Iuka reporter. (Iuka, Miss.) 1888-1894, 1891-08-06
DUN's TRADE REVIEW.
Business Is Dragging and Specula-
ton is Not So Brisk.

ton Is Not So Brisk.
Business failures occurring throughout
the country during the last week mum
Der for the United States 800, and Can
ada 1S; total 247, against 254 last week
r. G. Dun & Co.'s weekly review OF.
trade says;
Business continues dragging and dull.
The stock market is greatly depressed.
The average price of active stocks being
$3.50 lower than a week ago. False
reports of failures have something to do
with the decline and some of the houses
thus assailed are actually among the
strongest in the street. 1t is more inn
portant fact that operators are loaded
with stocks and the public is not buying
and the apprehension of bankers and
brokers forces liquidation.
The earnings of railroads are good and
their controversies appear less in effect,
but the companies are poor and many, OF
them are faSced to economize In pur-
chases, although an enormous movement
OF crops has begun. In commercial
circles there seems to be very general
and growing confidence that the business
OF the fall will be large and profitable
and some Improvement is seen, but not
enough as yet to justify sanguine views.
Trade about this time is peculiarly de-
pressed because there is too much cot
| ton. With several hundred thousand
bales OF last years crop left over in the
worlds market, and with competent
judges predicting another crop even
larger than that of 1890, it is no wonder
that prices are low and producers scarcely
get enough to pay for raising and pick
ing. Hence country merchants do not
buy freely and the prospect Of a great
yield, which at another time might be
helpful, tends to produce stagnation.
Again, in parts of tho west where crops
failed last year, trade has not yet recov-
cred from the great depression resulting,
and as long as the corn crop is in doubt,
complete recovery is not to be expected.
In several States legislation hostile to
capital causes much disturbance. Fur
Their collapse of real estate speculation in
many parts of the west aud south has
brought severe losses and embarrassment
to many at the east. Monetary uncer-
tainties have powerful influence. Eu-
ropean difficulties do not pass as quickly
or fully as was expected, and now serious
financial trouble is apprehended in Russia
because of the failure of crops, which
will only help this country in the end.
There isa growing doubt whether the
movement of crops here will not cause a
temporary drain greater than the eastern
money markets can meet, but il grain can
be sold, gold will come. Apprehension
grows stronger also that next winter may
bring dangerous legislation by congress
and possibly the unlimited coinage of
silver. One large financial institution
has bought English consols to consid-
cradle amount, and leading trust COM
pany is SAID to have $4,000,000 of its
deposits in gold The treasury has
added only $500. 900 to the circulation
during the week, absorbing gold, but
issuing more silver and treasury notes.
Though no gold has been exported, the
outgo of currency to the west and south
is felt here and at Boston. Money is
close at Buffalo and at Cleveland, in
active demand at Chicago, Cincinnati
and Detroit, frmer at to 6 per cent at
st. Louis, in good supply for legitimate
business at Milwaukee, close at Omaha,
Nashville and Atlanta, tight at Jackson
vile, but easier at Savannah and in fair
supply at New Orleans. Business is
reported good in the east, west and
north, as a rule, but at southern points
it is dullcr, only fair, though curiously
improved at one or two localities because
of injury to cotton by heavy rains.
The great industries show no import
ant changes for the week, though it must
be said that disbursement in the wooden
goods trade seems to increase, and it is
admitted that sales are not equal to last
years, though trade was dragging then.
Much of the trouble is attributed to ex-
cessive credit in the clothing trade.
Philadelphia describes the iron market
as frightfully dull, and sales to realize
are made at prices considerably below
quotations. Structural mills are we'll
supplied for the present, and bar iron is
steady, though poverty of railroads
makes the demand scanty; but plates are
irregular; buyers refrain from taking
rails and lower grades of pig iron are
offered here below quotations,