The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-01
DUN WRITES LIKE A BEAR
BUSINESS REPORTED DRAGGING
AND DULL.

The Average Price of Stocks ST. SO
Per Share Lower Than Week Ago.
Operators Loaded With Stocks, and
the Public Not Buying False Ru-
mors of Failures Having an Effect.
NEW YORK, July 31.-The business fail
ures occurring throughout the country
during the last week number for the
United States 229 and for Canada Is,
total of 24I against pa last week.
r. G.. Dun a. Co.'S weekly review of
trade says: Business continues dragging
and dull. The stock market is greatly de-
pressed, the average price of active stocks
being 81 80 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 q more lm-
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 serious in effect, but the com
panies are poor, aud many of them are
forced to economics in their purchases, al
though an enormous movement Of crops has
begun.
TRADES OUTLOOK.
I'm 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 at the south is peculiarly de-
pressed, because there is too much cot
ton. With several hundred thousand
bnles of last years crop left over
in the worlds markets, 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
picking. Hence, country merchants do not
ony freely and the prospect Of a great
yield, which at other times might be help
tul, tends to produce stagnation.
TEE DEPRESSION IN THE WEST.
"Again, in parts of the west where the
crops failed last year, trade has not yet re-
covered 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. Further, the col
lapse of real estate speculation In many
parts of the west and south has brought Sc
we're losses and embarrassment to many.
MONETARY UNCERTAINTIES.
"At the east monetary uncertainties have
powerful influence. European difficulties
| do not pass as quietly or fully as was ex-
| pected, and now serious financial trouble Il
| apprehended in Russia because of the failure
OF crops, which will only help this country
in the end. There is growing doubt whether
| the movement of crops here will not cause
| q temporary drain greater than the eastern
,-lra.N...
| be sold gold will come. Apprehension
| grows stronger also, that next winter
may bring dangerous Legislation by CON
| gress, and possibly unlimited coinage
Of silver. One large financial insti-
tuition has bought English consols to
a considerable amount and leading trust
company Is said to have 81, 600, 900 of its de-
posts in gold. The treasury has added only
S700, 600 to the circulation during the week,
absorbing god but issuing more silver and
treasury notes.
GOLD EXPORTS CEASE.
Though no gold has been exported the
outgo of currency to the west and south is
felt here and at Bos ion. Money is close at
Buffalo and Cleveland, in active demand at
Chicago, Cincinnati and Detroit, frmer at
| to 8 per cent. at st. Louis, in good supply
for legitimate business at Milwaukee, close
at Omaha, Nashville and Atlanta, tight at
| Jacksonville, but easier at Savannah. and in
fair supply at New Orleans.
Cuisines is reported good in the east,
west aud north as a rule, but at southern
points it is dull or only fair, though Curl
ously improved at one or two localities be-
cause of injury to cotton By heavy rains.
THE GREAT INDUSTRIES.
"The great industries show no important
change for the week. though it must be said
that disheartenment in the woolen goods
trade seems to Increase and it is adm tied
| that the sales are not equal to last YEARS,
though trade was dragging then. Most Of
the trouble is attributed TO excessive credits
| in the clothing trade.
"Philsdelphia describes the iron market
as frightfullY dull, and sales TO realize are
made at prices considerably below the quo
| tatlons Structural mills are well supplied
| for the present, and bar iron is steady,
though the poverty of the railroads makes
| the demand scanty, but plates are irregular,
buyers refrain from taking rails, and the
lower grades Of pig iron are offered here
below quotations"