Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-01-03

LOuuOns ana every DDuy was appfenen-
siye Of something without knowing
exactly what,
On Monday, Nov. 10, the panic week
of 1890 began. That was a week of fall
ing prices, failures and general terror.
Among the stock Exchange failures the
most important were those of Decker,
Howell & Company, and G, NJ Whit
ney & Company. The collapse Of Viii
lard's North American company was
another incident of the week. During
this time the North River bank closed
its doors, and some Old banks were
more or less embarrassed for money.
In consequence a clearing house loan
committee was organized, and clearing
house certificates We're issued to some Of
the banks.
On Saturday, Nov. Is, came the crisis
of the panic, when it became known
that the famous house of Barring
Brothers, in consequence of its over
speculation in Argentine securities. had
been compelled to apply to the Bank of
England and others for assistance.
Prices fell rapidly and confidence was
entirely shattered. Following the dis
asters on Wall street came news of
commercial failures all over the coun-
try, resulting from the decline in the
prices of securities put up as collateral,
the stringency Of money and the col
lapse of credit. Business men found it
difficult to obtain accommodation, and
rates for commercial paper were very
high. Dealings in commercial paper
were practically suspended Time
money was hard to obtain. Bankers
preferred to keep what money they had
for emergencies.
The disorder caused by the panic had
a most demoralizing effect upon sterling
exchange, and within two weeks rates
for sterling exchange were up to the
gold-exporting point and down to the
gold-importing point About Dec. | a
gold-importing movement set in which
resulted in the receipt of a little over
$1,000, coo gold from London. The total
importation in gold for the year. up to
week ago, was $13, S94, an increas e
of S., 1C6, o01 as compared with last ear.
The exports Of gold for the year up to a
week ago was $40, 399, ,991, q decrease of
$9S, 2S4, 1876 as compared with last year.
One important feature of the year IN
industrial circles has been the unprece-
dentedly large cotton crop, due to favor
able climatic influences and to the
spread Of cotton planting to the upland
regions Of the south. This crop is still
moving, and its effects will be shown
in the increased earnings of the south
ern roads and the condition of the ster-
ling exchange market. The year 1890
in grain has been one of higher prices
generally. Early in the year repol is
began to come in of damage to the
growing crops Of wheat and corn. This
year IS sure to be a short crop year, :"
was the cry of the bulls, and as the re-
suits proved, they We're right to GER
tain extent
Excessive heat in the corn growing
belt in the central part of the country
burned up great tracts of that cereal
and other natural conditions damaged
wheat and oats, Prices ran up in the
early autumn to high figures both in
New York and Chicago markets, The
result was that the export trade was
checked to a great extent. Gradually,
however, from top figures there has
been a reaction aud the year 1880 viii
close with grain prices near to the
natural level.
For eleven months of 1890 exports
from the United States have amounted
TO $3.50, 1870, ,494, against $3.50, 205, COZ in
1889. Ihe imports INTO the United
States for eleven months of 1890 have
been $762, 300, All, against $710,623, SOL
in 1889. The excess of imports over ex-
ports for the same period has been 3d.,
1897. In 1889 exports exceeded i'm
ports by $19,5S1, 1856. An important
movement in the direction of reform in
railroad management has been going on
during the latter part of the year. The
revelations concerning the physical and
financial condition of most Of the western
roads, and the reported decreases in earn
ings impelled the leading railroad man
ayers to get together in this city and
take steps toward forming an associa-
ton, the principal object of which
should be the maintenance of paying
rates. Everybody comedies the import
ance of action of this kind, and hopes
are INDUCED in that this movement will
have lasting results. The year closes
with a much better condition of affairs
in the financial and commercial world.
The outlook is for improvements in all
lines, although not much business ac-
tiyity is expected for the present
EEMhI z MnnMCLIIkED