The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-12-28
A POLICY OF RUIN
PROPOSED ny LEADING HOUSES
OF TIE EAST.
They Encourage Post. Dating Up
TO the Danger Line, Then Refuse
TO Carry Creditors.
ESPECIAL TO rHE ArPEAL.I

PHILADELPHIA, PA, Dect mher 81
Rumors are float in trade ard fnPn-
cial circles tbst there ia vast amount
of "paper" sf rat, and thst the evil Il
post dating bills in commercial circles
has reached threatening and danger
GUS limits. Several hundred firms in
Boston, New York and Philadelphia
have resolved to extend notes no
longer, and some have resolved 20
curIai the post dating of bills because
they recognize that it leads TO panic.
Thsrs have been shout 10000 COM
lnercial failures this year Of persons
and fl ms doing business with q capi-
tai of $4,000 or over. The number is
likely to increase under the proposed
policy.
The industrial, manufacturing rail-
read and commercial situations are
strong and improving. Prices are firm
in every direction and a general al.
vance is probable, not in sugar, bread
studs, provisions, etc, bu' in iron,
steel, machinery, fuel and possibly
lumber Manufacturers of dry goods,
upholstery, rugs, carpets and knit
goode all over the East are working to
their fullest capacity in order to have
an abut dapce Of stock for what they
anticipate will be the most sctive sea-
con the couutry has ever eeen.
The iIon and steel industry is over
sold fro m three 10 six months. The
rail makers have already sold raj Is
enough out of next years capacity to
lay l,000 miles of track, and We un-
derstand that contracts will be p aced
within sky days for twelve miles OF
railroad bridge work, including ap-
prosches.
The whole country is watching the
farming interests, knowing ii they are
prosperous all else will be. Prices for
grain are too low in most Northwest
ern sections 10 suit farmers and they
are holding back for better prices,
which they will get if they bold long
enough. stocks Of grain and -four are
declining in Eastern and foreign dis
tributiDg centerF. In some places
railroad companies ere accused OF
holding back cars to depress the price
OF wheat. A remarkably large distri-
button of general merchandise IS GO
ing ON all over the countrv. The ex-
ports OF corn, wheat and -four FOR No
vembar were, respfc lively, as so to %,
SO to SO and 81 to SO over November
las year. This is another significant
pointer that Dresdsiuff1 are likely ia
advance. There are 68 bags If CT flee
in the country now for rs last year
snd consumption is 10 per cent
greater. The wool purchases by the
Amerc market trnm Australia il
rot one. half as great this year as last
The Kentucky tobacco growers have
decided 70 withheld one-bali
of this years crop from The
market until prices improve. The
great industrial activity is stimulating
the demand for hard and soft coa, but
it does not seem probable that pricae
will improve. Tne prolonged droutt
in C1ha threatens the crop and price:
are already frmer in consequences in
home markets. The estimated H.
crease OF the cane ard beet sugar croI
ia sos eco tors IN excess OF this last
crop all over the world.
Eastern jobbers in sl) branches o.
trade are preparing for busy winter
Tweniy-thousabd travelling SCENTS vii
stalt out in January. Mills and shops
are fo gjrg ahead. Labor ia not dis;
turbed and the pro liabilities are tina
the future relations Of capital and
labor will be more friendly.