The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-08-23
CONDITION oE BUSINESS.

- We Duu . OOs Nebhty DbNicW VI AEhuO
signs Point In the Direction of Improve
ment $1,000, 900 In Gold Imported Dur
ing the Week.
New York, Aug. 19.-R. G. Dun &
Co.'S Weekly Review of Trade says:
There is rift in the clouds. Faint
and yet definite signs of improve
ment are all the better because they
come, not from possibly delusives hopes
or from momentary foreign aid, but
from the good sense and the wonder
full recuperative power of the people
themselves. Business is trying to go
ahead without waiting for Washing
ton. Imported gold, s9,OO0,O 900 or more
during the week, does not go to the
right spot, but the people are creating
o home made currency for themselves
by using certified checks in paying
hands, selling local accounts and pur-
chasing grain and cotton.
The bank circulation has increased
| 90, 900, O00 but the decrease on deposits
Of national banks alone from May to
July 12 was s193, 169,5 and during
the past month Withdrawals have also
been heavy. Little money comes back
as yet from timid hoarders and the
paralysis of exchange is nearly as COM
plete as ever, but that very fact pushes
each section and city into relying more
ON itself and less on the government
and on Wall street. Many concerns
are failing or closing, but assumptions
are now becoming somewhat frequent
and in the very shrinkage Of produc-
tion men see evidence that demand
must soon overtake supply.
No such shrinkage resulted at any
time in five weary years after the panic
OF 1878 as has already appeared in great
industries. Pig iron does not rally but
sells at $14 here and s1S at Pittsburgh
for No. 1, though the weekly output
has been reduced 40 per cent. since May
1; but few large iron and steel works
are beginning to resume operations.
Though FIVE have failed and twenty
four stopped during the week, fourteen
have resumed during the week.
Sales OF woolens in seven weeks have
been only 1877, 900 ponnds against 5O,-
S27, $3.50 last year and 81, ,45O, 800 in 1891,
and II is stated that 99, 900 looms and
4,SOO,O 900 spindles in New England are
now idle, which means more than a
quarter OF the cotton spindles in the
country, ubut twenty-eight mills and
five other cotton and wooden mills have
resumed, while twenty-eight have
stopped and one failed during the week.
Shipments of boots and shoes from
Boston since the end Of June have been
4G9, $40 cases against 572, ,345 last year, a
decrease of M per cent, but little
more demand for goods is now seen, and
some factories near Boston and Phila-
delphia have resumed.
With such shrinkage in the great in
dustries it is only surprising that rail-
road earnings do not decline more, the
decrease on roads reporting In August
thus far being 1s per cent. The de-
crease Of 25 per cent. in clearings out
side New York last week and 80 per
cent. this week is only natural. A lit
tie more money is now found for com.
mercial loans and failures Of banks have
become both less important and less
frequent, though the greatest caution
Is shown in accommodations.
Speculative markets have generally
declined fraction, in spite Of crop re-
ports, which are not solid enough to
outweigh great stocks in sight Cotton
fell quarter of a cent, with somewhat
better reports Of probable yield.
Wheat drags near the lowest figures
ever known, in spite Of decrease in Wis
ible supply, for, although western re-
ceipts are not large, stock on hand is
far beyond the power OF spectators TO
carry with money markets in their
present condition. The movement Of
corn is decidedly large, with crop pros
pects improyiuU