New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-14
complish this REFORM and he will do much Tor
the good cause of clean streets
MONEY AND BUSINESS.

Ii has been week of disappointments. When
Congress met, in answer to the Presidents ur-
gent summons, the silver men at once began
to display more strength and confidence than
had been expected, and DELAYS in both houses were
disheartcnng. The Presidents message received
high praise, but il was not of n character To
overcome opposition. There is much less hop"
cf satisfactory action ly Congress than there
week ago. The agreement in the House
was such that silver men might we'll accept IT.
Meanwhile Bradstrcct's' reports 474 failures.
and among them were r. H. Coleman. with
liabilities Of $500. 900: j. H. Walker & Co.. with
liabilities OF S2,4OO,OOO the Lake Superior E!e-
vaor Company, with liabilities Of 81 400, 900: the
mon Elevator Company Of st. Paul, with liablli-
ties OF 81 600, 000 the Chestnut Hill Iron and Ore
Company, with Liabilities of SSjO.O00 and ii. l..
iIotchSiss of this city, with liabilities of
making about 81 100000 for six concerns. whi,
fifteen firms failed which had each over 81 co.
600 capital employed. One bank in Brooklyn and
scvch others in the West and South failed
on saturday and the Madison Square Bank Of
this city and about thirty elsewhere had previously
failed during the week. while the united refusal
of banks in some cities TO make ordinary pay
mcnts except through clearing houses operates TO
cmbaIrass business while lessening the number
of formal failures. Closing of manufacturing
reduction of hours or wIges at many other estab-
lishments. Finally after Sl3,2l4.a1I gold had
been received at this port, the banks of New
York reported a decrease Of $1,000. 900 in cash
on hand
This is partly because shipments Of the banks
TO the interior amounted to 81 900, 900 currency,
and $4,000, 900 gold II partly because the
gold had been purchased ny savings banks here
and by other Institutions Then the large re-
ccps on Friday and Saturday scarcely Affected
tho average at all, and the Treasury actually
gained S2.4OO,Oo0 gold during the week while
IL paid ont nearly S3,500,000 more legal tenders
and new Treasury notes But the expectation
of this gold and about 81 100000 more now
a1oat gave greater confidence i'll money markets,
and with the higher premiums paid helped to
bring back into use some millions Of the gold
which had been boarded The rate Of sterling cN-
change fuctuatod widely, the gold movement De-
ing controlled rather by premiums pad, ana TO-
ware, the close Of the week there was somewhat
more money obtainablc for commercial purposes.
Stocks were much depressed on Tuesday, but III
part recovered. TO that the average for the week
was but 30 cents lower for railroads. though the
trust stocks declined On the average :: 20 per
share.
The slrinkagc in business through all clear
ING houses outside Ncw-l orb il indicated by the
decline Of - per cent last week IN comparison
with the same week last year, and for I'll" week
ending August ; the decline >? per cent
I'm railroad earnings the partial statements LOT
the first week of August show decrease OF nearly
II per cent. and sevcnty-one roads Tor tr' I's'
week of july reported per cent les thdh last
year. But for the heavy Chicago travel the loss
wodld have been greater. In July is foalS
reported 4 II per cent less earnings thah lh>'
,c,r and Vet there wa, nearly S1OO.OOc increase
on five reads which share largely IN Exposition
travel Some roads, like IN" Grand Trunk, III
creased in earnings. though the freight trdic DE-
creased largely. Though the gram movement -
fairly large, II j. nevertheless mdch I">rf'''d
hv scarcity OF money for cash pay n"ntN ana IN"
cotton movement az this season IL not important
Tia. sioppagr OF industrial works, "lthef wholly
,, far mart of the time each week. j. mainly du'
10 diminished uncertain demand Tor pIod"''7.
SolNrnt mills could do rs some have done with
formal approval Of officials AT WaNhinston-i'sue
certified checks for small amounts each in pay
mont If wages which checks would be readily
accepted by shops and stores. \ Temporary cur
,.ury Of this sort amounting in the aggregate 10
larg, sum- j. now in Use, and where mills haN"
.ooJ oI,,r. 10 work upon payment of wages can BE-
.r,,np.I But the cancel itous -! orders ar" now
IN fre,ucnt that manufacturers hardy know when
they are SAT-, in putting out money IN work on
an order. and many mills have stopped Tor that
reason with considerable orders on their books,
though much larger number are without orders
enough 10 20 on even if their integrity wet"
certain. Ia" number of cotton Hpind"S no" lil'
in New England j. SAID To b" GREATER IMAM u"
whole number in all Southern states. II - De
licvcd that about half the WOODEN machinery +
nov, idle the sales of wool since Nh" end OF June
AZ three chief markets have been only lj,''l,'""
mounds. against l3,l63,is0 for the same weeks
last year and 3?.416.900 for the same weeks III
1891 The proportion of works stopped IN the
iron industry has also been very large. Inc
monthly report of The Iron Age shows weekly
production at the beginning of each month ~
t,I