The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-17
TREND OF TRADE.
The Financial Depression Has Been
Somewhat Relieved
AND IMPROVED CONDITIONS NOTED
Tho South, West and Northwest tho
localities Most AaeotOd by Mone'
tapy stringeucy-WooI Prices Are
Upsattlea-The Need Of the Hour
Favorable Reports OF Wheat and
Corn Crops,
Btadshesfd,

A~niiclpations Of excessive demands
onNew York banks after July l result
ed in preparations to meet such re-
quests, and while mono such took place
the locking up of funds by capitalists,
bankers and others caused high rates
for money early in the week, further
restricted commercial discounts, re-
suited in several banks csshing checks
at the aub-treasury instead OF using the
clearing house, and in other ways pro-
duced q rather less favorable d%nsnctai
situation than at the close OF the pre-
cedlng week, which, however, has since
been relieved. Chicago. too, has felt
an increase in demand for funds, and
New York's relative inability to supply
the same was commented on west and
northwest. Thus far apparently Now
York alone has increased commercial
discounts, though onlyto q small extent.
Philadelphia, Boston. Providence and
Chicago have not advanced in this re-
spect as anticipated, but at the south
prospects are much brighter, a majority
OF cities reporting actual Improvement.
West and northwest no such gain has
taken place, although there Is no retro
grade movement.
Bank Clearings for the week have
barely reached tho billion.dollar mark,
with q total of 81, 900, 100000. 5per cent
less than last week and ~ per cent,
less than q year ago. Six months bank
clearings totals indicate that the de-
preston in trade in the first hall Of the
year affected the south, west and north
west relatively moro than other por-
tions OF the country. Exports Of wheat,
United States and Canada, continue to
furnish heavy totals each week, in.
creases Of late being from ope.half to
Itwo.thirds the totals for like weeks in
four preceding years. The total this
week la 4, 1874 900 bushels, or 100000.
more than in the week a year ago, and
u still heavier increase as compared
with preceding years. An unexpect-
eddy heavy increase OF stocks OF wheat
In Europe and ahoat for Europe last
week was not entirely offset by the rel.
atiyely small decrease in the United
States and Canada, even with the 100,-
600 bushels decrease in Australia in
!Cluded. Iron and steel industries are
interrupted rather more than usual,
but billets are 25c. higher. Wooden
aud cotton industries are slack, with
stocks OF the latter accommodating. Man
utacturers think the price Of wool will
go lower. Anthracite coal has been
arbitrarily advanced; lum Der Ia strong
or at the northwest and sugar is up tc.
Wheat, oats, cotton and coffee have
also advanced fractlonally, while leath-
or, live hogs, Indian corn and lard have
declined correspopdlnGly.
Railway gross earnings for June show
an increase Of So per cent over June
last year, but the total for six months
is only 40 per cent larger than in the
frat half of'1S02. Financial conditions
at New York tend To improve, in spite
Of an alleged "lockup" OF money by
savings banks aud private capitalists,
aud a temporary surplus OF clearing
house certificates in the settlements be.
tween banks. Money now tends to flow
towards the center, and the situation is
now regarded in banking circles as
more encouraging. Stock speculation
ut New York shows a better tone on the
disappearance Of trouble among dealers
in "Americans' at London and the bet
ter financial outlook. Foreign ex-
change Is firmer utter declining to
ASH for demand sterling, which 10 re-
garded as the gold.importing point, the
money market being too uncertain and
the supply Of bills too limited for any
heavy imports. About $3.50 0 in
gold Is, however, in transit from Lon
don. Business failures in the United
States IRE unusually frequent, number
ing 39S this week, against $40 last week
aud 100 in the week q year ago.