The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-08-02
CONDITION OF BUSINESS.


Shipments of Cereals.
New YORK, July 29.-R. G. Dun &
Co.'S Weekly Review of Trade says:
The hardest week has left the business
world still able to rejoice in the sound
ness and strength disclosed. Prices of
stocks were greatly depressed Tuesday
and Wednesday, closing lower than
any other day since January, 1879, and
the fall on Wednesday averaged over
80 per share and yet only two failures
resulted, and those of brokers not espe-
cially important. A sharp rally fol-
lowed on Thursday, with buying from
London by shorts, and especially sig
nifcant buying by small investors. No
banks here or at other eastern cities,
and no eastern firms of large impor-
tance have gone down, but numerous
banks failed at the west, including
some of high repute and large business.
The money market became exceedingly
stringent again with the depression In
stocks and the drain to assist other
cities has been very heavy, but through
all the strain the banks OF New York
have passed without trouble.
From 81, ZOO, 900 to 1900, 900 in money
has been sent west every day and q
large decrease in bank reserves Is ex-
pected as the treasury has not been dis
bursting heavily. Few commercial
loans have been negotiated and at high
rates, At other cities the money mar
kets have been quite close, but bank
failures at Milwaukee, Indianapolis
and Louisville have caused less disturb
ance than might have been feared.
Grain rose brislsly on Monday, but
all speculative markets yielded little
when tight money came and the
slaughter OF stocks. Wheat closed
about one cent lower, though western
receipts were moderate, corn is frac-
tion lower and also some hog products.
Boston reports wholesale and job
bing trade very conservative, but re-
tail trade as large as usual. Cottons
have sold well until lately and there
are no accumulations, but some mills
are closing to prevent over-production.
Woolens are quiet, light weights being
slow at prices 8 per cent below last
year and wool is weak with small sales.
Orders for boots and shoes are small,
leather and hides are quiet.
Philadelphia reports better feeling,
though very little commercial paper is
sold at per cent, and banks are hoard
ing money, though caring for deposi-
tors. IN textile manufactures there is
no improvement, and many mills are
closing for want of orders.
Trade at baltimore is quiet, banks
are strong but close, and commercial
risks taken are narrow. No gain Is
seen at Pittsburgh, where the demand
for iron is small and the majority OF
mills are closed, though two have re-
sumed, but the wage scale for iron and
glaas is not settled
At Cleveland trade is dul., except for
groceries, and at Cincinnati orders are
not improved.
Chicago reports smalle. receipts OF
most products, decrease Of - per cent.
in clearings, "a per cent. in real estate
shipments; jobbing trade fair and re-
tail very satisfactory. Banks are call
ing some loans, heavy demands for ac-
commodations continue at per cent,
but the best customers only are sup
piled and money is as tight as ever
Wheat is at the lowest point ever known
and local securities are pressed for
sale.
At Milwaukee the failure of the three
oldest banks caused intense excite
ment and heavy commercial failures
and large holdings of iron sydicate pa.
per being the cause, and business is
contracting Jobbers at st. Paul are
conservative, but average crops are ex-
pected. Omaha reports quiet trade,
except for groceries, and Sioux City
good crop prospects, but jobbing trade
and pork packing curtailed,
WASHINGTON, July 29.-The large or
ders given by New York financial
houses for gold abroad TO be imported
into this country, are regarded at tho
treasury department as favorable
symptom of returning confidence.
Much of the gold now coming here is
the same gold that was exported sew
eral months ago The heavy shipment
of American cereals abroad within the
past two months has materially re-
duced the balance of trade against u.s.
In such circumstances IL will be natural
for the United States 10 continue to re-
ceive gold from abroad. Gold in large
quantities Is also coming here from the
West Indies. This Spanish gold on
reaching our shores finds its way to
the assay offices and is melted up into
bars, and this and the European gold
soon find lodgment in the United States
treasury. From present indication the
gold in the treasury will soon exceed
500, 900, ,OOO IL is to-day s97,5GO,OOO
When the 800, 900, 900 is passed the
treasury will again resume the issu-
ance Of gold certificates. which by law
had TO be suspended when the treasury
gold was reduced below SlOO, 900, 900.
The gold certificates now outstand-
ing aggregate $50, 100000, which is an
unusually small quantity for the treas
ury TO have. The department, how
ever, shows little or no interest wheth-
or the gold is 500, ,OOO, 900 or s75, 900, 900,
as it is the policy Of Secretary Carlisle
10 use the gold on hand the same as he
does currency, in meeting the obliga-
tions of the treasury. SO for several
months past the gold reserve has been
treated as available cash. On this
basis the available cash in the treasury