The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-03-31
THE STATE OF TRADE.
THE REGULAR WEEKLY CONNER
CIAL REVIEW OF R. @. DUN g. co.
Dizziness with a Hopeful Feeling Is the
Feature OF Business Recent Bank
Failures Cause no Trouble.

NEw YoRR, March 30.-R q. Dun 4
Co, in their weekly review Of trade, say:
Dizziness is the feature in business, but
dizziness with a hopeful feeling in almost
every quarter. The monetary pressure
which has almost invariably commenced
about this time docs not appear, and the
dangers which were by experienced bank
ems apprchcnded seem a. have vanished.
There is Just now 10 little anxiety about
the money market that little is said OF the
delay OF the bond.purchase bill by amend
mcnis in the Senate, which may possibly
defeat il. The possibility a gold exports
does not seem visibly neatcrihan iLsecmod
weeks ago, and considerable purchases OF
securities on foreign account are reported.
Money on call at New York has ruled nj
10 p per cent, and iorcign exchange
has declined from Si.sb ~ Si.sTl. The
more pacific adyicos from, Europe render
the outlook more satisfactory; but the pre-.
vailing dizziness is everywhere felt. Many
attribute IL 10 recent storius and unfayor-
able weather, which doubtless affect some
trades materially. Many feel the influence Of
existing or recent strikes the railroad
difficulty at the west does not abale. But
the feature most widely observed Is the
disposition Of customers 20 act with great
conservatism, buying only ~ they are
compelled 10 buy, and This appears In
many Of the leading branches OF trade. II
is in part the fruit Of expectation that
prices may follow and In part due 10 per-
ception that the demand for consumption
has slaokencd, and may diminish still
more.
The failures oi bank or lankcrs in North
Carolina, Mobile and Newburg has caused
no disturbance. though X Is recognized
that many weak spots must always he
found after period OF extraordinary spec
ulatiye activity. Yet on the aggregate,
failures are not moro numerous nor more
important than those OF the past or the
previous year, which clearly indicates
greater soundness In Legitimate commerce
since the number OF failures Of speculative
origin has increased. Prices are main.
tanned with remarkable Ftoadincs. For
many years IL has not happened that the
general level Of prices has changed M little
as II has during the ilrt quarter Of 1883.
Hard pan seems 10 have been reached
In tho iron business, In the judgment Of
ono Of the most successful concerns, for
the Thomas Company az lcnst announces
best anthracite. Rates Tor lake ore are not
yet announced. but ar expected 10 be
about ~. - for No. Besssmer. The COM
plcte collapse Of the coke pool with rcduc.
lion OF the price 20 Sill at ovens aud q
lowering Of rail rates, gives producers a
better chance In western Pennsylvania,
but rail rates arc also reduced from Ala.
bama, and Il Is calculated ihai the price nj
4. 4
at birmingham. Bar Iron * unsettled and
sales Of best refined nj sl.Sj are report
ed, with no eastern sales u rails NJ west
cn mills $3.50 Is quoted. Tho anthracite
companies, II Is reported have mo legal
agreement" but will maintain rates
through the year, now a. u - for egg.
The dry goods trade rclyrts fairly saiis-
factory sales, and the Ellington auction
realized fair prices ~ c0tt0ns, but,
u Is reported, losses 10 makers on
woolens. The jobbing trade Is IT.
regular, but storms md unseason-
able weather, with 4 Iliculties both
rs 10 deliveries and collie IONS In western
districts, affected by rHiroad strikes, arc
named as causes. The d. gtrado IA IN un.
favorable shape, purchasss being reduced
M far IA possible, and nnilar features APP
pear IN the markets Tor uRar ana many
other products which mn' be affected 10y a
change OF duties The wool market how.
ever, though dull, IL stol ~ for the better
grades, while other qua les sell modcr-
ately nj concessions. RctOrts from various
parts Of the country show 5 general feeling
Of confidence, though II OF present ac-
tyiiy Is commonly mo- cod, with, some
closcness In the money 'arket and tardi-
ness in collections In thc southwest; Rates
for money are about per cent. at Boston,
Philadelphia, Cincinnati and Chicago; ~
the latter strong. Thctrcasury has changed
lis cash balance only $lOo, 900, and It's Dc
posits still less during The week, aud INC
only points Of unfayorable augury as to the
money market IL that domestic exports
from New York for March are % per cent.
below last years, while imports Increased
little.
Tho business failure during the last
seven days number, Tor the United states
I'D for Canada, ~; total 22l compared
with 2i3 last week and 22J for the corre'
spending week In 1887.