Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1893-08-16
REVIEW OF TRADE.
Hopes Fixed on the Arrival Of Foreign
Gold and Congress.

New York, Aug. Ar. G.. Dun's
Weekly Review of Trade will say:
Decentralization in Speculative
markets has been followed by more
heavy tone, and heavy imports of gold
nay inspire monetary troubles to abate.
The week has been one of surprises.
Enormous liquidation in wheat brought
the lowest prices ever known ON Tues
day. The crash of the pork ring took
46 per cent from the nominal, price of
that product in an hour and caused
several failures for millions each. Ex-
traordinary depression in stocks, and
slaughter which quickly followed by q
bear panic and sensational advances.
Meanwhile In money markets there
has come singular sense of relief,
notwithstanding actual increase in
present embarrassments almost
amounting to paralysis of exchange
between the chief commercial cities,
and of many industrial works, because
over per cent premium for currency
fails to secure what is needed for pay
ment of wages. Hopes are neverthe-
less fixed ON the ships bringing over
81, ,0O0,O 600 gold across the sea, and an
extra session of Congress which will
begin on Monday. Several of the lar
gest and boldest operators at Chicago
have been crushed under pork barrels
but the instant increase of foreign
purchases convinces the markets that
the disaster has brought measure of
relief.
The monetary stringency which at
last crushed speculatiOns in wheat and
hog products has been caused in part
by their prevention of exports and the
reception of enormous capital in car
rying unprecedented stocks of products,
which, If sold in time to foreign con-
sumers, would have brought gold
enough to prevent much evil.
Bank failures have been almost as
numerous this week as for either of the
two preceding weeks, but fewer have
been of more than local Importance.
The Western States show, greater dis
trust or weakness than other sections.
In anxious efforts to fortify them
selves, banks throughout the country
have locked up large amount of cur
rency, and the depositors who have
drawn their accounts are also keeping
out of use many millions. AS the ca
tire circulation of bills of less that IS
each is but S71, ,0O0, 900, while the de-
positors in savings banks number s.
OO0, 900, the withdrawal, or the mere
holding of accustomed deposits by q
considerable proportion of them
would put out of the market much Of
the small notes. The demand for these
has been so great that shipments OF
silver have, in many cases, been gladly
received. The difficulty of getting
currency for paying employees causes
premium for currency In many cases
ranging as high as per cent.
Closing of shops and lack of orders
is the overshadowing fact. Yet many
stoppages are only for few weeks,
1 unless circumstances should lead
managers to aid them, and it is be-
lieved that the consuming demand has
been reduced in proportion to the pre-
sent decrease of production, SO that
better orders may presently enable
y many works to resume. Sales of wool
. are not third of last years, and since
the new clip the decrease has been A,
979, ,724 pounds or about 40 per cent
Most of the large carpet miles have
y closed large share of works produc
C ing dress goods, flannels and kni
i goods.
!. Prices are weak, and yet SO low
III that much decline seems unlikely
. The Carnegie and some other irol
D works have almost ceased production
. and as yet the demand brings N
10 further stimulus, though prices in thi
III line are 30 low that most makers pre-
y fer to stop than to take lower In boo
r and shoe shops the situation is nearl
y the same, except that shipments al
D. falling off about a quarter.
70 The volumn of domestic trade, ind
" Gated by railway earnings, is but Q pc
ns cent smaller than last year, and clear
is ings at the chief cities show decreas
he of 10 per cent. outside New Yorl
eS While the failures of the week numb'
III 483, against 100 last year, good pre-
TO- portion of them are at the West, and
're is cheering to note that comparativel
Ae few of Importance occur except in col
'e' nection with speculative operations
on The Merits Of The COuntry School.