New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-21
MONEY AND BUSINESS.

one week, and 81 OIL lower than t"o "o'N' 49,
while trust stocks have declined = % Ill wv
weeks The Northern Pacific receivership ha"
| been largely discounted but there was some de-
| cline The rest of the country feels more So
vercly every week the depression of industry ana
| business Although quite a number of manu-
featuring establishments and banks have resumed
after closing for d time il is still the unwecohc
! fact that a larger number have stopped operations
| The interruption of industry still increases ana
the reduction in the purchasing power oil 'iic
| people has gone so far already that 10 acton pS
| Government could bring about full recovery
| without considerable delay. Railroad earnings
| decreased 1913 per cent for the FIRST week o.
August, and 1913 per cent for the second week
Exchanges through all clearing houses OUTSIDE
New-York fell below last year ?" per cent ''.
| first week in August, 20" per cent the seco""
week and 324 per cent last week foreisn
| trade both in imports and exports, laiis oc'ii'.
| last years, and the decrease in production OF
| the great industries has already gone beyond the
decrease realized at any time after the panic Of
1873.
| "Details regarding the textile manufactures nave
hecn given in Boston dispatches. OF cotton mills,
| "a per cent in number and "a per cent IN ma
chincrv are idle the proportion being greatest III
| Ncw- Enoland OF wOolcn mills AZ per cent nave
| closed wholly or in part, including ~ per 'ci'
81 those in New England OF knit goods WORKS.
80 per cent in number have closed, wholly OF Ill
Fart. and a. per cent Of the machinery Is Iui''
| the Middle States faring the worst. Out oi 4o'
| textile works which have stopped, wholly OF III
part. only a. closed for vacation. "l'hlh
day or two, presumably since III" apoV" Igur''
were reported to the associations, trc" more KNIT
| Goods works in this State and one hosiery estaD'
! lishmcnt have stopped, lace factory at CAMDEN
several glove works in Fulton County, and hard
| ware concern in Connecticut. In iron ana Steel
| although some large works have wholly or par
tally resumed 0 in all being mentioned in latest
ISSUES of trade journae, the same issues mention
- which have stopped, , for repairs, ; tempo
| rarilv and the rest for an indefinite time. IL i
stated that the production of pic hon has a.ain
decreased largely, falling below 100000 tons
weekly. but no Improvement in price il felt, indl-
eating that as large a proportion OF the manu-
featuring works are idle The sales of wool since
Ink have been 1850, 900 pounds at III" three
! largest markets against j0,3273so last year for
the same weeks, and 37,ijOsO0 in 1891. The
,akinrs Of cotton by Northern spinncrs since sep
TENDER have Seen 2l.7 per cent less than for the
same weeks Of the previous crop year.
| While n large proportion Of the wheels now
| illo could be- nut in motion quickly with changed
| conditions and IL is difficult 10 believe that I'll"
! CONSUMPTION Of the people has diminished, except
| for a short time ~ much a. the production IN
the great industries, it is still fact to ID" raced
| that with great body Of people out oil work. ana
| many more working a. reduced wages, ana te
| range of prices for farm products 50 low a. 10
| rive slender returns, some shrlnkage III puicmS-
inc ncver is unavoidable until after work has
bccn resumed long enough TO enable people -
buy freely again Part Of the decrease felt here
| is also felt in other countries thus Mr. Ellison
| rcckons British consumption OF cotton M II per
cent less than last year, and Continental coh'uhp-
| ton at . II per cent less.
| The industrial depression abroad may affect 20
| some extent the demand for farm products. Cot
| ton exports at this season are n'lgnicant, nut
| during the year now nearly ended foreign coun-
| tries have taken only A,30GGsS bales American
| cotton against 5,sO3,5i9 the previous year,
! though stocks OF American cotton abroad have
| decreased only -, 900 bales The price declined
| thrrceighths of cent last week, Southern reports
| continuing favorable. he yield last year was
| AT least 660O,600 bates, and all visible
| stocks - American have decreased only
| 3jo 1000 bales, which points 10 worlds
| consumption OF not far from 100000 bales
| American. but with larger yield this year and
1906, 900 bales American cotton still in sight, there
| seems To be- not much prospect of great advance
| in price. The unwillingncss of Western farmers
| to sell wheat AT current prices the lowest ever
| known at this season, with currency cmbarms'-
mcnts, accounts for the decrease in Western re-
ccipts, which have been only 7,l65,300 bushels in
| two weeks Of August against 3,i3s,SS6 for the
| same weeks last year. But the low prices are
| helping exports which have been from both
| coasts for three weeks l6,160,9lj bushels. flour
included, against II ,S77,Oi3 last year. The prcc
I.cl, h.,a and y .. IL
cago Corn is in large demand, and moves freely,
! the price being substantially unchanged here, but
! Ia cents lower at Chicago.
Exports OF domesticc products have been i'm
| proving Of late, but last week We're o per cent
| and for two weeks of August II Per cent less
| than last year Grain exports can hardly be t.v-
| pccted to increase much, being now about ND 10
the maximum, but cotton at low prices would
doubtless move largely in spite Of heavy forci.yn
| stocks Imports at New-lork declined heavily,
| last week - per cent, and for three weeks of
| August 3G.2 per cent below last years About
81 ,300 900 of the decrease for three weeks is in
| dry goods But last week alone compared with
last year. decrease of Sl,l00.OO0 arpcnls III i'm
ports Of coffee, $685., 900 in rubber $4,000 in
sugar. S32S,OOO in precious stones. $3.50, 900 in
tea, Sl0s,000 in wool and 81 100. 600 in lemons
The returns promise little excess of exports over
| imports, and the gold that is coming il virtually
| borrowed.
Repayment OF money borrowed 20 import gold
| caused contraction Of loans last week. but the
! gain in specie, only S4,10O.0O after "A loss of
| 100000 the previous week, looked strangely
in comparison with gold imports of 81 100000
in two weeks. Nor has the Treasury absorbed
the gold; it reported on Saturday S7I 90 900 less
than the week before with 5000 less legal
tenders against an increase of 100000 in silver