Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-02
THE BUSINESS SITUATION.

demand for holiday specialties at some
points in the South, at Chicago, st.
Louis and in regions tributary thereto,
general trade throughout the country
has shown no general improvement this
week. Most favorable reports are from
the territory west Of tho Mississippi
River and north of Missouri and
Kansas, where colder weather has
stimulated demand at the interior AMI
country merchants have been buying
with comparative freedom. The Eastern
cotton goods INDUSTRY continues de-
pressed. Consumers evidently do not
intend to buy extensively until they
believe the price OF raw cotton ia
ready to advance Competition from
Southern milla--mors particularly over
production ny manufacturers who pro-
duce single staple IT nilerlies existing
large stacks and the heaV inees OF prices.
ConverterB and manufacturers OF cotton
yarns are situated relatively more favor
ably. Other lines reporting seaeonablc
distribution are manufacturers OF
woolens, clothing, shoes and johbers
OF fancy groceries. At Philadelphia
there is check in demand for nro-
duets in leading textile lines, and
arrangements are making to run on
shorter time Iron and steel have not
been in as active dnmand as expected
and are lover, notwithstanding fur
naces and mills are supplied with
orders sufficient, to carry than well
into next year. a favorable feature is
found in advances in wages OF opera.
tives in various industrial lines. The
intervention of holiday has had the
usual effect on bank clearings through
out the country. the aggregate being
81. 05S, 600, 600, or II per cent less than
tho total in tbs preceding week, but Ii
per cent more than IN the correspond
ing week one year ago. which also
included holiday. Wheat exports,
affected almost ontireiy by the holt
day, show considerable decrease
from last weeks total. The aggre-
gate exports Of wheat flour included
as wheatl from both coasts of the
United States and from Canada this
week are 8, 465, l53 bushels against
6. 653, 600 bushels last week, 3.753, 600
bushels last year, 2. AGO, 600 bushels in
1895. 2,66s, 600 bushels 10 1894, and
., 10000 bushels in 1903. Corn OK
ports also would have been larger but
for this reason, amounting to 3. 500, 900
bushels, against 3, 209, 900 bushels last
week, 1870. 600 bushels last year,
l,S20, 600 bushels in 1885 and 165, 900
bushels in 1884. There are 235 husi
ness failures reported throughout the
United States this week, compared
| with 235 last week. 206 in the week q
year ago, 2SS two years ago, l6T in the
corresponding week Of 1894 and as Gun
trasted with 29s in like period of 1893. "
The Review, published by II. o. Dun
g. Co., reports that this "heavy exports
of wheat, with the renewed advance 10
price, is the most interesting and i'm.
portant feature of the wesk's events.
Since August lst. when the extent OF
foreign deficiency became realized, ex.
ports have been larger than in CORE
spending weeks of any previOus year.
The cotton exports also have become
very heavy. and the outgo Of corn falls
but little below last years unprece.
dented record, while in exports OF
manufacturing products. especially
machinery, all records for the season
have heen surpassed. While the aggre-
gate for November last year WIS over
SOB, 900. 000 shipments from New YORK
for three weeks have been but slightly
smaller, with a fair prospect that the
known increase in cotton and Other
products from other ports may make
up the deficiency. Meanwhile i'm,
ports are running hehind last year 3,
at Now York nearly $1,000, 900 this
month, so that another excess of OK
ports over imports amounting to about
$50, 900, 600 for the month ia probable.
But this would make an excoss o
about 1925, 600, 600 in four months.
Another shipment of sl,375, 600 golt
from Australia is announced, making
$40. 9o3, 800 in four months, aud the
reserve exchange bills held by New
York banks have increased to IS, 900. 600
while it is believed that large amounts
are also held IN tho same way at othei
chief cities. Foreign operations il
securities have made no appreuiablt
difference, hut with Russia. German,
and Francs able to draw gold from
London, while rates of INTEREST herr
are low because of net receipts o
50, 600. 600 from tn. interior, and com
nercial loans restricted hy unusually
satisfactory payments including large
amounts due on tea, pustponement o
gold imports from England is not
matter OF surprise or regret. Cottor
declined OBJ cents, thu lowest puin
for many years with scarcely any indi
cation of speculative effurt More ha
come into sight this month han durinl
the same time in 1894 from The larges
crop ever raised, while taFings b,
Northern and Southern spinn,rs hay,
been smaller, and print cloths I'm,
some other staple goods are at tn
lowest quotations ever known. In sucl
conditions weakness is natural, although
extreme estimates of yield are not D
, | faI 4
for goods from the south is larger sine
! the removal of embargoes, and recen
] reductions in prices have stimuli to
, larger transactions. Z"
The weekly letter of Hambleton
Go. Of Baltimore, nfter quoting iron
Secretary Gage's recent address o
currency reform, says:
. We are very hopeful, indeed conf
, dent. that some beneficial legislatiu
t will be enacted by the present Cor
gress, and we believe that The recon-
: mendations OF the Indianapolis None
tary Commission will be largul
instr umental in bringing about sue
0 a result.
: We anticipate that no radical actor
. such for instance as the early retire
: ment Of the United States legal. tende
+. notes, will be attempted, but we do bt
t lieve that some advantageous ban
Z currency legislation will be secure
t which will lead up to the gradual bu
: certain retirement OF the governmer
: from the banking business
We know that there is at present
strong feeling in Congress adverse
the banks, but we expect the propositio
4 to be made will so clearly demonstrai
d the great advantages Of hank mol
4 currencY over gnYarnmental Issue tbs