The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10
WEEKLY TRADE REVIEW
r. 9. Dun & Co. on the Condition Of the
Business Of the Country.

Business Of the Country.
NEW YORK, Aug. R G. Dun g.
Co.'s Weekly Review of Trade will
say:
Generalization in speculative mar
kets has been followed by a more
healthy tone. In the money market
there has come a singular sense of re-
lief, Notwithstanding actual increase
in pres emit embarrassments at most
amounting to paralysis of exchange
between the chief commercial cities
and of many Industrial works, because
even 2 per cent premium for currency
fails to secure what is needed for pay.
ment of wages.
Hopes arenevertheless fixed on ships
bringing over $11 100000 gold across
the sea and on the extra session Of
congress which begins Monday. Sew
eral of the oldest and boldest operators
at Chicago have been crushed under
pork, but the instant increase of for
eign purchases convinces that the
markets disaster has brought a certain
measure of relief.
The monetary stringency which has
at last crushed speculat;ons in wheat
and in hog products has been caused
in part by their prevention of exports
and their absorption of enormous cap
ital in carrying unprecedented stocks
of produce which, il sold in time to
foreign consumers, would have brought
gold enough to prevent much evil.
Wheat recovered about 4 cents, and
pork about SO or more at Chicago, and
orders for exports caused sudden adj
vance in ocean freights. With the
great surplus of wheat brought over
from previous ears the country will
be able to meet all demands, even
though the crop proves small enough
to Justify considerable advance from
previous prices.
With the great crop corn almost as
sulned unusual accumulations of pork
and hog products will be safer on the
ocean than in Chicago, and more hope
full to the country.
Stocks at the lowest point this week
averaged little more than BAL per
share, but 1t is yet long way down to
the prices OF 1887, averaging at the
lowest 1923 per share, and the contrast
between the condition and earnings Of
railroads now and then is greater than
the difference in prices. In anxious
efforts to fortify themselves the banks
throughout the country locked up a
large amount of currency, and deposit-
ors who have drawn their accounts are
also keeping out of use many millions.
AS the entire circulation of bills less
than So each is but S7l 200 900. while
depositors in Savings banks number
nearly $4,000, 900, the withdrawal or
mere withholding of the accustomed
deposits by a considerable proportion
OF them has put out of the market
many OF the small notes. The demand
for these has been so great that ship
ments of silver have In many cases
been gladly received, and the difficulty
of getting currency for paying en-
ployes causes premium for currency
in many cases, ranging as high as Q
per cent.
The closing of shops and works for
lack OF orders is an overshadowing
fact. Sales OF WOOL are not third Of
last years and since the new clip the
decrease has been a, 795, 270 pounds. or
about 46 per cent. Prices are weak
and yet so low the decline seems un-
likely. Carnegie and some other iron
works have almost ceased producing.
and as yet the demand brings no fur.
ther stimulus, though prices In this
line are also 80 low that most makers
prefer to stop than to take lower.
In boots and shoes the situation il
nearly the same, Eastern shipments
falling off about a quarter. Gold inn
ports may help to revive credits, upon
which great share of BUSH
ness depends. The volume of domes
tic trade indicated by railway earn
ings is but Q per cent smaller than last
year While the failures OF the week
number 436 against 100 last year. a
great proportion OF them were at the
West and it is cheering to note that
comparatively few OF Importance oc-
cur except in connection with specu-
lative operations.
Failures during the week number
436 in the United States against 100
last year, and "a In Canada against
"a last year. There were three fail
ures OF a million or more, two at Chi
cago, due to the break in the pork
deal, and one In New York.