The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-07-22

The Country Has stood Surprisingly Wen |
an Extraordinary strain, Though There
Were Nearly rive Hundred Failures
During the Week.
NEW YORK, July 22.-B G. Dun & Co.'s
Weekly Review Of Trade says; This
week the country has withstood surpris-
ingly well an extraordinary strain. The
failure Of n great many banks and firms,
Of a great iron syndicate and other com
panies, the remarkable fall i'm 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 unwisdom of the people, and
several in Kansas have gone down, but in
most cities the statements just published
show the banks to be in n healthy condt-
tion, 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 aud a 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-
partment also contributed to check reviy-
ing hopes Under all the conditions 1t is
astonishing that business has been so well
maintained with SO little evidence of un-
soundness.
Even while cotton and woolen 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. The steady increase in this
state of things has brought such well
known mills as the AmoskeaR Cotton, and
the Slater 'Woolen, and many other textile
and shoe works to stop operations for q
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 and 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 stagnatiou in iron closes some mag
| netic mines in this state and New Jersey,
| and most mines in Michigan, so that the
/ akeregion 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 are 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 101l cents is reported for lake
"copper" while lead is weaker at 36 cents
Wheat has fallen 2 cents, corn l cent,
| pork products and oil are lower. In place
! of the expected advance in sugar a 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. London and
short sellers then bought, and some re-
! covery has followed.
The treasury has been paying gold to the
| banks, but on the whole increasing its
holdings. Exports of products are little
larger than a year ago, but imports are
| also large.
The failures during the past week num-
! Der 4G7 in the United States against 16S
last year, and 25 in Canada, against l9,
two Of the failures being of capital exceed
! ing 100000 and 101 others of capital ex-
ceeding s., 1000 each Last week the fail
ures in the United States numbered 374
! and the previous week 324.