The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-12
GLOOMY OUTLOOK FOR SURE
Dun & Co. Show the Anticipated I'm
prOvement Has Not Materialized.
Machinery of Exchange Has Almost Stopped,
While the Withdrawals from the National
Banks Has Been Something Enormous.

weekly review of trade says: The long.
desired meeting of Congress. a Presidents
message. and the arrival of s13. $50. 900 in
gold from Europe. with Sl0.0 coo. 600 more
on tie way. have not brought the i'm.
provement many anticipated. Yet there
Is a more hopeful spirit. though the
Nation looks To Washington with some
impotence, when the Senate seems disposed
to rival the mills in working short time.
The machinery of exchanges has almost
stopped. When $50 per $1,000 is paid for
New York exchange at Chicago, and S15 or
$50 at other Western cities. settlements be-
tween the East and the West, which or
dinsrily amount TO S3. 200. 900 in q year. be-
come extremely ditficnlt. The root of the
trouble is that according TO reports of july
IL to the Controller. over '$13l .OOO. 600 of de-
posits had been withdrawn In two months
from part of the national banks and prob
ably SIT. 900. 600 from all. besides unknown
sums from savings. State and private
banks. and during the month. since July
II, the withdraw al and boarding must have
been relatively even greater.
The arrest of industry goes 80 far that q
third of the iron production ceased In the
month of July and the consumption of
iron in manufacture diminished 40 per
cent. from May l TO July ]. Not even this
shrink8ge stimulates demand enough to
support prices. which remain the lowest on
record. aud further stOppages in August
have reduced the weekly output below
100, 600 tons. Copper has declined to ga Q
and lead TO 3Ac. with narrow trade. Shoe
shops are looking in vain for further or
ders. AT Fall River alone 1000
the whole number of spindles in
ell the Southern States Is said to be
less than the number now idle in New
England even. More than lack of orders.
ders troubles the textile mills, tor cam
cellations multiply. If only confidence in
the future could be restored the monetary
troubles might be relieved. but at present,
want of cash. it is said. accounts for the re-
tarded movement of wheat from farms to
Western markets and exports have not met
OK pectatiOns of late, so that prices
of grain have somewhat declined. Pork
products are sold more largely, for export
Ibis week. bnt cotton has yielded an eighth,
stocks of $500 600 balee here and 1856 .0C0
American abroad being too heavy when
many of the mills are stopping. Coal is
dull and the output is much restricted by
the difficulty of getting money for wages.
The movement of animals Is less affected.
Cattle receipts at Chicago are fairly main.
tanned, and hog packing has been nearly as
large as last year.
Railroad earnings show q decrease of
RoA NSot" WV thO6O va
last year. but the clearinghouse returns at
the principal cities show q decrease in set
tlements of % per cent Appeals to the
treasury tor some relief are frequent. but
the GOLD reserve may have to oe used in par t
for current expenses. But S1S, 000, 600 ban k
notes will quickly be added to the circu-
lation. through use of the bonds purchased
from savings banks. and 81, 900, 600 in gold
from Europe in spite of the advance in the
Bank OF England rate to 4 per cent.
Failures during the week numbered 394
in the United States, against 160 last year,
and twenty-five In Canada. against twenty
for the same week last year. The number
for the past week shows a decrease from
the previous week of forty.
Bradstreet'- iSevisw of Trade.
NEW YORK. Aug. u.-Bradstreet's state
Of trade will tomorrow have this to say:
The irrational but widespread boarding
of Gu rrency has compelled iObbers and
manufactured in many instances to do
business more nearly than ever on q cash
basis. which has resulted in n further re-
strictiOn of trade throughout the country.
This Is accompanied by such signs of ag-
gravation as increased difficulty in dispos-
ing OF commercial paper. a still greater
scarcity of currency at larger centers aud
q shutdown movement among indus
trial establishments. Gross railroad
earnings for July amount to S41, 900. 600,
q decrease OF about 4 per cent. as
compared with July. last year, although
the larger proportion of gains in earlier
months of the year make the seven months
total gross earnings 2 per cent. larger than
in the like portion of 1892. This may be
contrasted with the falling off in total val
ne of imports and ex ports during tho fiscal
year of nearly 4 per cent, explained by de-
creased values of OK ports of wheat, corn.
cotton and cattle. European supplies of
wheat have begun to decrease rapidly.
about /. 2O0.0 600 bushels last week. and ex.
ports of domestic wheat continue excep-
tIOnally heavy for this period. being 5.O1S.-
600 bushels for the week. gains 5,622, 0OO
bushels last week. 4. las 600 bushels In the
week a year ago. 5.147. 000 bushels two years
ago and n little less than 1900, 600 each IN
like weeks IN 1890 and 1889.
The arrival of $40. 600. coo gold from Eu-
rope. the ex expected arrival of further
amounts. the issue of fresh national bank
circulation. and the bringing forth OF
boarded money by the premium for cur
rency, have given n slightly better tone TO
the financial position at New York. Pitts
burg hopes for greater ease in its local
money market now that the clearing house
will issue certificates. At Buffalo ban 20
continue very cautions. The financial dis
turbsnce at Nashville has caused some dis
tress. Mem his reports banks sound. with
no market for loans. Crop prospects IN
Kansas and Texas are favorable. Houston
banks prefer not to carry cotton. and ex-
poet buyers to move 81 promptly. Calves
ton iobbera repOrf sOme new cuafOmara hut