The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-07-22
FINANCE AND TRADE.
Dun's Encouraging View Of the
Business Outlook,
BANKS IN A HEALTHY CONDITION.

The Country Has Stood Surprisingly Well
an Extraordinary Strain, Though There
Were Nearly five Hundred Failures
During the Week.
New YORK, July OR. G. Dun s. Co.'s
Weekly Review of Trade says; This
week the country has withstood surpris-
ingly well an extraordinary strain. The
failure of great many banks and firms,
of great iron syndicate and other COM
panies, the remarkable fall in stocks, and
the closing of some important manufac-
turing establishments have come in spite
of real relaxation in eastern and some
western and southern money markets.
Denver banks were overthrown largely by
the crazy unwisdorn of the people, and
several in Kansas have gone down, but in
most cities the statements inst published
show the banks to be in healthy oondi-
ton, and there has since been noticed more
readiness to extend accommodation.
The great depression in stocks came at a
time when easier money, some return of
currency from the interior and beginning
OF gold imports from Europe made many
hopeful. The closing of many manufac-
turing establishments is the inevitable re-
suit Of great shrinkage of orders for some
time past and uncertainty regarding the
future. Gloomy crop reports by the de-
partmeut also contributed to check rsvig-
ing hopes. Under all the conditions it is
astonishing that business has been so well
maintained with SO little evidence Of un-
soundncss.
Even while cotton and wooden mills were
working overtime on past orders, the
scantiness of new orders was noticed, and
the great frequency of cancellations. Close
| oh alu of anui,
distribution to consumers, so that dealers
We're left with part of their stocks unsold,
and wholesale dealers found less encour-
agement to buy. The steady increase in this
state of things has brought such well
known mills us the Amoskeag Cotton, and
the Slater Woolen, and many other textile
| and shoe works to stop operations for a
: time, until the prospect is clearer In dry
| goods cancellations are still numerous
sales of mems woolens are not commen-
surate with stocks prepared, and orders
are small aud mainly for low grade goods
| Some improvement is seen in dress goods
but cottons are dull and print cloths and
brown goods lower. Sales of wool are re-
markably small, and shipments of shoes
fall far behind last year.
The stagnaton in iron closes some mag
netc mines in this state and New Jersey,
lakereg ion has never been more depressed,
Coke is moving downward, pig iron
is inactive, and though dealings in bar
and structural products are somewhat
larger, prices arc the lowest ever known.
The western iron interest fails as yet to
agree with the men about wages, and
more works are suspending operations.
Purchases of tin are moderate and prices
lower, and 10A cents is reported for lake
copper, while lead is weaker at SO cents.
Wheat has fallen . cents, corn cent
pork products and oil are lower. In place
of the expected advance in sugar decline
has come, and cotton, after some advance
rccedes again. Western receipts of wheat
are moderate aud exports fairly large, hui
unprecedented stocks press for sale Tht
stock market closed last week hopefully
but by Wednesday had reached the loves
average of prices since 1884 London ant
short sellers then bought, and some re
covery has followed
The treasury has been paying gold to tn
banks, but on the whole increasing it
holdings. Exports of products are littl
larger than a year ago, but imports arr
also large.
The failures during the past week mum
her 467 in the United States, against III
last year, aud 25 in Canada against Is
two of the failures being Of capital exceed
ing $500, COO and l0i others of capital eS
cceding 5000 each. Lust week the fail
ures in the United States numbered 81
and the previous week 32i.