The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1893-07-27
BUSINESS OUTLOOK.
The Country Passing Through an
Extraordihnary Strain.
Record OF Bank Failures In Kansas and
Colorado-A Milwaukee Bank Closes
Big Mills and Factories Ceas-
ing Operations.
WEEKLY TRADE REVIEW.

NEW YORK, July pr. G. Dun &
Co.'s weekly review of trade says:
This week the country has withstood sur.
prisingly well an extraordinary strain The
failure of many banks aud firms have come
despite the relaxation in eastern and
in some southern and western
money markets. Denver banks were
overthrow largely by the crazy actions Of the
people, but in most cities statements show the
banks in q healthy. condition. and there has
since been noticed more readiness to extend
accommodation. Under all the conditions it
is astonishing that business has been so we'll
maintained with so little evidence Of unsound-
ness.
"The stagnation in iron has closed some mag.
netite mines in this state and New Jersey and
most Of the mines In Michigan. Coke is NOV
ing downward, pig iron is inactive, and though
dealings in bar and structural projects are
somewhat larger prices are the lowest ever
known
wheat has fallen cents, corn cent Pork
products and oil are lower. In place OF the ex.
pected advance in sugar q decline has come and
cotton, after some advance. recedes again.
Western receipts Of wheat are moderate and
exports fairly large, but unprecedented stocks
press for sale. The stock market closed last
week hopefully, but by Wednesday had reached
don and short sellers then bought and some re-
covery has followed
"At Philadelphia banks are holding currency
and strengthening themselves. An easier feel
ing prevails at Pittsburgh in ircn. The Cincin-
natl money market is easier and Cleveland re-
ports grocery trade good, but iron wholly mac
tive Toronto notes better feeling. Indianapo-
lis no improvement but banks in strong posi-
tion and Detroit quiet business with the out
look not very cheerful
'At Milwaukee the closing of some manu-
features and reduction of wages in others and
the failure Of the great iron syndicate are
noticed. At St Paul trade is restricted; at
Minneapolis lumber sales are reduced and sales
Of -four below the output Omaha trade is good
and St Joseph fair. Receipts Of cattle are light
at Kansas City. Denver trade is demoralized,
but now more hopeful, and many reported AS
signments are regarded as q measure Of pro-
lection. St Louis reports, business good in
volume and character. but trade checked BY
closeness Of money. banks fortifytng them
selves. ~st~9 fgf~ ~ ="
'The treasury has been paying gold to the
banks, but on the whole increasing its holdings.
Exports Of products are. q little larger than
year ago. but imports . so large.
1.-THE failures during tho past week number
49, in the United States, againat' 1o6 last year,
and twenty-five in Canada against nineteen,
two Of the failures exceeding 1,0O0 and lOi
failures in the United States numbered SHL"
Topeka. Kan, July 22.-During the
past week the following banks in the
state have closed their doors:
Bank of johnson City, Bank Of Weir City,
Caney Valley bank of Caney, Bank OF Meade,
Meade county, First national of Fort Scott,
Citizens bank OF Kansas City, Bank OF Rich.
mond, Farmers and Merchants bank Of Ossa-
wattomie, Citizens of Armourdale, First ma
tional of Anthony, Bank Of Belleville and the
Hutchinson national OF Hutchinson
COLORADO BANKS.
DENVER, Col, July 22.-Seven banks
in this city suspended during the past
week. Throughout the state suspen-
sions were reported as follows:
The Bank of Sterling, the Bank OF Loveland.
at Grand Junction. First national At Canyon
City and the Bank of Crested Butte.
A MILWAUKEE BANK ASSIGNS.
MnwAUKEE, Wis, July 22.-The Com
mercial bank has made voluntary as
signment. The assignee named in the
papers fled is A. b. Geilfuss, the
cashier of the bank, and his bond
is placed Mt s1,7O0, 900. The entire
fund of Milwaukee county, amount
ing to $310,624, was deposited in
the Commercial bank. Another big de-
positor was the newly-organized Mil
waukee Electric Railway company. to
the extent Of s2oo, 0Qp.s The last state
ment OF. the bank showed demand
deposits amounting to 1857, 74s and time
deposits e5ss. 919. The bank had q capi-
tai Of S25O. 900.
The liabilities of the bank are es-
timated at about 1880, 900 and the as
sets at about g. roc. 900.
BIC M1LLs 70 cLosE.
MiIroN MtLL5. N. H.rJply 22.-TAe