Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-08-17
DuN's WEEKLY REVIEW.

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Ano EAPccIe0 AmPIOSement m Mono1ArJ
CArcles MOI = e1 Apparent, ana the FaHures
Un.Anoe-.he Root OF the ArouD.e tno
Mi1ndraMai OF Doposits from Nations.
n&nks-Ine Movement OF lndustrf1I
PRODUCTS Curtaited-AH Eyes Turned
toward Washtngton-Business Eahuress
Etc.
New YoRR. Aur 1o-R O. DIM e,
r. ...,,.1.. - - ,,,,l;.h.a
- ? ,J ASsAoW ~ u e1eso, ~ A1AA-'~'-
this morning, says:
The lonr-desired meeting OF congress with .
president message which fully answered ex-
pectstions and the arrival of S13 esOO 600 gold
from Europe with $4,000 600 more on the way.
have not brought the Improvement many an
ticlpated. Stocks arc stronger, but failures
continue and with the closing of industrial es-
adjustments idle hands multiply and silent
shops and the DISCRIMINATION OF domestic ex-
changes is even greater than a week ago. Yet
there is q more hopeful spirit though the ma
ton looks to Washington with some impa-
thence where the senate seems disposed to
rival the mills in working short time.
While statesmen consider merchants and
bankers and unemnlov ed thousands anxiousty
wait knovv;no that the vrecks Of eaeh nassinp
week makes the task of recovery more diff
cult There has been no startling crash. but
the formal failures of banks including one in
this city and several in Nashville NUMBER 81.
while refusals to pay except through a clear
inghouse or with limitations are becoming
more common. The commercial disasters, 39l
in number, include such names as r. H. Cole
man. the Iron Eing:n J. H. Walker & Co. OF
CHICAGO in dry goods and n r. Hotchkiss in
stocks. Whatever relief congress has power
to give may he less fruitful for good If long de-
ferred The machinerv Of exchanges has al
most stopped. When $40 per 81 coo is paid for
New York at Chicago and SIS or $50 at other
western cities settlements between the east
and west which ordinarily amount as 200 600 600
in . year. become extremely difficult Even
the New York Central could not get currency
here on checks of the Boston & Albany, and
was obliged to send to Boston for the money!
The root OF the trouble is that. according to
reports Of July IL to the comptroller, over $780,
600 coo of deposits had been withdrawn within
two months from part of the national banks
and probably BIT 600 600 from ALL besides nm
known sums from savings state and private
banks and during the month since July r. the
Withdrawals and hoa-ding must be even
greater. A premium of from 10 to IL per cent.
is paid for gold and to per cent for cur
rency. The government is printing 81 $50 900
bank notes daily. The clearinghouse has is
as, 1000 more certificates and the hope is
that confidence may be restored and the hoard
ings unlocked.
The arrest OF industry goes SO far that q
third of the iron production ceased in the
month OF July and the consumDtion of iron in
manufacture diminished 40 per cent from Nav
to July l. Not even this shrinlsage stimu.
lates demand enough to supnort pr;ces which
remain the lowest on record and further stoo.
pages in August have reduced the weekly out
put below 100 600 tons
Copper has declined to ga cents and lead to
81 cents. with marrow trade.
Shoe shops are looking in vain for further
orders, and last weeks shipments from Boston
were 49, 100 cases or 20 per cent less than those
of the same week last year AtFall River alone
1900 spindles stopped on Saturday and the
whole number of spindles in all the southern
states is said to be less than the number now
idle in New England. Even more than lack of
orders, want OF confidence in the integrity OF
orders troubles the textile mills, for cancella.
tions multiply The Wamsutta has lowered |
prices of goods 81 to Z per cent, while jobbers
find q better demand for dress goods
The sales of wool at the largest markets |
were only l.57O7u3 pounds last week. Since
May the decrease compared with last wear |
is IS per cent II only confidence in the future |
could be restored the monetary troubles might |
soCn be relieved. But ut present the want of |
cash has retarded the movement of wheat from |
farms to the western markers and exports |
have not met expectations of late. so that
prices of grain have somewhat declined.
Pork products are sold more largely for ex. |
mort this week but cotton has Welded an |
eighth stocks of 800 600 bales here and 1 3a5 900
American abroad being too heavy when many |
of the mills are stoppin1
Coal is dull and the outnut ia much restricted |
nv, fbc ,3insc,It ~ <,o+tinr, ,,ono,, -, ,r,na.