People's Pilot, Volume 6, Number 12, Rensselaer, Jasper County, 10 September 1896 — THE TRADE REVIEW. [ARTICLE]

THE TRADE REVIEW.

MONEY MARKET OF THE COUN. TRY TIGHTENING. Aaxlety of European Holder* to 801 l American Stock*, Dtoturbancea In the Labor Worl'l and Failure* Harin* a Pronounced Eflect. R. G. Dun & Co.’s Weekly Review of Trade says: “The sensational collapse of specu latore at Chicago who controlled Dia Diamond Match and New York Biscu' stocks and had hoisted them to fancj prices, with the consequent closing ol the Chicago Stock exchange for a period yet indefinite, though followed by remarkably few failures, brings a sudden change in monetary conditions throughout the country. At least a month earlier than had been expected, Chicago has drawn heavily upon the Illinois bank balance here, and withdrawals of other western funds may naturally result. Europeans were also moved to sell American stocks rather freely, so that the average of sixty most active railroad stocks fell about $2.18 per share, and the average of trust stocks about SI.BB. The instant cooperation of money interests with Chicago to restrict disturbance deserved praise and did much good, but it is pot possible to avoid some shock to public confidence and a quick tightening of eastern money markets, which already shuts off commercial loans almost entirely. The collapse also increased the caution of bankers and other lenders regarding loans on securities of a similar character. It is important that the Increase of merchandise exports, SBOO,OOO, or 12 ner cent over last year for the week.

and tne decre orts, |700,000, or 7.7 per cent, tinues to limit the sum payable «a- .... In five weeks the Increase of exports has been |4,800,000, or 16 per cent, and the decrease of imports >9,200,000, or 18 per cent, which helps to balance accounts. The movement of wheat is again large. Atlantic exports being 1,761,033 bushels for the week, flour Included, against 753,330 bushels last year, and, since July 1, 8,858,704 bushels, against 4,728,919 last year. Conflicting crop reports are as numerous and noisy as ever, but the more reliable mark up winter wheat-to 300,000,000 bushels, and the movement tends to sustain such estimates, for since July 1 western receipts have been 17,633, 332 bushels, against 030,020 last year. It is not easy to Believe that with prices 10 centh lower than a year ago farmers have marketed from a smaller crop 90 per cent more wheat. Corn is also moving rapidly, with western receipts of 4,873,091 bushels, against 1.661.074 last year. The situation as to cotton is doubtless critical for many producers. Extremely hot and dry weather has done serious harm, but it must, Indeed, be an extraordinary condition that reduces the yield 25 per cent In August. Men of much knowledge and experience but a few days ago judged a yield of 10,000,000 bales probable, and If they were now predict only 7,000,000 bales are blenow predict only 7,000.000 bales are likely to err In the opposite direction. With large acreage, It is always safe to remember that only a part of the crop Is ever affected by misfortune between Aug. 1 and frost time. The price rose almost beyond precedent, three-eights of a cent on Wednesday alone, and the alarm will at least be of service to Dlanters Id giving them better Driees

wnetner Buyers realize profits ot not

Labor is more disturbed than usual. The great strike pf garment workers here has much extended; the strike at Cleveland has broken out again and involves several other branches of labor; the iron furnace men of Chenango Valley resist a reduction to the wages of May, 1895, though Mahoning Valley workers do not; the iron works throughout the country are striving to cut down cost in order to keep in operation; the iron mines of the Gogebic Range are stopping. The suspension of cotton mills has become more general. and over 4,000,000 spindles are said to be idle at Fall River alone, and probably three-eighths or more of the entire producing capacity tn the country; the rubber works have mostly stopped, and, notwithstanding the light weight opening, a number of woolen mills also. Evidently both the working force and their wages have been reduced.

The iron markets grow less demoralized in tone because all the associations decided to maintain prices for this month, but the markets are not stronger in volume 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. • Curtailment of production in cottons does not bring a stronger market, and a few quotations are reduced. Sales of light-weight woolens are disappointing and mainly for cheap grades, and in some cases prices are again reduced. Sales of wool for the week were 2,746,400 pounds, against 6,259,800 pounds last year and 9,271,700 pounds in 1892. The only bolts from now on will be belts of white (silver) lightning—with gold-bug thunder. It is the lightning that will count, and not the thunder.