Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-06-29
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Trade and Financial Conditions Through
out the Country n Rejected Through R.
6. DUN q Co.'s Weekly Review-The En-
feet of the Monetary Stringency Being
Generally Felt, and the Volume of Busi-
ness In Almost All Lines Curtailed-F1il-
ures for the Week. Etc.
New York, June a4.-R. G. DUN b
Co. S weekly review of trade, published
this morning, says:
The improvement expected from the issue OF
clearinghouse certificates. thus utilizing
credits instead OF cash in local dealings, has
not been realized. The failure Of banks at San
Francisco led to heavy demand from that
quarter, 81 10000 having been sent in single
day. Distrust Of weaker banks was avoided by
the application OF the Bank of Commerce for
81 100000 certificates, and S235005O were issued
Thursday, but the pressure for rediscounts
Tor interior banks is beyond the ability Of
New York to meet. The secretary has given
notice that he will anticipate the pay
ment OF interest July 1. amounting to
S-50O,00O but only 81 10000 on bonds. held by
banks, which viii be Immediately disbarsed
The volume OF trade is certainly reduced by
monetary stringency. Bank clearings outside
OF New York are declining materially in COM
parison with last year. In some departments
OF business orders for merchandise are de-
ferred since there is no assurance Of ability to
carry the goods until they are solA while in
other departments orders are not received be-
cause the future is distrusted. The effect on
the great industries is less thus far. than might
nave been feared, but many works are now re-
ducing the number of hands, and many others
must soon suspend operations unless the pros
poets are clearer.
In the iron business no Improvement is per-
products are in fair demand. prices are mighty
low. Sales OF wool at all prominent markets
are very small for the season. Cotton goods
are quiet, and. while shipments OF boots and
shoes on past orders far exceed last year, new
orders are not encouraging. Speculative mar
ketS have been much depressed by monetary
strlngency, wheat having sold for the last few
days at the lowest prices ever known here. Tho
movement OF grain from the farms is large for
the season. and by no means indicates exhaus-
ton OF stocks. and the visible supply decreases
80 slowly that the purchasers are little en-
couraged- The new harvest already begins,
and prospects are decidedly frightened by
much-needed rains in the northwest during tho
week.
Lower prices have increased the export de-
mand, though it Is not large enough to mako
much impression on the enormous stocks in
sight. Corn has been weak with more cheer
ing crop prospects and hog products on &C.
count OF the monetary stringency. Accounts
from other cities all show that monetary press
ure affects trade materially; that collections are
unusually slow, and banks extremely cautious
In lending even where they are strongly forti-
fed. At Boston no increased activity is seen
IN trade, and all buyers are cautious, though
there Is a general feeling thatthe worst is over.
Boots and shoes are quiet. and orders are not
Sufnc1ent to keep works fully employed Leath-
er IS steady. and dry goods in steady move
ment to consumers. though print cloths are
dull and wooden goods quiet. At Philadelphia
activity Is seen Ia dry goods. but other trades
dull and iron depressed At Baltimore cloth
ing and hats are more active. and the vegeta-
Bile and fruit packers have good season. but
retail trade is more quiet. At Pittsburgh the
volume of business has somewhat decreased.
ana the fact that two prominent iron concerns
are involved is discouraging.
At Cleveland trade is fairly good and collec-
lions better except for manufactures. and the
banks are well fortified, but money is slow.
AT Cincinnati boots and shoes for the year thus
far equal last years and the dry-goods trade is
fair, but stringency makes collections close.
At Detroit trade is dull. fall orders light and
manufacturers discharging some employees,
with prospects that many must close II the
stringency continues; but stringency is felt in
the interior. and large failures result.
AT ST. Paul and Minneapolis trade is quiet
and collections slow. but prospects are much
brighter. Chicago reports no distinct improve
ment in trade though July settlements will
soon take large sums and easier market Is
expected. One large real estate failure caused
some disbursement and money is very spar
1ngly loaned, though large loans have been
made for two months at heavy rates to aid tn
carrying grain. Collections are very slow
while orders for goods are fairly large for the
dull season. Speculation is much curtailed
and prices for whea: the lowest ever known.
Local securities have shrunk several points
lower. Clearings show a decrease compared
with last year. and receipts Of nearly all prod
uctS decreased Dressed beef, 10 per
cent; cheese. Is: oats, 20; hides, 80:
wheat and -four, 80; wool. 40: corn. As.
lard. So; barley. 20: rye and seeds. IS. Increase
Is seen in butter. pork, sheep and broom-corn.
Milwaukee reports money Slightly easier. At
Omaha trade is good and money plenty, but
loans sparing. ST. Joseph reports quiet trade
and slow collections, and Kansas City fair
trade and collections slow. and light receipts
OF grain but liberal receipts of cattle. Denver
reports fair trade and fair loans. At St. Louis
the freight movement is gratifying and the
amount of business fair for the season Prep
arations are making for active fall trade.
especially in shoes. Banks are accommodating
customers in all regular business, but refusing
SPECTATORS Trade fair at Mobile and prospects
favored by the weather, but money is tight
and at Charleston trade in groceries is fair.
but other trades dull The state of foreign
trade is not yet satisfactory. for exports of
products fall below last years at New York
in June thus far g, 600 900. about IA per cent.
while imports are still somewhat larger than a
year ago. Trading in stocks Is much affected
by monetary conditions. and prices have been
depressed an average OF . per cent. per share
with some selling by foreigners Of securities
recently purchased There is hope that July
the issue Of certificates and the
increasing grain shipment will bring better
conditions, but the features are still numerous
and include some of importance.
The business failures during the past seven
days number. for the United States. 21S: Can
ada. Il; total, 2s5, compared with 81 last