Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-19
RIFT IN THE CLOUDS
Business Going Ahead Without
Waiting for Congress.
DUN 4 CO.'S WEEKLY REVIEW
Bank Circulation Increa<ed g.. ooo.-
o0o--Iroa and steel Works fesamc.
Better Demand fbr Goods.

Co.'S weekly review ot trade viii say:
There IL q rift In the elouds Faint and
yet definite signs Of improvement are all
the better because they come. not from
possibly delusise hopes or from mone-
tary foreign aid. but from the good and
the wonderful recupsrstivs power Of the
people themselves Business 10 trying
TO 60 ahead without waiting for Wash
ington. Imported gold. 100000 or
more during the week. does not 60 10
the right spot. but the people are Gre
ating home made currency for them
selves by using certified checks in pay
ing hands. selling local accounts aud
purchasing grain and cotton. The bank
circulation has increased S2.0oo.0oo. but
the decrease on deposits OF national
hanks alone from May 4 10 July II was
si93. les. .5s8. and during the past months
Withdrawals have also been heavy.
Littlc money comes back as yet from
timid boards and the paralysis Of ex-
change Is nearly as complete as ever.
but that very fact pushes each section
and city into relying more on itself aud
less on the government and on Wall
street. Many concerns are failing or
closing, but assumptions are becoming
somewhat frequent and in the very
shrinkage OF production men see eyi-
denee that demand must soon oyertake
supply.
Iron Works Resume.
No shrinkage resulted at any time in
live weary years after the panic Of 1873,
as has already appeared in great indus
tries Pig iron does not rally. but sells
at $l4.00 here and sl3o0 at Pittsburg for
No. 1.though the weekly output has been
reduced 46 per cent since May /, but a
few large iron and steel works are be-
ginning 90 resume operations. Though
five have failed and twenty four stopped
during the week, fourteen have resumed.
Only third Of the Connellsville coke
ovens are at work, but coke at e1.25
gives better chance to iron manufac-
turers. Sales OF woolens in seven weeks
have been only IL. .775, GOO pounds against
50327 $50 last year. and 81, ,45O, 500 In
1891. and il is stated that $4,000 looms
and 100000 spindles In New England
are now idle. which means more than a
quarter OF the spindles In tho country.
Somewhat fewer cancellations are met
in dress goods, and there is moro buying
OF fall woolens. Shipments Of boots and
shoes from Boston since the end OF June
have been 462,Sis cases. against 572. .345
last year. decrease Of 17i< per cent.
but little more demand for goods is
now seen. and some factories near Bos-
ton and Philadelphia have resumed.
More Money for Loans.
With such shrinkage in the great In
dustries, il is only surprising that rail-
road earnings do not decline more, the
decrease on roads reporting in August
thus far being Is per cent. The decrease
Of - per cent in eclearings outside OF
New York last week and 30 per cent this
week is only natural. A little moro
money is now found for commercial
loans, and failures OF banks have be-
como both less important and less fire.
quent. though the greatest caution is
shown in accommodations. The receiv-
ership for Northern Pacific had been so
fully discounted that il produced little
effect in the stock market, though this
is the third great railroad default this
year. and the aggregate stocks and bonds
OF the three roads amount to S6o0, 100000.
Prices OF securities have yielded CON-
parativcly little. the average for railroad
stocks being s4362 against s45.d last
week. aud trading has been dull.
Speculative markets have generally de-
ciinei fraction. in spite of crop reports
which are not solid enough 10 outweigh
great stocks In sight. Cotton fell
quarter OF q cent with somewhat better
reports OF probable yield.
Crop Prospects Improving.
Wheat drags near the lowest figures
ever known In spite Of decrease in yisi-
bic supply for. though western receipts
are not large, stocks on hand are quite
large. The movement OF corn is de-
cidedly large. with crop prospects i'm
proving. Date advices from Washing
ton are not encouraging in regard 10
financial action. The treasury has been
losing money rapidly. holding f6.6O0. 600
loss in gold, sl. 10000 less in silver and
100000 less legal tender ia excess of
outstanding certificates than IL held one
week ago. while rhe new treasury notes
outstanding have increased 100000. IL
is coming small gold as rapidly az posi-
ble and Issued $500 600 additional bank
notes during the first half of August.
but has very limited power because u
rapidly diminishing receipts are no
longer enough TO cover the necessary
disbursement.
The failures this week number 4a5 in
/ the United States against l92 for the
same week last year and q IN Canada
I against - last year. OF United States
failures l5s were in tho eastern states.
81 In southern and 2i7 IN western states