Capital journal. (Salem, Or.) 1893-1895, 1893-08-22
TIE GREAT CHANCE.

Dun'S REVIEW aug. los AHo h1dChiH-
.ry of exchanges has almost stopped.
When $50 per 81, 900 had is for New York
.xchanRes at Chicago, ard $l5 or $40 at
o her Western cities, settlements be-
tween the East and West, which ordi-
uarily amount to S3,2O0.0O0 900 in a
year, become extremely difficult. Even
the New York Central could not get
currency here on checks of the Boston
& Albany, and was obliged to send to
Boston for the money. The root of
the trouble Is that, according to reports
# July 18th to the comptroller, over
s13I, ,OOO, 900 of deposits had been with
irawn in two months from part Of the
National Banks and probably $lT7, ,0OO.-
OO0 from all, besides unknown sums
from savings, state and private banks,
aud during the month, since July 18th,
the withdrawal and boarding must
have been relatively even greater. A
premium Of to 2 per cent. is paid for
gold, and to per cent. for currency.
The government is printing $l,25O, 900
bank notes daily. The clearing bouse
has issued 5000, 900 more certificates,
and the hope Is that confidence
may be revived and hoardings uD-
locked.
The arrest Of industry goes so far
that third of the iron production
ceased in the month of July, and the
consumption of iron In manufacture
diminished 46 per cent. from May to
July /. Not even this shrinkage stimu-
lates demand enough to support prices,
which remain the lowest on record,
and further stOppages in August have
reduced the weekly output below l0O,.
600 tons. Copper has declined to 81
cents and lead to 81 cents, with narrow
trade. Shoe shops are looking in vain
for further orders, and last weeks ship.
ments from Boston were Is, 100 cases or
20 per cent. less than those of the same
week last year. At Fall River alone
100000 spindles stopped on Saturday,
and the whole number of spindles, in
all the Southern states, Is said TO be less
than the number now idle In New Eng
land. Even more than lack Of orders,
want Of confidence in the integrity of
orders troubles the textile mills, for
cancellations multiply. The Wamsutta
has lowered prices of goods u and 7
per cent. and while jobbers find bet
ter demand for dress goods, and the sit-
uation as TO knit goods is considered
strong, the sales Of wool at the three
largest markets were only 1870, $50 lbs.
for the latest week. against 9,22O, 700
lbs., for the same week last year. Since
May Sd the decrease compared with
last year has been 55 per cent.
II only confidence In the future could
be restored, the monetary troubles
might soon be relieved. But at present
want Of cash, tits said, accounts for
the retarded movement Of wheat from
farms TO Western markets, and exports
have not met expectations OF late, 90
that the prices Of grain have somew hat
declined. Pork products are sold more
largely for export this week, but cotton
has yielded an eighth, stocks Of $50, 900
bales here, and 1,SS5,O0O American
abroad, being too heavy when many of
the mills are stopping. Coal is dull,
And the output Is much restricted by
he difficulty Of getting money for
wages. The movement of animals Is
ess affected, cattle receipts at Chicago
ire fairly maintained, aad hog packing
or the latter part Of July has been near.
y AS large as last year, though for the
lear thus far, March lst TO Aug. list, L.
us, 900 less than last year.
Railroad earnings show a decrease OF
'bout per cent, compared with thOse
4 last year, but the clearing house ne
urns at the principal cities shows a
decrease in settlements OF 25 per cent.
Appeals to the treasury for some relief
no frequent, but It's cash balance has
cen REDUCED 30 low that the gold re-
erve may have to be used 10 part for
urrent expenses. But SIS. .OOO, 900 bank
otes viii quickly be added 10 the cir
alailon, through use Of the bonds pur-
hased nom savings banks, aud S2S.-
%, 600 In gold from Europe, IN suite
the advance In the Bank Of England
TO TO 4 per cent aud its charge for
Did 10 T6s. l0d. which with some speole
nd notes nom Canada will make the I
Tgest addition 20 the monetary sup.
y ever experienced In single month.
this suliioes 10 cause the release Of