The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-10-07
AND TRADE
Industries Still Await Action by
the National Senate.
CURRENCY CIRCULATION INCREASE

A Distinct Check In Business Resulting
from Lack of Confidence Rather Than
Lack of RIoney-Tbe Business Failures
for the Year 60 Date.
New YORK, Oct T.-R. G. Dun & Co. g
weekly review of trade says: 1t is difficult
TO detect any signs ofimprovement While
there has been some addition to the mum
Der of manufacturing establishments and
the nupber of hands at work during the
past week, it is becoming painfully clear
that the orders obtained do not suffice to
keep employed at full time ever the linn
tied force at present engaged. The bust
ness transacted is still far below that of
last year in volume, in railroad earnings
the decrease being 1915 per cent in spite of
the large Worlds fair business, and in
payments through the principal clearing
houses outside of New York the decrease
is 26 per cent.
Reports from other cities disclose a dis
tinct check in business. There is on the
whole less activity and less confidence re-
gardinR the future than there was week
ago. and this is in many cases attributed
to the uncertainty regarding the monetary
future which delay in the senate causes.
While the volume Of all kinds of money In
circulation has increased e21, ,377, ,247 during
the month of September, and is now
greater by almost S1O6, 900, 600 than it was
this time last year, the embarrassment is
now, as it has been all the time, due to a
| lack of confidence rather than to lack of
currency.
There is not such encouragement as
might be desired in the industrial reports
for the week. In almost every department
orders are found too small to keep the re
stricted working force fully employed.
Many concerns are working short time,
while the general reduction in wages also
affects the purchasing power of the mill
ions who still have work. An increased
number of establishments are reported in
operation, but the sagging of prices in
print cloths and some other cotton goods,
and in the most important products of iron
and steel, discloses greatly retarded bust
ness.
Failures continue to decrease in number
and Importance, though not as much as
| has been hoped. The number reported in
the United States during the past week
has been 32O, against 1874 for the same last
year, and in Canada 40, against 80 last
year
The disposition to include all banking
| and financial failures with those of com
mercial and manufacturing concerns dur
ing the last year has led to statements
which do much injustice to mercantile in
terests. In the accounts published this
week under the appropriate heading it is
shown that the aggregate liabilities of
commercial failures during the last quar-
ter of the year were but $5S, ,6l4, 176 in
Guiding some not properly classified, and
that the aggregate of SS2, 040 may be
fairly compared with failures of a similar
character reported in past years.
During the first half of the year the fail
ures were in amount of liabilities $685.
| 920, $780, so that the aggregate not includ-
| ing banking and financial failures, has
been not more than $251 $40, ,s79. But It is
probable that some financial corporations
were included in the returns for the first
half of the year, and omission of these
would somewhat reduce the aggregate
From returns to this agency and all other
information obtained it appears that fail
ures of banks and corporations during the
three quarters of the year have beer about
71S in number, with liabilities amounting
TO about $3.50, ,S0O,00 Besides these, there
were failures of railway corporations,
whose liabilities, not including the stock
outstanding, were about S31s, 900 600 Thus
it appears that If all liabilities of individ-
uals, firms and corporations which failed
during the nine months of 1898 were con
sidered, the aggregate would not be far
from $3.50, 800 600. But for comparison
with previous returns relating to com
mercial and manufacturing concerns, the
aggregate of liabilities properly stated, Is
somewhat less than S251 600 900.