Breaking Away

IMPKOVIÍMK.VI1 SHOWS. New Yoük, Aug. 5. - 11. (}. Dun's review of tratle says: "Demoralization in the speculativc markets has been followed by a more healthy tone, and heavy Imports of gold inspire hope that the moDetary troubles may abate. The week has been one of surprises. Enormous üquidation in wheat brought Ihe lowest prices ever known Tuesday. The crash of the pork ring took nearly 110 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 lncluded soms of the best were quicRly foUowcd by a bear panic and sensational ad vances. KORST MAHKET RELIEVED. "Mcanwhüe in the money markets there has come a singular sense óf relief, notwtthstanding an actual increase in present embarrassments, almost amounting to a paralysis of exchange between the chief commercial cities and of many industrial works because 2 per cent, for curreuoy fails to secure what is needed for the payment of wages. Hopes are neverthelesstlxedon the sliips bringing over til,000,000 gold acros:! the sea and on the extra sesion of congress, whlcta wlll begin Monday. HAD 1TS BRIQRT SIUK. "Several of the largest and boldest operators kt Chicago have been crusbed under pork barrels, but the instant increase ot íoreign purthases convinces the market that the disaster has brought a certain measure of relief. The monctary stringeney whieh at last crushed gpeculation in wheat and hog produets had been caused in part by their prevention of exports and their absorption of enormous capital in carryins unprecedenti'd stocks of production which, if sold in time to íoreign consumera, would have brought gold enough to avert much cvll WBEATAKD PORK niCHER. "Wheat has recovered about four cents and porlc uvo dollars or more at Chicago, and orders for exporta have caused a sudden advance in ocean freights. With a great surplus of wheat brought over from prevíous years, the country wlll be able to meet all demanda, even thoigh the crops prove small enough to justify a considerable advance from previous prlceá. V.'ith a great erop of corn almost assured, unuaual accumulation of pork and hog products would be safer on the ocean than in Chicago warehouses and more healthful to the country. THE STOCK MAKKET. "Stocks at the lowest point of the week averaged a little more Ihan Ï41 per share, but is yet a long way down to the preces of 1877, averaging at the lowest Í23 per share, and the contrast between the condition and earnings of railroads now and then is.greater than the difference in price. Railroad earnings continue fairly satisfactory, though they show a recent decrease and a reduction of rates for world's fair travel. For good stocks some recovery from uch afall as '.hat of last week was inevitable, and its rapidity indieated how many stocks had been absorbed by investors here and abroad. ÏINAN'CIAL DISASTERS. "Bank failures have been almost as numerous this week as for eiiher of the two preceding weeks, but fewer have been of more than local importance, The western States show greatcr distrust or weakness than other aecions. Out of 169 banks failed since March 5 were in cas urn cities, 48 in Southern and 151 in western states. The failures of national banks numbered 58; of state banks, 79, and of private banks tir. Is anxious efforts to fortify tbemselves banks throughout the country have locked up a large amount of eurreucy and the depositors who have drawn their accounts are also keeping out of use many mtllions. As the entire circulation of bilis of less than 15 each is but 71. 000,000. while the depositors in savings banks number nearly 5.000,000, the wlthdrawal, or the mere withholding of accustomed deposita by a considerable proportion of them would put out of the market ïnuch of the small notes. The demand for these has been so great that shipments of silver in many cases have been gladly received, and the diffloulty of gettlng ourrency for paying employés causes a premium for currency, in many cases ranging as high as 2 per cent TSMPORARILY CLOSED. "Closing of shops and works for lack of orders Is the overshadowlng faot Yet many stoppages are only for a few weeks, unless oircumstances should lead managers to extend them, and it is belleved that the consuming demand has not been reduced in proportion to the present decrease of production, so that better orders may presently enable many works to resume. Most of the large carpet milis have closed; so have a large share of works producing men'a woolenH, and many of those produolng dress goods, fiaunels and knit goods. Prices are weak and yet so low that much decline seems unliknly. ' The Carnegie and some other iron works have almost ceased produclns, and yet the demand brings no further stimulus, though prioes in this line also are so low that most makers prefer to stop than to make lower. In boot and shoe shops the situation is nearly the same, eastern ihipments falling off about a quarter. STAND THE STRAIN WELI. "Full accounts from many places show how well banking and mercantile interests are sustaimng the extraordinary strain and prove that the volume of retail business is nowhere restrained as yet in proportionment to the curtailment of Wholesale trade. Gold Imports may help to revive the credits upon which a great share of business depends. The volume of domestic trade, iudicated by railway earnings, is but 6 per cent. smaller than last year, and flearings at the cbief cities show a decrease of 16 per cent. outslde New York. THE FAILURE RECORD. "While the f allures of the week number 456 agatnst 160 last year, a great proportion of them are at the west, and lt is cheering tonote that comparatlvely few of importance occur except In connection with speculative operatJons. The west contributed most largely to the number of failures, 237 being reported from that section. In the east there were 133 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. "