The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-22
FAILURES NUMBERED 4,674
Considering Which Dun's Weekly Re-
port Says the Country Did Very Well.
Banks Made Better Showing than Was TX
pected This Week and More Readiness to
Extend Accommodations Ia Noticed.

NEW YORK. July 2l.-R. G. Dan s. Co.'S
weekly review says: This week the
country has witnsiood surprisingly well an
extraordinary strain. The failure of many
banks and firms have come despite relaxa-
tion In Eastern and some Western and
Southern money markets. Denver banks
were overthrown largely by the crazy IN.
wisdom of the people. but IN most cities
statements show the banks in a healthy
condition and there has since been noticed
more readiness to extend accommodation
Under all the conditions il Is astonishing
that business has been so well maintained
with so much evidence of unsoundness.
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
observers also saw evidence of decreasing
distribution TO consumers. SO that dealers
were left with part of their stocks unsold
and wholesale dealers found less encour-
agement to buy. In dry goods cancella-
tons are still numerous and orders are
small. Some improvement is seen IN dress
goods Sales of wool are remarkably small
The stagnation in iron closes some
mines IN this State and New Jersey
and most mines In Michigan. The market
Is ROlDI uOHDWA DIX IL lD8CklNc- AnOuBu
dealers IN bar and structural are somewhat
larger, prices are the lowest ever known.
Purchases of tin are moderate and prices
lower. while lead is weaker at Soc. Wheat
has fallen &c, corn 1c. Pork products and
oil are lower. In place of the expected adj
vance In sugar decline has come, and cot
ton. alter some advance. recedes again.
Western receipts of wheat are moderate.
and exports fairly large. but unprecedent-
ed stocks press for sale. The stock market
closed last week hOpefully. but by Wedues-
day bad reached the lowest average OF
prices since 1884. London and short sellers
then bought, and some recovery has fol-
lowed. At Philadelphia banks are holding
currency and strengthening themselves.
An easier feeling prevails at Plttsburg in
| iron. The Cincinnati money market Is
easier, and Cleveland reports the grocery
trade good, but lr0u wholly inactive. In
dianapolls notes no Improvement. but
banks in strong position, and Detroit
quiet business, with the outlook not very
| cbeerfui.
Chicago reports 10 per cent decrease in
clearings. % per cent. IN real estate sales
and per cent. in east-b bound shipments.
with active demand for lOsns. but more
| freedom in lending and better feeling. Re-
celpts of products are 40 per cent. larger
| Tor corn and 80 for wool, but most other
| articles decreased-70 per cent. IN wheat,
| so in dressed beef and % in cattle. AT Mil
| waukee the closing of some manufactures
and the reduction OF wages In Others and
tho failure OF the great iron 6y0ulcate arc
| noticed. At st. Paul trade is restricted.
! and at Minneapolis lumber sales are re-
| duced anu sales of -four below the output.
| Omaha trade is good and ST. Joseph fair.
| Receipts of cattle are hight at Kansas City.
| Denver trade is demoralized but now more
hopeful. and many reported assignments
are regarded q measure of protec-
ton. ST. Louis reports business
good in volume and character. but
trade checked by oloseness OF money. banks
| fortIfying themselves. Money is tight st
| Little Rock. but the strain is borne re-
| markedly well. At Nashville trade is fair.
| at Atlanta backward, ut Macon a better
demand is seen. at Augusta retail trade ID
| far and at Columbus business Is Shade
| poorer. New Orleans finds trade somewhat
| improved. with banks very conservative:
| sugar weak and crop prospects excellent.
AT Galveston crOpreports are less encourage
| ing. but at Mobile better. AT Jacksonville
| credits are cautious. ana at Charleston
| crop prospects are poor. The treasury has
| been paying gold to the banks. but on the
| Whole increasing its holdings. Exports OF
| products are q little larger than q year ago.
| but imports are also large.
The failures during the past week num-
| Der 467 in the United States. against l6S
| last year. and . in Canada. against - two
| of the failures being of capital exceeding
| $500. 600. and 10l others of capital exceed
| ing S. 900 each. Last week the failures In
| the United states numbered 314