The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-19
FINANCE And TRADE.
A Rift in the Clouds of Existing
Financial Depression.
FAINT SIGNS OF IMPROVEMENT

Waiting for Signs from Washington.
Resumption of Productive Industries
becoming More Frequent.
NEW Yot-., Aug. i9-R. G. Dun g. Co. e
weekly review of trade says: There is a
rift In the clouds. Faint and yet definite
signs Of improvement are all the better be-
cause they come, not from possibly delu-
sive hopes or from nomentary foreign aid,
but from the good sense and the wonder
ful recuperative power of the people them
selves. Business ia trying to go ahead
without waiting for Washington. I'M
ported gold, %, o00, 900 or more during the
week. does not 60 to the right spot, but
the people are creating homemade cur
Irency for themselves by using certified
checks in paying hands, selling local ac-
counts and purchasing grain and cotton.
The bank circulation has increased 81, 600, :
600, but the decrease on deposits of ma
tional banks alone, May to July 10, was
sl9s, l6a, 5ss, and during the past month
withdrawals have also been heavy.
Little money comes back as yet from
timid boards, and the paralysis of ex.
changei is as complete as ever, but that
/
relying more on itself and less on the gov
ernment and Wall street. Many concerns
are falling or closing, but assumptions are
now becoming somewhat frequent, and in
the very shrinkage of production men see
evidence that demand must soon overtake
supply.
\ No such shrinkage resulted at any time
Y In five weary years after the panic of 1875
as has already appeared In great Industries.
Pig iron does not rally, but sells at ga
here and slS at Pittsburg for No. /, though
the weekly output has been reduced 40 per
cent since May l, but few large iron and
steel works are beginning to resume ope-
rations Though have failed and "a
stopped during the week Il have resumed.
Only third of the Connellsville coke
ovens are at work, but coke at % gives
\ better chance to iron manufacture.
Sales of wool in seven weeks have been
only 17,515,d0o pounds, against so, 32T $3.50
last year and 37,450, 800 in 1891, and it is
stated thai $1,000 looms and 1850, 900 spin
dies in New England are now idle which
means more than quarter of the cotton
spindles IN the country, but 90 knitting
mills and other cotton and wooden mills
have resumed, while % have stopped and
one failed during the week.
4 With such shrinkage in the great indus.
{ tries 1t is only surprising that railroad
earnings do not decline more, the increase
on roads reporting in August thus far be
ing IS per cent. The decrease Of % pei
cent. in clearings ottside New York las,
/, week, and 80 per cent. this week is only
, natural. A little more money is now
r found for commercial loans and failures
=. of banks have both become less important
, and less frequent, though the creates,
pniItipp ie IL pNgtl I'm iafi n,
receiyership for the Northern Pacific had
], been SO fully discounted that it produced
: little effect in the stock market, though
this is the third great railroad default thi,
year, and the aggregate stocks aud bond.
OF the three roads amount to $3.50, OO0, 900
= Prices of securities have yielded compare
n lively little, the average for railroad stocki
!. being s43. &c against S45,34 last week, ant
trading has been dull.
o Speculative markets have generally de
o clned fraction In spite Of crop reports
= which are not solid enough to outweigh
l great stocks in sight. Cotton fell a quar-
n ter OF cont with somewhat better report.
of probable yield. Wheat draRs neal
Q the lowest figures ever known, In spite o.
d decrease in visible supply, for though Yves
o tern receipts are not large stocks on hant
are far beyond the power of speculation
TO carry with money markets In theil
present condition. The movement of corr
ia decidedly large, With CROP Prospects i'm
n proving.
8. Late advioes from Washington are no
g more encouraging ip regard TO hnancia
= action. The treasury has been iosinJ
money rapidly, holding $1,000 900 less ii
y gold, q, zoo, 900 less Id Silver and 5000, 90
). less legal tenders, In excess OF outstandinI
,. certificates, than 1t held one week age
/ while the new treasury notes outstanding
!. have increased s400, 900. II is coming SINAI
Is gold as rapidly as possible. and issue
- IS, 500, 600 additional bank notes during tn
first half of August, but has very Unite
power, because rapidly diminishing rt
ceipts are no longer enough to cover tn
ID necessary disbursements. The New Yor
ID clearing house has now issued S37, $50, 90
II certificates and the Boston clearing hous
o Gil, 100000, but more important relic
"a comes from the abatement of the drai
y upon savings banks and of the deman
- upon other banks for currency to be use
nj in paying hands in this and adjacen
IN states.
81 But this decrease in demand is of itseI
Id evidence that industries and trade al
G. greatly embarrassed, many works havin
stopped and many hands receiving n
wages. The more hopeful signs whic
appear should be interpreted with flu
81 understanding that a genuine revival (
10 business cannot begin until a larger d
II mand for goods and better condition
,r otherwise enable greater proportion ,
10 the shops and mills to employ and r
es numerate labor as usual. AS yet Il
re works closing exceed in number those +
Mt Stunning, and the failures continue eac
81 week to restrict the number of firms alb
II + :. to share In the employment Of hands al
re- the transaction of business,
The failures this week number 4ss in IL
United States, against 1oe for the san
week last year, and 81 in Canada, again
It. 25 last year. OF United States failur
ar l54 were in the eastern states, 81 in sout
al ern aud 2l7 In western states and teri
st tories.