The Indianapolis journal., 1893-06-17
DUN& CO.'S WEEKLYREyIEW
Little Hope for Better Times from the
Present Financial Distress.
Widespread Stringency in Monetary Affairs
Now Extends All Over the West. Causing
Ruinous Ora rs on Eastern Banks.

NEW YORK. June 16-R. G.. Dun g. Co.'S
weekly review of trade says: Concerted
action by the banks of New York has
changed the situation materially. More
failures and tremendous drain Of money
To the West had such effect here that the
banks were unanimous in deciding on
the Issue of clearing house certificates.
Much increase accommodations for the
business community are expected 10 arrive
and doubtless will unless speculation is
still used TO absorb all the increase In
available resources through undue prefer
ence for marketable securities over other
assets. The weakness of banks at many
Western points continues aud the W ide-
spread stringency is having a serious effect
on merchants and manufacturers who are
in no way concerned with speculative
operations. A very sharp fall In foreign
exchange removes the chance of gold ex-
port at present. but is due TO foreign pur-
chases OF securities rather than TO o change
in trade balances. Exports IN two weeks
OF June, 1t Is true. are bus g. ZOO 000 or Is
per cent. below last years. and imports
show small decresee In place of the enor-
nous increase reported for months. hut ball
ances are still adverse and likely 10 be so
for some time
The decline IN prices has led TO some in
crease In the foreign demand for products.
but has been followed, during the past
week. by an advance OF more than cent
In wheat, with sales of only 1000 900
bushels; 2isc in corn and 3-lCc in cotton,
with sales of $4,000 bales. Pork has fallen
soc: oats. &C; coffee, lsc. and oil a cent.
but any material increase in exports
ut this season must come from
marketing the surplus OF cotton and
wheat carried over. and this the advance
In prices tends 90 prevent Wheat receIpts
are still large, and accounts OF the grow
ing crops decidedly favorable from the
Northwest but conflicting ae to cotton.
The output OF pig iron declined 7.522 tons
weekly In May. and is scarcely larger than
year ago. Stocks on hand declined 1900
tons IL the month. but utfurther reduction OK
output Is IN progress. The market for iron
products remains dull ana unsatisfactory,
bar being especially weak aud Southern
pig much pressed for sale. Tin has ad-
vanced 65c per 100 pounds but copper has
sold at 10sic for lake. and lead at 3.7c. The
market for wool is much depressed. Re-
ports from other cities nearly all show
short money and slow collections. The
exceptions as TO money are o few South
ern cities like Charleston and Mobile,
and at New Orleans money is in good de-
mand. but fair supply, while at Knoxville
the demand Is smaller. The volume OF
business has been much affected by the
prevailing strlDgency and cautions about
credits. Iron and its products are weaker
at Pittsbura. and strike is expected. the
workers demanding last years wages.
Trade at Cleveland is fairly good, and az
Cincinnati quiet At Detroit trade is quiet,
and credits closely scanned, and ct Indian.
apolis there is a better feeling. Chicago
reports an easier financial situation. but
Western demands Urgent collections
very SLOW. speculation limited In
volume. building so per cont smaller
than last year. Wholesale trade
fairly satisfactory and retail trade inn
proved. Milwaukee reports confidence
slowly returning. At 81. Paul excellent
crop prospects make q more hopeful feel
ing. and at Omaha trade is good. at Kansas
City fair, at 81. joseph far. At St Louis
trade Ia beyond anticipations. At all
Southern points trade is slow or quiet.
The market for stock has been stronger
during the week. though the advance has
averaged less than half a dollar per share
and the demand for money has advanced
rates on call quite sparingly.
Failures daring the past week have mum.
bered 313 in the United States- against 153
last year.