Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-08-12
A HEALTHY TONE.

Week.
New YORK, Aug. 5.-R. g. Dun's re-
view of trade says:
Decentralization in the speculative markets
has been followed by n more healthy tone and
heavy imports OF gold inspire hope that the
monetary troubles may abate. The week has
been one OF surprises Enormous liquida-
tion in wheat brought the lowest prices ever
known Tuesday. The crash OF the pork ring
took nearly $40 from the mt minal price OF that
product in an hour and caused several failures
for millions each. Extraordinary depression
in stocks and slaughter which included some
OF the best were quickly followed by bear
panic and sensational advances.
meanwhile in the money markets there has
come singular sense Of relief, notwithstand-
ing an actual increase in present embarrasS-
ments, almost amounting to a paralysis OF ex-
change between tho chief commercial cities
and Of many industrial works because per
cent for currency fails 70 secure what Is need
ed for the payment OF wages. Hopes are nev.
ertheless fixed on the ships bringing over sll,'
100000 gold across the sea and on the extra ses'
sion of congress, which will begin Monday.
Several of the largest and boldest operators
at Chicago have been crushed unSor pork bar
rels, but the instant increase OF foreign pur'
chases convinces the market that the disaster
has brought certain measure Of relief The
monetary stringency which at last crushed
speculation in wheat and hog products hao
been caused in part by their prevention OF e1.
ports and their absorption of enormous capital
in carrying unprecedented stocks OF production
which, II sold in time to foreign consumers,
would have brought gold enough to avert much
evil
"Wheat has recovered about four cents and
pork two dollars or more OF Chicago, ana or
ders for exports have caused q sudden advance
in ocean freights With great surplus OF
wheat brought over from previous years, the
though the crops prove small enough to justify
q considerable advance from previous prices.
With great crop Of corn almost assured, un
usual accumulation of pork and hog products
would be safer on the ocean than in Chicago
warehouses and more healthful to the country.
"StocRs at the lowest point OF the week av
eraged n little more than Si1 per share, but Is
yet o long way down to the prices Of 1871, av.
eraging at the lowest s23 per share, and the
contrast between the condition and earnings OF
railroads now and then is.greater thin the diff
ference in price. Railroad earnings continue fair
ly satisfactory though they show recent de.
crease and u reduction Of rates for worlds fair
travel For good stocks some recovery from
such y fall hat OF last week was inevitable,
and its rapdity indicated how many stocks ha ]
been absorbed by investors here and abroad
"Bank failures have been almost us numer.
Gus this week as for either Of the two preced.
| ing weeks, but fewer have been OF more than
local Importance, The western states show
greater distrust or weakness than other Sec
| lions. Out OF 1859 banks failed since March
| were in eastern cities, 4S in southern and l5l
in western states. The failures OF national
| banks numbered 5S; OF state banks, 70,
| and OF private banks 67 In anxious ef.
| forts to fortify themselves banks tt ouQhou'
| the country have locked up large amount
| of currency and the depositors who have
| drawn their accounts are also keeping
| out OF use many millions. AS the entire
| oil LAT Of
| s1l,OO0OO0. while the depositors in savings
| banks number nearly 5.OOOOOO the with
drawal, or the mere Withholding OF accus
toned deposits by u considerable proportion
| OF them would put out OF the market much o.
| the small notes The demand for these has
| been so great that shipments of silver in many
| cases have been gladly received and the dim
| Guilty OF getting currency for paying employees
| causes u premium for currency, in many case:
| ranging as high as per cent
"Closing of shops and works for lack OF orders
| is the overshadowing fact Yet many stop
| pages are only for few weeks, unless circum
| stances should lead managers to extend them
| and il is believed that the consuming deman'
| has not been reduced in proportion 10 the pres
| ent decrease of production, so that better or
ders may presently enable many works to re
| sumo. Most OF the large carpet mills Eav'
| closed: so have large share OF works pro
| ducing mems woolens and many OF those pro
| ducing dress goods, fannels and knit goods
Prices are weak and yet SO low that much de
| cline seems unlikely.
| ''rhe Carnegie and some other iron work
| have almost ceased producing, and yet the de
mand brings no further stimulus, though price
| in this line also low that most maker
prefer to stop than to make lower. In boo
and shoe shops the situation is nearly tn
same eastern shipments falling of about
quarter.
Full accounts from many places sho'
how well banking and mercantile interests or
sustaining the extraordinary strain and prov
that the volume Of retail business is nowher
restrained as yet in proportionment TO the cui
tailment OF wholesale trade. Gold import
may help to revive the credits upon which
great share OF business depends. The volum
of domestic trade, indicated by railway carr
ings, is but per cent smaller than last veal
and clearings at the chief cities show o d'
crease of 10 per cent outside New York.
"While the failures OF the week number 4;
against 100 last year, great proportion {
them are NJ the west, ard IL is cheering TO not
that comparatively few OF importance occu
except in connection with speculative oper:
tons. The west contributed most largely I
| the number OF failures, 237 being reported froI
that section. In the east there We're l53 and
| the south forty-six. There were three failure
| OF q million or more-two at Chicago, due
the break in the pork DEAL and one in New Yos
| city,"