The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-24
DUN&CO.'S WEEKLYREVIEW
Best judges Find No Encouragement in
the Present Depression.
Issuing of the Clearing House Receipts at New
York Had Little Effect Beyond Narrow
Circle and Trade Is Suffering.

NEW YORK. June Or. g. Dun s. Co.'s
weekly review SAYS: The weekly improve
ment expected from the issue Of clearing
house certificates. thus utilizing credits in
stead of cash In local dealings. has not yet
been realized. Other cities. especially at
the West. have not taken similar measures
TO relieve the pressure. and the demand for
money from the anterior continues una
bffed. The volume of trade is considerably
reduced by monetary stringency. bank
clearings outside of New York declining
materially in comparison with last year.
In some departments of business orders for
merchandise are deferred. since there is no
assurance of ability TO carry the goods un-
til they are sold. while In other depart
ments orders are not received because
the future is disturbed. The effect on
theIgreat industries has been less thus far
than might have been feared. as most OF
the works are employed on orders booked
before the trouble began. but many works
are now reducing the number OF hands and
others must soon suspend operations I'M
less the prospect becomes clearer. In the
iron business no Improvement 10 perceived,
and pig ia az low as ever. While finished
products ere still In fair demand prices are
extremely low. liz is thought the closing OF
some works will reduce the output of pig
iron considerably. The wool manufacture
Is moving with greater caution than usual.
At the West. at present. mills are working
mainly on past orders. Cotton goods are
comparatively quiet, and while shipments
OF boots and shoes on past orders lar ex-
coed last years. new orders are not encour-
aging.
Speculative markets have been much de-
pressed by monetary stringency. wheat
having sold for several days at the lowest
price ever known here and at Chicago.
though the wide margin between juno and
September offers strong temptation for use
of money in carrying The movement of
grain from the farms Is large for the sea-
son. and by no means indicates exhaustion
or stock. and the visible supply decreases
slowly that purchasers are little en-
couraged. The new harvest already be-
gins, and prospects are decidedly bright
ened by much-needed rains In the North
west during the week. Lower prices have
increased the export demand. though it Is
not large enough to make much impression
on the enormous stocks IN sight. Corn has
been weak with more cheering crop pros
poets. and hog products are lower because
of monetary stringency. Cotton sharply
declined. but partially recovered With
stronger foreign advioes.
TRADE FEELS THE PRESSURE.
Accounts from othes cities nearly all
show that monetary pressure Affects trade
materially. that collections are unusually
slow and banks extremely cautious In
lending. even where they are strongly forti.
he'd. At Pittsburg the volume of the bust
ness has somewhat decreased. and the fact
that two prominent iron concerns are in
volved is not encouraging. Ii is thought
the mills in trouble will close. Decreasing
the output of pig. and strike regarding
wages also thought more probable. At
Cleveland trade is fairly good. but money
is close. At Cincinnati stringency makes
collections CLOSE At Detroit manufactu<-
ers are dIscnarging some employees with
prospect that many must close if stringency
continues. Rains have good effect
growing crops. At st. Paul aud
are much Sssh
Improvement on trade. though July
settlements will release large
sums and an easier market 10 expected.
Speculation is much curtailed. prices for
wheat being the lowest ever known. Local
securities have shrunk severely and pro-
visions are lower. Clearings snow a de-
crease of 30 per cent; real estate sales sc
and securities 10. compared with last year.
Receipts of nearly all products have de-
creased. Milwaukee reports money slight
~ easier. At Omaha trade Is good and
money plenty. ST. Joseph reports slow
collections. and Kansas City fair trade
and collections. Denver reports fair trade
but slow collections. At ST. Louis the
freight movement is gratifying Banks are
accommodating customers In all regular
business. but refusing spectators. At At
lants trade 10 fair for the season, but col
Lotions slow and money very close. At
M, bile trade is fair but money is tight.
The state of foreign trade is not yet sat-
isfactOry. for exports of products fall below
last years. at New York. IN June. thus tar,
$4,000, 000 or about II per cent. while inn
ports are still somewhat larger than a year
ago. Trading in stocks Is much affected
by monetary conditions and prices have
boen depressed an average of % Der cent. as
share. with some selling by foreigners of
securities recently purchased. There is
hope that July disbursements. the issue of
certificates and the increased grain ship
ment will bring better conditions, but tue
failures are still numerous and include
some of Importance. The failures for the
week number 2S7, as compared with totals
of 347 last week. For the corresponding
week last year the failures were 100.
c,TATE OF INDIANA MARION COUNTY SIS