St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-22
DUN's REVIEW.

extraordinary strain upon the
Country During the Last Week.
New YORK, July 21.-R. q. Dun &
Co.'s weekly review: This week the
country has stood surprisingly we'll an
extraordinary strain. The failure of
many banks and firms has come despite
the relaxation in Eastern and on some
Southern and Western money markets.
Denver banks were OverthrOwn largely
by the crazy wisdom of the people, but
in most cities statements show the
banks in healthy condition, and there
has since been noticed more readiness
to extend accommodation. Under all the
conditions. it Is astonishing that bust
ness has been so well maintained. with
so little evidence of unSOuDdneSS. Even
while cotton and wooden mills were
working overtime OH past orders the
ScantineSS of bew orders was noticed,
and the great frequency of cancella-
tons. Close observers also saw evil
dence of declining business on the con-
sumers of the dealers left with part of
their stocks unSold, and wholesale deal
ers less encouragement to buy.
In dry goods cancellations are
still numerous and orders are small.
hJOhiC 10 SCCIl III uIeSS
goods. Sales of woolens are remark
ably small. The stagnation In iron
closes some magnetic mines in this
state and New Jersey and most mines
in Michigan. Coal is moving down
ward. Pig iron is inactive, and though
dealings in bar and structural products
are somewhat larger, prices are the low
est ever known. Purchases of tin are
at lower prices, and 10c is reported for
lake copper, while lead is weaker at
3.60c. 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 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 hope
fully, but by Wednesday had reached
the lowest average of prices since 1884.
London and short sellers then bought,
and some recovery has followed. At
Philadelphia banks are holding cur
rency and strengthening themselves.
All easier feeling prevails at Pittsburg
in iron. The Cincinnati money market
Is easier, and Cleveland reports grocery
trade good but iron wholly inactive.
Toronto notes better feeling. Indian
apolis no improvement, but banks in
strong position, and Detroit a quiet
business, with the outlook not very
cheerful.
Chicago reports 10 per cent decrease
in clearings, % in real estate sales and
9 in east bound shipments, active de-
mand for loans, but more freedom in
lending and better feeling. Receipts of
products are ID per cent larger for corn
and 80 for wool, but most other articles
decrease 20 per cent in wheat, so in
dressed beef and % in cattle. At Mil
waukee the closing of some manufact-
ures 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
flour below the output. Other trade is
good, and at st. Joseph fair. Receipts
of cattle are light at Kansas City. Den
yer trade is demOraliZed. but now more
hopeful, and many reported assign
ments are regarded as a measure of pro-
lection. St.LoulS reports business good
in volume and character, but trade
checked by closeness of money, banks
fortlfying themselves. Money is tight
at Little Rock, but the strain is borne
well. At Nashville trade is
far; at Atlanta backward; at Macon a
better demand is seen; at Au-
gusta retail trade is fair, and
at Columbus business is a shade
poorer. New Orleans finds trade
somewhat improved, banks very
conservative. Sugar weak and crop
prospects excellent. At Galveston
crop reports are less encouraging, but
at Mobile better. At Jacksonville
credits are cautious and at Charleston
prospects are poor. The treasury has
been paying gold to the banks, but on
the whole increasing its holding. Ex-
ports of products are little larger
than year ago with imports also large.
The failures during the past week MUM
Der 467 in the United States against
16S last year and 25 in Canada against
100, two Of the failures of capital ex-
ceeding $75, 900 and 1O1 other of capital
$4,000 each. Last week the
failures in the United States numbered
PA