Democratic Sentinel, Volume 11, Number 30, Rensselaer, Jasper County, 26 August 1887 — THE CONTINENT AT LARGE. [ARTICLE]

THE CONTINENT AT LARGE.

R. G. Dun & Co.’s weekly trade review has the following points: Everything now turns on crop prospects. Considerable injury is no longer disputed—indeed, its effects are already felt in diminishing demand from regions most affectod by the drouth for some manufactured products.' But estimates of the extent of harm done differ widely. Chicago and Detroit advices indicate that rains were too late to save a considerable portion of the corn crop. While the railroads continue to report large earnings, 108 roads showing a net gain of 7.7 percent. for July over last year, the weakness in securities operates to prevent sales for extensions and new roads, and thus affeets the demand for rails and iron. Tho monetary situation has one unfavorable and several favorable features. Stringency increases at several interior points, and reports of unsatisfactory or “only fair” collections crow more numerous. But the purchase of bonds by the Treasury, the shipments of gold from Europe, and the sales of securities abroad by Mr. Gould and by some German houses here appear to avert pressure in this market for the present. The business failures occurring throughout the country during the last seven days number for the United States 135 and for Canada twenty-six. The Cuy of Montreal, an Inman Line steamer, burned to the water’s edge whe 400 miles off the Newfoundland coast The passengers and crew, numbering over 400, took to the boats, which were all picked up save one containing thirteen persons by the steamer York City, which landed them at Queenstown. It is supposed that all on board the missing boat perished. The American Bar Association held its tenth annual session at Saratoga, N. Y. Mr. George C. Wright, of lowa, was elected President The Bank of London, Canada, has failed. It had a subscribed capital of $1,000,000, of which $223,588 was paid up. The bondholders will not lose heavily. The President of the bank, Henry Taylor, who had become involved by the collapse of other business enterprises in which ho was interested, has left the city, and it is rumored that he took $25,000 of the bank’s funds with him. A New York dispatch says the Union Strawboard Company of the United States, an organization of strawboard manufacturers who produce about 95 per cent of the product of tho country, has just made a deal which will result in the format on of one of the strongest trusts in the land. Heretofore the pool has marketed the product of all its members, and its directors have from time to time ordered shut-downs of the various mills to prevent rapid accumulations of surplus product In spite of this, there is still about one-third more straw board made than can be marketed. It was, therefore, decided to buy outright, and to shut down probably permanently the following m Ils, for which negotiations have just been completed, the aggregate purchase price being $603,900: Akron Strawboard Works, Akron, Ohio; Lyons Paper Mills, Lyons, Pa., and strawboard works at Upper Sandusky; Tippecanoe, Ohio; Hamilton, Ohio; Kankakee, IL ; Wooster, Ohio; and Rockford, HL The members of the syndicate argue that this move will prevent overproduction and will permit the running of the other seventeen mills the year round. They argue, further, that under the combination’s management strawboard can be made cheaper than ever.