The times. [volume] (Richmond, Va.) 1890-1903, 1891-07-05
why Business IL Dull.
for The Times.l

II VI lHc tihto'J
There are two dangers OK differing. on
SOM first, because with most people his little
finger in such matters is thicker than others
loins, and second, because Mr.. Atkinson Is
generally loaded for bear. and should ne
deign TO fire ut small game like the writer the
probability Is he would be 80 torn to pieces
that the most diligent search would not ma
enough remains 10 bury. But as IN spite OF
danger fools will sometimes insist upon air.
ing themselves where angels are chary OK
stepping. il is doubtless foolishness that i'm
pes the writer to offer a somewhat different
explanation from Mr. Atkinson Of the present
dullness and anxiety peryading financial ana
mercantile circles
Mr.. Atkinson appears to attribute dizziness
of trade to fear Of free silver coinage. when
the writer will not pretend TO controyert, De
cause. not being gifted with prophetic VISION,
he cannot see into .the future much beyond
the end of his nose though as 10 things past
and things occurring around him. he hatters
himself that he can see into milestone as lal
rs the man who is preparing 1t 70 convert gOoo
wheat into better flour.
This explanation in part of the present I'M
satisfactory condition Of financial ana COM
mercial affairs is this namely; People are
loaded up with.speoulative ventures OF every
kind They are called upon TO meet deferred
navments contracted one and two years ago.
and thew can no longer do 50 by contracting
new obligations, but must pay IN cash. FOR
several years up TO last fall people generally
could nav an old debt by contracting an even
larger new debt, and, of course. times were
not only easy. but flush; but last fall
n halt was called and debtors instead of re-
newing old and mourning fresh loans. bad to
pay. and as this enforced liquidation still con
tlnues il is not strange that people. beng
compelled TO pay maturing speculation debts,
are not in position 10 buy and that cOnse-
queutly trade is dull; and the reason why
trade is extremely dull is because almost
everybody. those out Of trade, even the
women as well as those in trade. is deeply
involved. The above applies TO buying for
consumption, but buying fo- speculation Is
also dead. because the price Of old fields. dig
nifed with she name of town lots, as well as
lots in real cities. has been carried to such an
extrayagant height that purchase at current
prices almost inevitably means loss So be-
tween people who can't buy because they
have 10 pay old obligations daily maturing
and people who can buy but won't because
prices are too high. it is not surprising that
trade is dull and that apprehension broods
over financial and mercantile circles.
Fear of free silver colnageis doubtless one If
the many causes that is now making trade dull,
but the writer believes that more powerful
cause still is that people are compelled TO
liquidate the enormous speculative purchases,
now almost totally unstable, made one and
two years ago: and it is feared that dull trade
will continue until the liquidation, now caus-
ing so many people to grOan and squirm, shall
have been completed. and until purses shortly
empted are rehlled by earned earnings yet to
be made.