New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-24
M0NEY IND BENINENN.

H. was a gloomy week, but not quite 80 gloomy
~ might have been inferred from the remarks 81
President Sturgis OF the stock f.Achahg" oh
SATURDAY, who said The times have never been
,uuallcd by any which have transpircd during TINS
generation The memories Of men VINO dwell
with the tape proverbialy short Stocks
began TO weaken at the beginning OF the week,
,o,nhcd a point Of extreme depression for rail
roads tuesday night and recovered with closing
NJ short accounts. but again declined at the end
Of the week. so that railroad stocks closed nearly
AS low and industrial stocks lower than az any
previous time Tho notion that all American
stocks held in Europe had previously been sold
appeared TO be mistake. In railroads the net
loss for the week. the average OF sixty most
active stocks 81 So per share. and on four
teen trust stocks it was So "a per share. HE
ndustrals at last averaged nearly SO below the
railroad stocks. though last January they were
about $24 per share higher. But in the Stock
Exchange at least Eicse are not the worst times
ever known The collapse after Mr.. Clcvelands
Inauguration in 1885 took the average down to
SAB As in May, and the Grant-Ward panic of
1884 took the average down to Sal 81, against
SAG IS for substantially the same stocks last sat
urday In the industrial world, however. the
depression is greater now than it has been since
prospects of reversal of the National policy Of
protection.
or late this has been distinctive feature Of
the situation. The closing OF the syndicate mines
in Northern Michigan was the direct cause of the
failure Of the oldest bank in Milwaukee, The
closing Of the Amoskeag Slater and many other
manufacturing works results from sudden
shrinkage In orders for goods such has not
been seen at any time since 1877. and even at
that time the decrease in purchases and in bust
ness had extended over five years from the sum
mer OF 1872. while now the decrease in orders
has barely lasted eight months. IL is impossible
to say what part OF the producing capacity has
lcen rclegated 10 idlcness, but every day brings
tdngs Of the closing Of some works and reduction
in working time of Others. Since the 10Th of
April the sales Of wool at Boston. Philadelphia
and New-York have been 45.3s2.O76 pounds,
against 75,sll,2j0 for the same weeks last year,
and the fall in prices has been severe. Most of
the carpet works at Philadelphia running short
time and comparatively few of the wooen works
in New England are doing full time. and most of
them have closed. or are expecting to close. In
the cotton department lower prices were recorded
last week for print cloths and brown goods but
in knit goods somewhat more confidence was seen,
and also in woollen dress goods.
Many OF the iron works nave closed since July
!. and evidence of the sbrinkage in demand APP
pears in the fact that prices remain the lowest
ever known. During the week mines have
stopped in this State and Ncw-Jersey because OF
cancellation of ORDERS and the full in coke at
rittsburg toward 81 per ton shows the depression
there whe the lake region has never suffered
before as it does now. Only 10 IA cents is now
reported for lake copper. the production Of the
metal in six months having been 60, 900 tons
American and Al 900 foreign Lead is weaker
at 3 cents, and tin is somewhat lower. The shoe
shops have generally exhausted, the orders which
were so liberal early this year, and finding little
new demand many have closed. The Shoe and