St. Paul daily globe., 1893-06-24
DUN's REVIEW.
Volume of Ira de Considerably
ReduceI nv the Strin~ency.

NEW YORK, June 23.-R. G. Dun Il
Co.'s weekly review says: The i'm
prOvemenI expected from the issue OF
clearing house certificates, thus utiliz-
ing credits instead of cash i'll local deal
ings, has not yet been realized. Other
cities, especially in the West, have not
taken similar measures to relieve the
pressure, and the demand for money
from the interior continues undated.
The volume 6f trade is considerably re
duced by monetary stringency. Bank
cearings outside New York are declln-
ing materially in comparison with last
year. In some departments OF business
orders for merchandise are deferred
since there is 10 assurance of ability to
carry the goods until they are sold, while
in other departments orders are not re-
ceiyed because the future is diStrusted.
The effect on the great industries
has been less thus far than might have
been feared, as most OF the works are
employed on orders booked before the
trouble began, but many works are now
reducing the number of hands, and
others must soon suspend operations
unless the prospect becomes clearer.
Speculative markets have been much
depressed by monetary strlngency,
wheat having sold for several days at
the lowest price ever known at Chicago,
though the wide margin between June
and September offers strong temptation
for use of money i'll carrying. The
movement of grain from the farms IS
large for the season, and by no means
indicates exhaustion of stocks, and vlSi-
bic supply decreases so slowly that pur-
chases are little encouraged. The new
harvest already begins, and prospects
are decidedly frightened by much
needed rains in the Northwest during
the week. Lower prices have increased
the export demand, though it is not
large enough TO make much improve
ment on the enormous stocks i'll sight.
Corn has been weak, with more cheer
ing crop prospects, and hog products are
weaker because OF monetary strlngency.
Rains have a good etf8ct OH growing
crops. At ST. Paul and Minneapolis
prospects are much brighter. Chicago
reports no distinct Improvement, though
July settlements will soon release large
sums, and an easier market is expected.
Speculation is much curtalled, and
prices for wheat the lowest ever known.
Local securities have shrunk severely,
and provisions are lower. Gle IringS
| show decrease OF 40 per cent, real es
! tate 80 and securities 40 compared with
| last year, and receipts Of nearly all
products decrease, Milwaukee reports
money slightly easier. The state of
foreign trade is not yet satisfactory, for
exports of products fall below last year
at New York. In June thus far $780,,
600, or about IA per cent, while i'm
ports are still somewhat lower than
| year ago. Trading In stocks Is much
affected by monetary conditions.
ana prices have heen depressed an
average of 25c per share and some
selling by foreigners of securities re-
Gently purchased. There is hope that
July disbursements, the issue of certif-
Gates and the increase grain shipments
will bring better conditions, but the
failures are still numerous and include
some of Importance. The failures for
the week number 287 as compared
with totals 4S7 last week. For the
corresponding week of last year the
failures were 100.