. Iron and
steel industries remain excessively dull.
Makers of pig iron are piling up stock.
Large lots could be obtained at conces-
sions. Cotton yarn manufacturers have
agreed to curtail production 30 per cent
during August, and owing to lack of de-
mand western packing house employees
have been laid Off
DUN Il CO.'S REVIEW.
New York, Aug. 7.-R. &. Dun Il Co.'S
weekly review of trade, which issues to-
morrow, will say:
The sensational collapse of spectators
lit Chicago who controlled the Diamond
Match and New York Biscuit stocks and
had hoisted them to fancy prices, with
the consequent closing of the Chicago
Stock Exchange for period yet indcfi-
mite. though followed by relatively few
failures brings Il sudden change in mon
etary conditions throughout the country.
At least Il month earlier than had been
expected Chicago has drawn heavily
upon Illinois bank balances here, and
Withdrawals of their western funds may
naturally result. Europe was also moved
TO sell American stocks rather freely, so
that the average of the most average
railroad stocks fell about us per share,
and the average of tgust stocks about
1.SS. The instant cooperation of money
in trust with Chicago to restrict dis
turbance deserved praise and did much
good, but it is not possible to avoid some
shock TO the public confidence and Il
quick tightening of eastern money mar
kets, which already shuts off CONNER
cal loans almost entirely. The collapse
also increased the caution of bankers and
other lenders regarding loans on securi-
ties of Il similar character. 1t is inn
portant that the increase of merchandise
exports 100000. or II per cent over last
year. for the week, and the decrease of
imports 100000. or ~ per cent still
continues to. limit the sum payable
abroad. In five weeks the increase of
exports has been S4.S00,0O0. or 16 per
cent. and the decrease of imports ,2OO,-
600, or IL per cent, which helps to bal
ance accounts.
The situation as to cotton is doubt
less critical for many producers. En-
trcmoly hot weather has done serious
harm, hut it must indeed be an cXtraor-
binary condition that reduces the yield
20 per cent in August Men of much
knowledge but Il few days ago judged
Il yield of 100000 bales. Those who
now predict only 100000 bales are like
ly to err in the opposite direction. With
Il large acreage II is always safe to re-
member that only Il part of the crop is
ever affected by misfortuncs between Au-
gust l and frost time. The price rose
almost beyond precedent. 3-Sc on We'd
ncsday alone, and the alarm will at least
be of service to planters in giving them
better prices. whether buyers realize
pr0ttS or not.
Labor is more disturbed than usual.
The strike of garment workers has much
extended: the strike ut Cleveland has
broken out again and involves several
other branches of labor The suspension
of cotton mills has become more gen
eral, and over 100000 spindles are said
to be idle ut Fail River alone, and prob
ably three-eighths or more of the entire
producing capacity in the country. The
rubber works have mostly stopped.
Curtailment of production in cotton
goods does not bring n stronger market
and few quotations are reduced. Sales
of light weight woolens are disappoint-
ing and mainly for cheap grades and in
some cases prices are again reduced.
Sales of woolens this week were 2,746,-
200 pounds. against 6.269.30O pounds last
year and 9,271, 900 in 1892.
Failures for the week have been 240
in the United States, against 225 last
year, and 81 in Canada, against 43 last
year.