Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1893-07-27
BUSINESS OUTLOOK.
The Country Passing Through an
Extraordinary Strain.
Trade Has Been Fairly Good, However
Big Mills and Iron Mines and Found
ries Suspending Work-RecOrd of
Failures FOR "A Week.
WEEKLY, TRADE REVIEW.


New YORK, July 22.-R G. Dun &
Co. S weekly review of trade says:
This week the country has witns TODD sur
prisingly well an extraordinary strain The
failure Of many banks and 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 healthy condition, and there has
since been noticed more readiness 10 extend
accommodation Under all the conditions it
is astonishing that business has been so well
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 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
the lowest average of prices since 1884, Lon
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 iron. The Cincin'
natl money market is easier and Cleveland re-
ports grocery trade good, but iron wholly mac
tive, Toronto notes better feeling lndianapO-
lis no improvement but hanks ia strong posi-
ton, and Detroit a quiet business with the out
look not very cheerful.
sat 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 measure OF pro-
lection ST Louis reports business good In
volume and character. but trade checked by
closeness OF money, banks certifying them
selves
1.-The treasury has been paying gold 70 the
banks but on the whole increasing It's holdings.
Exports of products are little larger than
year ago but imports also large.
"'rhe failures during the past week number
467 in the United States, against 1858 las year,
and twenty-five in Canada against nineteen,
two OF the failures exceeding 100000 and l0l
others exceeding 5000 each Last week the
failures in the United States numbered 374 !"
BIG MILLS TO CLOSE.
MILTON MILLS, \. H., July 22.-The
agent OF the Waumbecls company has
issued orders for closing the mills here
for six months. as soon as the goods
now in process of manufacture are
finished The reason assigned for this
action is lack of orders, except at
runous prices. This is the first time
in the history of this company that
work has been ordered to cease on ac-
count of the condition of markets, and
the result Of the present action will be
a serious blow to many employees who
are dependent upon their earnings in
these mills for support.
PORTLAND, Me, July 22.-At a direct
ors' meeting Thursday 1t was decided
to shut down the mills of the West
brook Manufacturing company, makers
of ginghams, from July 20 to September
L. The monthly payroll is $4,000.
There are three reasons that unite to
cause the shutting down. The goods
now being manufactured cannot be sold
until October, and no money can be
realized on them until next spring. 1t
is not deemed advisable to pile up
goods The mill has been in operation
thirty years without shutdown, and
some repairs are necessary.
IRON MINES AND FoUNDRIEs.
PLATTsBuRG, n. Y, July 22.-The
Chateaugay Ore & Iron company, whose
mines and iron foundries are located at
Lyon Mountain. closed down Thursday,
as also did the Crown Point Iron com
pany mines and iron makers at Crown
Point. The cause given is dizziness in
the iron trade "A bout 900 men are
thrown out of employment. The prin
cipal stockholders of both companies
are New Workers
ROLLING MILLS STOPPING.
MILWAUKEE, July % The Bay View
rolling mills of the Illinois Steel com
pany. which were recently started up
at nearly their full capacity, are gradu-
lily being closed again, and at the pres
ent time not more than half the plant
is in operation. Manager Hinton said
to-day that the shutting down of the
mills was owing to the exceedingly
dull condition of everything in these
times.
FIRST TIME IN A CENTURY.
HIGHLAND FALLS, y. Y, July 25.-
The Forest of Dean mines, situated
near this village and owned and oper-
ated by the Poughkeepsie Iron Ore
company, have closed down for an in
definite period. One hundred miners
are thrown out Of work. These mines
have been operated without Interrupt