The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-08-05
OUTLOOK ENCOURAGING
A Decided Feeling Of Relief in
Monetary Circles.
MILLIONS OF GOLD COMING OVER

Notwithstanding an Unusual Number of
Failures and Suspensions It Is Believed
That the Existing Depression VIII be
Followed by a Speedy Recovery.
NEW York, Aug. 5.-Dun's review Of
the state of trade says. Decentralization in
speculative markets have been followed
by a more healthy tone, and heavy inn
ports of gold inspire hope that monetary
troubles may abate. The week has been
one of surprises Enormous liquidation
in wheat brought the lowest price ever
known on Tuesday. The crash Of the pork
ring took As per cent from the nominal
price Of that product in an hour, and
caused several failures for millions each.
Extraordinary depression in stocks,
slaughter which included some of the
best, were quickly followed by a bear
panic and sensational advances Mean
while in the money market there has come
a singular sense Of relief notwithstand-
ing actual increase in present embarrass-
ments, almost amounting to paralysis of
exchange between the chief commercial
cities, and Of many industrial works, be-
cause even 2 per cent. premium for cur
rency fails to secure what is needed for
payment of wages. Hopes are neverthe-
less fixed upon the ships bringing over
Sl1 100000 gold across the sea, and on the
extra session of congress, which will begin
on Monday.
Several Of the largest and boldest opera
tors at Chicago have been crushed under
pork barrels, but the instant increase of
foreign purchases convinces the markets
that the disaster has brought certain
measure of relief The monetary strin-
gency which at last crushed speculations
in wheat and hog products had been
caused in part by their prevention of ex-
ports, and their absorption of enormous
capital in carrying unprecedented stocks
OF products which, if sold in time to
foreign consumers, would have brought
gold enough to prevent much evil. With
the great surplus Of wheat brought over
from previous years, the country will be
able to meet all demands, even though the
| crop proves small enough to Justify con-
siderable advance from previous prices.
/ With great crop of corn almost assured,
unusual accumulations of pork and hog
products would be safer on the ocean than
in Chicago warehouses, and more helpful
to the country.
Stocks at the lowest point this week
averaged little more than $4l per share,
but it is yet long way down to the prices
of 1877, averaging at the lowest S23 per
share, and the contrast between the CON
dition and earnings Of railroads now and
then is greater than the difference in price.
Railroad earnings continue fairly salts
factory, though they show a recent de-
crease, especially since reduction of rates
for Worlds fair travel.
Bank failures have been almost as nu
merous this week as for either of the two
preceding weeks, but fewer have been Of
more than local importance. The western
states show greater distrust or weakness!
than other sections. Out of 1863 banks
failed since March five were in eastern
states, forty-eight in southern and 151 il
western states. Failures of national banks
numbered fifty-eigF of state banks seven
ty-nine, and of private banks sixty-seven
In anxious efforts to fortify themselves
banks throughout the country have locked
up large amount of currency, and depos
itors who have drawn their accounts ar,
also keeping out of use many millions. Al
the entire circulation of bills of less thar
IS each is but S71, ,OOO, ,OOO while the depos
itors in savings banks number nef rly 5000,
900, the withdrawal or mere WI hholdinl
of accustomed deposits by a considerable
proportion of them would put out of tht
market much of the small notes.
Closing of shops and works for lack o.
orders is the oveIshadowing fact. Ye
many stoppages are only for few weeks
unless circumstances should lead man
ayers to extend them, and it is believed
that the consuming demand has not beer
reduced in proportion TO the present de
crease of production, so that better order
may presently enable many works to re
sumo.
Full accounts from many cities show
how well the banking and mercantile in
terests are sustaining the extraordinary
strain, and prove that the volume of retail
business is nowhere restricted as yet il
proportion to the curtailment of wholesal,
trade.
While the failures of the week number
43G against 100 last year great proportion
Of them are in the west, and it is cheering
to note that comparatively few of import
ance occur except in connection with spec
ulative operations.
Failures during the week number 436 II
the United States, against 1850 last year
and "a in Canada, against "a last year. Tn
west contributed most largely to the mum
Der of failures, 237 being reported from
that section. In east there were Is
and in the south46 There were thre
failures of million or more, two at Chi
cago, due to the break in the pork deal
! and one in NpW York cftr