The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-07

loEAl TOT seven uRya pelHK. pluSSIuVv
bushels, against 40 per cent less in the
week q year ago, 100000 bushels two
years ago, and 2,l6G, 900 bushels three
years ago. Stocks OF wheat in the
United States, Canada, ailoat for and In
Europe equNllGd l5l,000,000 bushels
August ], or from 80, 0o0,000 10 SO, 100000
bushels more than on like periods in
preceding years. Wheat prices reacted
after the new "lowest on record made
this week, but cereals, hog products,
live stock, wool, cotton, coffee and
almost all staples are weak, with a
downward tendency. Jobbers have to
contend with a desire by country mer-
chants to cancel orders, and at a mum.
Der OF weatarn centres the volume OF
general trade ie about one-half that OF
a year ago, while total wages paid in
industrial lines at Ire points are SINH
i Fly reduced in .lume. Chicago be.
sves that liquidation in grain and
provisions is over, and that treer
exports Of the latter will result, Chicago
packers and grain shippers selling 20
interior eastern points, having been
unable to sell their New York exchange,
are ordering the currency to pay for
stuff shipped direct by express, thus
doing away with banks. AT New York
credit OF both banks and commercial in
forests Ia unimpaired, but actual money
Ia scarce and commands q premium. Tho
arrival Of gold in transit ia expected to
clear the atmosphere and relieve pres
sure. Demands for actual currency
from all quarters on New York are
pressing. The scarcity of small notes
and Of silver dollars Is q feature. Banks
are generally refusing or complying
! only partially with requests for large
sums, Outside savings banks and man
u~iacturers requiring currency are OBJ
tanning some amounts through dealers
in bullion, premiums OF from 8aS per
cent being paid for notes and gold. The
New York Sub-Treasury is obtaining
gold certificates largely in exchange for
notes, thereby releasing gold held
against certificates, so that the free gold
in the Treasury IL now 500, 900, 900, the
legal.tender reserve fund being thus
restored. The decline in exchange
rates due to foreign buying on the
recent breaksin wheat and securities was
aggravated by the collapsein provisions,
and resulted in heavy engagements OF
gold in Europe. Tho total amount OF
gold now in transit Is about $500, 900,
mainly in American coin. OF this ST.
100000 was taken for Chicago account
and 100000 for Boston. Actual re-
ceipts OF gold at New York this week
were about Sl,Q0O,000j prin cipally from
Weat Indies. Tho tendency OF the New
York stock market is to discount the
gold importations and tho increased
national bank circulation. The short
interest Ia enormous, and active stocks
command premiums for use by bear
operators. The bear interests accord
ingly exhibit paniUkV symptoms, the
buying to cover shorts causing sharp
reCoveries in prices. Tho pressure Of
securities offered by savings institu-
tons is also decreased, but the bond
market shows great irregularlty. There
are 450 business failures In the United
States reported this week, against 4s9
last week, 1855 in the week a year ago,
2l8 two years ago, and 1855 three years
ago.
NMoney remains stringent at Boston,
Hartford, Providence and Philadelphia,
with a depressing effect on business.
l 4uSIe ~ u sululloT NoluulS VI OIuvEh
being received at Baltimore, and banks
are not meeting the out-of.town demand
for currency. Currency is scarce at
Pittsburgh also, but at Buffalo banks
are refusing to ship currency west,
while having sufficient for local demand.
Trade there is dull, and savings banks
profess not to need the sixty-day rule.
Good crop prospects south tend to
produce n more hopeful feeling at Nash
vile, Atlanta, Now Orleans, Little Rock,
Houston aud Galveston. No currency
scarcity Is noted ut Charleston or Mo-
bile. Banks at Memphis, Galveston,
New Orleans, Birmingham and Rich
mond appear to regard the New York
bank currency issue as q promising re.
Lief. Currency is scarce at Birmingham, !
but confidence since the bank failure is
returning.
At Louisville and Minneapolis, where
recent bank embarrassments disturbed
trade, confidence is being restored. |
though the volume OF business is
small. Chicago finds an encourage.
ment in the extreme liquidation in
wheat and provisions and prospective
gold receipts. Fall trade there prom
Uses to be late. Minneapolis says cur
rency is not scarce yet, but banks
there cannot borrow any east, while |
merchants at interior points are buying
very conservatively. St Louis, too, an
nouncea a better feeling in financial
circles, based on what bankers regard
aa in prospect, and at Kansas City, |
whore an embarrassed bank has re-
sumed, currency is coming in from the
country and is moderately plentiful. |
Excitement ut Milwaukee duo to recent
bank failures has subsidized, and the sit
uation has improved to that extent,
and at Omaha currency Is in ample
supply and u better feeling prevails, |
except as to live gtoCk, the market Tor
which has been demoralized. Duluth
industries arc largely idle, and New
York exchange sells at a prohibitory
rate. Detroit reports country banks
calling for funds to move crops, while
currency is being boarded and some
factories are closing. The like Is true
at Cincinnati, and to a large extent at
Cleveland.
Colorado country merchants are
buving sparinRly, and many there arc
boarding currency, but Denver banks
claim Increased deposits and currency.
San Francisco anticipates q fair fall
trade, but business IL quiet there now.
Recent bank suspensions have tOm.
porarily paralyzed trade at Portland,
Orc, and wholesalers arc withdrawing
travellers from tho road.
t%hFouphouk thu Canadian Dnninton |