New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-28

er,'.s \ kind of homespun currency has com"
into quite general cheeks are largely used at
many Places. Secretary Carlisle has stated that
sight drafts to bearer on New-lork for small
amounts can De legally used. and many clearing
house certificates have been Issued, at some
Southern cities for no more than - and 30 cents
each Bankers and operators have combined to
bring large amounts of gold from Europe. 81
S73,Ijs arriving last week. making 81 ,209,0O6
in four weeks. Important failures nave been pre-
vented. as one for $7,O00,00I was in Wall street
last week, by forbcarance and aid OF other firms.
OF the banks which have been temporarily closed
eleven were able To Resume last week, and WIN"
mutual arrangements restricting payments TO de-
rositors except through clearing houses are com
mon. the banks lave been enabled to aid customers
somewhat more literally. In number the failures
have decreased but slightly in importance very
much Exchanges between different sections and
cities have become somewhat easier, and the
premium paid for currency has fallen from 3 to
about | per cent. Dispatches from almost every
part Of the country indicate better feeling and
some improvement.
The cheering signs are supported by resumption
Of work III many establishments which we've closed
for a time. Where the stoppage was only from
inability 10 get Currency local arrangements nave
been made in many cases, while in Others the hands
have aSscntcd to lower wages. The WORKS stop
ping still outnunbcr thoS" rcsuming. Trade
journals mention foitysiX closing last week.
while eight reduced working time. and siX work
ing force. against thrty-two rtsuming after stop
page The closing Of the Edgar Thompson works
with It's large number Of hands outwcchs nuncr-
ous assumptions in importance Reduction OF
wages has been general. The furnaces OF the Ma
honing and Chenango valleys, the National Tube
10 0f
Pittshurg and Cleveland, the keystone Bridge Com
pany the spsng Steel Works, the Isabella furnaces
the Dwight works at Chicago. tho Schuyllill Iron
Works, and many other large concerns have
lowered wages from 0 TO 20 per cent general
reduction is proposed NJ Fall River In many in
stances cost OF production has been increased be-
cause works cannot be- rur with full force
1t cannot yet be said that better demand APP
pears for products Of industry Nearly all products
OF iron and steel remain at the lowest point Vet
touched The demand for wool is 20 narrow that
sales last week were ,C33,9,2 pounds, against
7lGI, sos last year. decrease Of r. per cent, aud
the decrease in sales since June has been 60 per
cent, The taking- Of cotton by Northern spnncrs
during the past year have been . IA per cent less
than IN the previous vea?. most Of the shrnkas"
being within the past few months. Shipments OF
boots and shoes. given by " The shoe and Leather
7 d
decrease Of - per cent and the decrease since
June has been > per cent while eleven sho"
concerns are mentioned last week as having failed
only 4,G?2 coke ovens are In operation in IN"
Conncllsvilic region. while lo,;li are idle" 1hcs"
facts show depression Of industries which has
been without parallel for more than thirty years
Clearing. outside Ncw-Yorl show decrease
of nearly - per cent Tor last week, against
~ per cent decrease the third week OF August.
292 per cent tho second week and - per cent
the first week, The earnings of railroads re-
ported by The Financial Chronicle" show
decrease for the first week Of August of 1881
per cent. for the second week l4s9 per cent. and
for the third week. far as reported, l7l6
per cent The records show that large vol'Iin"
II business j. still in progress If thlrd OF
the working fore" Is Idle and n third of IN"
business stopped, which seems 10 be hardly true
even then the loss would De- about equal to
the increase during the past six years. such
setback with large increase in population 10 b"
supported and in the fore" able TO work, i
calamity commensurate" with IN" really wonder
ful growth which preceded
Speculative market, are showing little more
activity. some heavy loans having been mad"
on wheat at Chicago, and real estate mortgages
were given 10 obtain money for in that
market. The price here fell to 60 IL cents
for August on Thursday. but closed AZ Gs Is
cents abour II cents lower than week ago.
Western receipts very small, 2660,000 bush
cl- last week. against over 100000 year
ago, and for three weeks about s,6OO,000 bush
els against 2O.10O 900 last year. On IN" other
hand exports are larger than n year ago. from
both coasts for four weeks. 81 100. 3ij bushels,
against lG,4s3,sG3 last year. These changes re-
fleet monetary troubles rather than actual sup
PLY or demand Corn has declined cents, with
brighter prospects and large receipts.
The cotton year will end Thursday. showing
4 yield of about G,6oo,OOo bales in 1892 be-
side the e.liS 99S bales of American brought
oycr, here and abroad Instead the vtock
now in sight here and abroad, is SOS .729 bales
which indicates that the quantity taken for con-
sumption has been about 100000 bales, against
over : 0OO. 900 the year before. The long strike
IN Great Britain made some difference. the guam
tity taken by Northern spnncrs is 46s 900 bales
loss than last year. and the general demand
for German and ENGLISH goods has diminished
10 e3lne extent. With n yield Of G7o0S00 bales
this year added 10 stocks in sight. the supply
of American would be- over $500. 900 bales, a
quantity largely exceeding last years conSump-
ton. After falling to IA cents. IN" price
suddenly at the end of the week 10 -
cents again.
The $4,000. 900 gold imported srcc the be-
Ginning Of August has only enabled New York
banks to add $4,000 TO their stool, Of cold
held Il month ago The Treasury holds 81 300
o0o less than month ago that over S3I-
0o0. 900 gold has practically d.appcarc1 New
York banks hold 81, 700 900 less legal tenders and
the Treasury Si.3Oo,0oO less, and it Ia. issued
5000. 900 more Treasury notes At tho sam,
time. 81, 1905 900 has been added TO the N,tonoI
bank CIRCULATION. Evidently the withdrawal Of
money from actual use continues o. sone OK
tent though large amount has doubtless gone
10 the West and South. Deposits in Neyyori |
hanks have decreased during the month XII
700 900. and loans S?,90O.0OO II can hardly !
nr said that the situation i particularly healthy
although the signs Of improvement are properlv