The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1893-08-12
BREAKING AWAY.
Clouds in the Financial Sky Dis
persed by Gold Imports
Trade Shows More Healthy Tone-Ths
Coming of Gold Brings Feeling OF
Relief to Monetary Circles-Busi-
ness Situation Reviewed.

/ Coming of Gold Brings Feeling Of
| Relief to Monetary Circles-Bust-
I ness Situation Reviewed.
| IMPROVEMENT SHOWN.
New YORK, Aug. 5.-R. G. Dun's re
view of trade says:
Decentralization in the speculative markets
! has been followed by 9 more healthy tone. and
heavy imports OF gold inspire hope that the
monetary troubles may abate. The week has
j been one of surprises Enormous hqufda'
! ton in wheat brought the lowest prices ever
known Tuesday. The crash OF the pork ring
took nearly $40 from the nominal price OF that
product in an hour and caused several failures
for millions each Extraordinary depression
! in stocks and a slaughter which included some
of the best were quickly followed by bear
! panic and sensational advances
i MONEY MARKET RELIEVED.
meanwhile in the money markets there has
come singular sense Of relief, notwithstand-
ing an actual increase in present embarrass-
nents, almost amounting to a paralysis OF ex-
change between the chief commercial cities
and of many industrial works because per
cent. for currency fails to secure what is need
! ed for the payment OF wages. Hopes are nev.
ertheless fixed on the ships bringing over $1l,.
100000 gold across the sea and on the extra Ses-
sion of congress, which will begin Monday.
HAD ITS BRIGHT SIDE
Several of the largest and boldest operators
at Chicago have been crushed under 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 had
been caused in part by their prevention of ex-
ports and their absorption OF enormous capital
in carrying unprecedented stocks OF production
which, if sold in time to foreign consumers,
would have brought gold enough to avert much
evil
THE STOCK MARKET
"Stoclks at the lowest pom: of the week av-
eraged little more than Sal per share. but is
yet long way down to the prices OF 1877, av-
eraging at the lowest s23 per share, and the
contrast between the condition and earnings OF
railroads now and then is.greater than the dill
ference in price. Railroad earnings continue fair
ly satisfactory though they show a recent de-
crease and a reduction Of rates for worlds fair
travel For good stocks some recovery from
such fall as that of last week was inevitable,
and its rapidity indicated how many stocks had
been absorbed by investors here and abroad
FINANCIAL DISASTERS.
spank failures have been almost as 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.
+ions Out OF 1859 banks failed since March
s were in eastern cities: 48 in southern and Isl
in western states. The failures of national
banks numbered 3d. OF state banks, 70,
and of private banks 81. In anxious ef-
forts to fortify themselves banks throughout
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
circulation of bills of less than IS each is but
81 ,0OO, 900. while the depositors in savings
banks number nearly 5000 Co., the with
drawal or the mere Withholding OF accus-
toned deposits by considerable proportion
of them would put out of the market much OF
the small notes. The demand for these bias
been so great that shipments Of silver in many
cases have been gladly received, and the diff
Guilty of getting currency for paying employees
causes a premium for currency, in many cases
ranging as high as per cent
TEMPORARILY CLOSED.
"Closing of shops and works for lack of orders
is the overshadowing fact. Yet many stop
pages are only for few weeks, unless circu1n-
stances should lead managers to ex tend them,
and it is believed that the consuming demand
has not been reduced in proportion to 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 have
closed: so have a large share OF works pro-
ducing mems WOOleus, 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.
THE Carnegie and some other iron works
have almost ceased producing, and yet the de-
mand brings nc further stimulus, though prices
in this line al:o SO low that most makers
prefer to stop than to make lower In boot
and shoe shops the situation is nearly the
same. eastern shipments failing off about
quarter.
STAND THE STRAIN WELL.
"Full accounts from many places show
how well banking anu mercantile interests are
sustaining the extraordinary strain and prove
that the volume Of retail business is nowhere
restrained as yet in proportionment to the cur
tailnent of wholesale trade Gold imports
may help to revive the credits upon which
great share ct business depends. The volume
of domestic trade, indicated by railway earn
ings, is but per cent smalh.r than last year,
and clearings a. the chief cities show de-,
crease of is per cent outside New York.
THE FAILURE RECORD.
'While the failures of the week number 4S6
against 100 last year, a 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 opera
tons The west contributed most largely to
the number of failures, e37 being reported from
that section. In the east there were 1S3 and in
the south forty-six. 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"