St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
REvEEW OFTRADE.
Future Hope fixed OH tE,e Gold
Coming Over ana tiae Extra

Session.
New YORK, Aug. Ar. q. Dun &
Co.'s weekly review of trade: Demon
alization in speculative markets has
been followed by more healthy tone.
In money markets there has come
singular sense of relief, notwthstand-
ing actual increase in present embar-
easements almost amounting to paralysis
of exchange between the chief CONNER
cial cities, and of many industrial
works, because even per cent premium
for currency fails to secure what is,
needed for payment of wages. Hopes
are nevertheless fixed on the
ships bringing over Sll,O0o,Ol1
i'll gold across the sea, and
on the extra session of congress which
will begin Monday.
Several of the largest and bOldest
operators at Chicago have been crushed
under pork barrels, but the instant in
crease of foreign purchases cOnvinceS
the market that the disaster has brought
a certain measure of relief. The none
tary stringency, which at last crushed
speculation in wheat ana hog prouucts.
had been caused in part by their pre-
vention of exports and their absorption
of enormous capital in carrying unprece-
dented stocks OF products, Which if sold
i'll time to foreign consumers would
have brought gold enough to prevent
much evil. Wheat has recovered about
4 cents and pork s. or more at Chicago,
and orders for exports nave caused a
sudden advance i'll ocean freights
With the great surplus OF wheat brought
over from previous years the country
will be able 10 meet ali demands, even
though the crop proves small enough to
justify a considerable advance from
previous prices. With great crop OF
corn almost assured, unusual accumula-
lions OF pork and hog products would be
safer OH the ocean than i'll Chicago
warehouses and more helpful to the
country.
Stocks at the lowest point this week
averaged little more than SAL per share,
yet IL is a long way down 10 the prices
of 1877, averaging at the lowest S23 per
share, ana the condition contrast be-
tween the conditions and earnings of
the railroads now and then is greater
than that in prices. In anxious efforts
TO fOrtify themselves, banks through
out the country have locked up 4 large
amount of currency, and the depositors
who have drawn their accounts are also
keeping out of use many millions. As
than 50 each is but ST. 10000 while the
depOsitOrs i'll savings banks number
nearly 100000, the withdrawal or the
mere Withholding of accustomed de-
posts by a considerable proportion of
them has put out of the market much of
the small notes. The demand for these
has been so great that shipments OF
silver have in many cases been gladly
received, and the difficulty of getting
currency for paying employees causes Il
premium for currency in many cases
ranging as high as per cent.
Closing OF shops and works for lack
of orders Is the overShadowing fact.
Sales of wool are not third of last
years, and since the new clip the de-
crease has been A, 979 124 pounds, or
about 40 per cent. Prices are weak,
and yet SO low that decline seems I'M
likely. The Carnegie and some other
iron works have almost ceased produc-
ing, and as yet the demand brings no
further stimulus, though prices i'll this
line also are so low that most makers
prefer to stop than to take lower. In
boot and shoe shops the situation is
nearly the same, Eastern shipments
falling Off about quarter.
Gold imports may help to revive the
credits upon which a great share OF
business depends. The volume of do
mestic trade indicated by railway earn
ings is but 6 per cent smaller than last
year. While the failures of the week
number 436. against 100 last year,
great proportion of them are at the
West, and it is cheering to note that
comparatively few of Importance occur,
except in connection with speculative
operations. Failures during the week
number 1876 in the United States, against
16J last year, and 43 in Canada, against
"a last year. There were three failures
of a million or mOre-two at Chicago,
due to the break in the pork deal, and
one in New York city.