The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-08-19

~ N.Y. com, come ,.,.l no. l'1m rn..p pos, 5.
from momentsry foreign aid, but from
the good sense and the wonderful re-
Operative power of the people them
selves. Business is trying to go ahead
without waiting for Washington. I'm
ported gold, 100000 900 or moro during the
week, does not go to abe right spot, but
the people are creatinlE, homemade cur
rency for themselves by using certified
checks in paying hands, selling local ac-
counts and purchasing grain and cotton.
The bank circulation has increased 81 000,-
600, but the decrease on deposits of ma
tional banks alone, May TO July 12, was
S193, 1G9,5 ,5Ss, and during the past month
Withdrawals have also been heavy.
Little money comes back rs yet from
timid boards, and the paralysis of ex-
changeis is as complete as ever, but that
very fact pushes each section and city into
relying more on itself and less on the gov
ernment and Wall street. Many concerns
are falling or closing, but assumptions are
now becoming somewhat frequent, and in
the very shrnkage of production men see
evidence that demand must soon overtake
supply.
No such shrinkage resulted at any time
in five weary years after the panic of 1876
as has already appeared in great industries
Pig iron does not rally, but sells at S14
here and S13 at Pittsburg for No. 1, though
the weekly output has been reduced 46 per
cent since May 1, but few large iron and
steel works are beginning to resume ope-
rations Though 8 have failed and "a
stopped during the week, IA have resumed
Only a third of the Connellsville coke
ovens are at work. but coke at S125 gives
better chance to iron manufacture
Sales of wool in seven weeks have been
only II ,575, 800 pounds against 50,327, $50
last year and $780, 800 in 1891, and it is
stated that $4,000 looms and 4,300, 900 spin
dies in New England are now idle, which
means more than a quarter of the cotton
spindles in the country, but 90 knitting
mills and other cotton and wooden mills
have resumed, while rs have stopped and
one failed during the week.
With such shrinkage in the great indus
tries, it is only surprising that railroad
earnings do not decline more, the increase
on roads reporting in August thus far be-
ing IS per cent. The decrease of rs per
cent. in clearings outside New York last
week, and 80 per cent. this week is only
natural. A little more money is now
found for commercial loans and failures
of banks have both become less important
and less frequent, though the greatest
caution is shown in accommodations. The
recevership for the Northern Pacific had
been so fully discounted that it produced
little effect in the stock market though
this is the third great railroad default this
year, and the aggregate stocks and bonds
pff ha tn
Prices of securities have yielded compara-
lively little, the average for railroad stocks
being s43 so against $4594 last week, and
trading has been dull.
Speculative markets have generally de-
clined a fraction in spite of crop reports,
which are not solid enough to outweigh
great stocks In sight. Cotton fell quar-
ter of a cent with somewhat better reports
of a probable yield Wheat draas near
the lowest figures ever known, in spite of
decrease in visible supply, for though Wes-
tern receipts are not large stocks on hand
arc far beyond the power of spectators
to carry with money markets in their
present condition. The movement of corn
is decidedly large, with crop prospects i'm
proving.
Late advices from Washington are not
more encouraging in regard TO financial
action. The treasury has been losing
money rapidly, holding S6,000,0 900 less in
gold, 81, 100000 less in silver and $500, 600
less legal tenders, In excess Of outstanding
certificates, than it held one week ago,
while the new treasury notes outstanding
have increased $4OO, 900. 1t is scoining small
gold as rapidly as possible, and issued
$4,000 600 additional bank notes during the
first half of August, but has very limited
til
ceipts are no longer enough TO cover the
necessary disbursements. The New York
clearing house has now issued t37, $50, 900
certificates and the Bosv,5eS ISScring house
81, 100000, but more W. ms relief
comes from the abatenS the drain
upon savings banks andtsl, fac demand
upon other banks for cu-asnoy to be used
in paying hands in this and adjacent
states
But this decrease in demand is Of itself
evidence that industries sl15 trade are
greatly embarrassed, mRn- lorks having
stopped and many hands keceiving no
wages. The more hopeful Agns which
appear should be interpreted with full
understanding that a genuine revival of
business cannot begin until a larger de-
mand for goods and better conditions
otherwise enable a greater proportion of
the shops and mills to employ and re-
pumerate labor as usual AS yet the
works closing exceed in number those re-
suming, and the failures continue each
week to restrict the number of firms able
to share in the employment of hands and
the transaction of business.
The failures this week number ass In the
United States, against l02 for the same
week last year, and 81 in Canada, against
25 last year. OF Uni, States failures
l54 were in the eastern states, 81 in south.
ern and 2l7 in western states and terri
tories
Whites Wonder Worker, so cents pei
bottle, 3 bottles S1O0. Whites White
Wonder Soap. 10 eents mar eaket q aales d