The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-07-23
Dun & CO.'S REVIEW.
Natural Reaction Follows Vast Grain
Shipment.

Natural Reaction L oiloWS asst bfaih
Shipment.
New York, July Or. G. Dunn u
Co. i'm their weekly review of trade will
say tomorrow:
A state of war does not disturb bust
ness. But reaction after n phenomenal
movement of grain causes relative loss.
which many mistake for decrease in
the volume of trade. So much grain
has been required and shipped during the
past twelve months that Il decrease was
inevitable, and Granger and Pacillc
roads show Il loss in earnings, even com
pared with 1892, though not much yet
compared with last year.
After the surrender ut Santiago, bare
" a week of rest has preceded the sail
ing of the Porto Rico force. but mean-
while the Presidents proclamation open
ing Santiago to trade on terms singulariy
favorable to inha btants there, and tn"
rush to build up business in Eastern
Cuba. are occupying the thoughts OF
many enterprisng firms. Reduction OF
one-half in the tax heretofore paid. with
honest instead of Spanish administra-
tion brings home to Cuban residents the
meaning of the change and they also
learn to use money of which paper
dollar is as good as gold. which for them
is a long step forward.
In the stagnant midsummer season.
with business larger than ever before.
the great manufactures nearly all share
the gain. Once before in 1893 with an
extraordinarily small movement prior TO
July. the shipment of boots and shoes
was larger than this year hut in no
other year have shipments in three weeks
Of July been as large. Print cloth works
at Fall River have in part combined TO
curtail production. half the spindles OF
that city being idle for a month. but IN
other branches of the cotton goods trade
no such heroic measures appear neces-
sary. There is an increase in the de
mand for wooden goods, although IN
some lines slow and disappointing. but
the number of establishments at work
increases though the mills are every
where crowded. Sheets and bars are IN
better demand than heretofore and the
prolonged weakness in east pipe, which
usually requires nearly 100000 tons of
pic in year. may presently be cured.
With abatement Of foreign needs and
prospects of excellent crops in many for
eicn countries wheat has declined during
the week three cents in price. notwith-
standing exports from Atlantic ports
amounting to 1.937.092 bushels. -four in
Guided. against 1.516.997 last year. and
| from Pacific ports 577,755 against So
523 last year. Total exports for three
weeks have been 7399.259 bushels, flour
| included against 5.194.4SS last year.
Corn still goes abroad in astonishing
quantity all the circumstances consid-
cred exports having been i'm three weeks
5.Ji7.S47 bushels against 6,635.393 last
year. The price has not changed in spite
of the decline in wheat. The closing Of
some New England mills has doubtless
affected the price of cotton to some ex-
tent. and vet the crop reports are snf-
ficiently favorable to depress prices an
eighth during the week without other in
duence The collapse of n strong pool
TO advance prices and control the market
is also reported.
Fainre for the week have been 207 in
the United States against 227 last year.
and II in Canada against % last year.
TOTAL BANK FAILURES.
New York, July 22.--The total bank
clearings for the week in the United
! States were 81, 152,SS9, 653; per cent. in
crease 80. Exclusive of New York
S476,031 $50: per cent increase 80.
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