The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1893-06-08
MORE STRINGENT.
Finance, Manufacturing and General
Trade Show DiscOuraging Conditions.
New YORK, June 3.-The weekly re-

Finance, Manufacturing and General
Trade Show Discouraging Conditions.
New YORK, June 3.-The weekly re-
view of trade says:
more disheartening conditions have pre-
vailed during the last week, and those who saw
the beginning OF permanent recovery in the
better tone week ago are dfsap-
pointed. The money markets have been
closer, especially in the interior, and
manufacturing and trade are more re-
stricted than before Gold has gone out again
in large amounts, exports for the week being
about $5,OOO.00O, and the treasury gold reserve
has been drawn down to about 500 100000 In
nearly all departments of trade uncertainty
about the future has depressing influence,
which is now clearly perceived in decrease of
new business, and while most manufacturing
works are yet employed on full orders as these
run out the number OF works closed increased
General trade has already been cut into,
noticeably in eastern and middle states. to Q
marked extent in central, northwestern and
western states, but to more moderate extent
south. Interviews with several hundred
prominent jObberS, manufacturers and bankers
at leading money center indicate likeli.
hood OF continued stringency and that
general trade may be restricted still fur
ther. Opinions offered are not altogether
gloomy with respect to the outlook, but the
banks are calling loans in many directions
and in other ways strengthening reserves, and
generally refusing to extend or grant dis
counts to other than regular customers. Eff
forts are making to protect certain lines OF
trade, notably grain. Money lenders are af-
fected by the prevalent sense of uncertainty
in the financial world and do not regard the
outlook as encouraging. An influence may be
exerted as well by the wages contests in iron
and steel industries at the west during the
summer. The tendency Of prices continues
downward and includes wool. finished iron,
hides, sugar, hogs, wheat corn and oats, lard
and cotton, nominal advances being reported in
tobacco and coal. At Chicago wheat is.
quoted an eighth below the lowest price for
thirty years. Speculative markets have been
sinking Stocks are nearly - per share lower
than week ago. Wheat has declined X cents,
corn ~ cents and oats TX cents, with moderate
transactions, few caring to buy wheat with
enormous stocks in sight. Lard and hogs are
lower and cotton has declined a sixteenth with
moderate sales, though receipts are small
Exports of products still fall below last
years in value, and there is much withdrawal
of money loaned in this country on foreign &C
count The fact that S5OOO.OOO of such loans
mature within the next week leads to the ex-
pectation of further exports of gold.
Failures during the last week have been 238
in the United States, against 275 last year, and
q in Canada against 81 last year; but two of
the United States failures were for more than
$1,000, OOO each, four others were of firms rated
at over 1900 900 each, and forty more of firms
rated at over 5000 each Last week the total
number of failures was 273"