Iuka reporter. (Iuka, Miss.) 1888-1894, 1893-08-03
DUN's TALK.
Condition and General Outlook Of The
Prospects Of the Country.

=. u, Oun " Cos weekly review
pf trade says: The hardest week has
left the business world in condition
70 rejoice In the soundness and
strength disclosed. Prices of stocks
were greatly depressed Tuesday and
"Wednesday, closing lower than any
other day since January, 1879, aud the
tall on Wednesday averaged over %
per share, and yet only two failures
tesulted aud those of brokers not
especially important. A sharp rally
followed on Thursday with buying
from London by shorts, and especially
the significant buying by small inves-
tors. No banks here or at other
Eastern cities, and no Eastern firm 81
large importance have gone down,
but numerous banks failed at tho
West. including some Of high repute
and large business. The Erie Rail-
road was again placed in the hands OF
receiver. though for eight months OF
the fiscal year the net earnings OF the
company had bsen larger than las
years, and the earnings Of other road,
reporting are generally close TO last
years. The money market became
excitingly stringent again with the
depression in stocks, and the drain to
assist other cities has been very heavy,
but through all the strain the banks of
New York have passed without troub.
le, and imports Of gold have com.
menced. From 81, 000,0 900 to 81, 0OO,.
600 in money has been sent West
every day and large decrease in the
bank reserves is expected as the Treas.
ury has not been disbursing heavily
A few commercial loans have been ne.
gotiated and those at high rates.
At other cities the money market,
have been quite CLOSE, but bank fail,
ures at Milwaukee, Indianapolis and
Louisville have caused less disturb.
apce than might have been feared
The treasury purchased silver sparing.
" nd tho exports Of that metal hav,
boeu large. Exchanges between this
city and Philadelphia have been espe,
cially disturbed, but the banks Of the
latter city continue to supply custo,
mers az well as they can. Chicago
has drawn heavily on New York, buI
in that and other cities the bank state.
ments indicate creditable sonndness.
Cotton has declined an eight though
receipts are little larger aud export,
smaller than last year, but holder.
show great stubbornness in view Of
large stocks in sight and closing Of
many mills. Fall cottons, though hall
cent lower than last year in pric,
and exceptionally attractive, meet
with but moderate demand and prin
cloths are weaker at 2.94 cents. The
iron business grows less active Il
in spite of the past decrease III h,
output, the demand does not cqua
the supply, SO that four large furnace,
at Pittsburg are expected to close
Bar is weak and has been sold 1t 81. I
90, Plates are in narrow demand ant
struotural iron 10 irregular with
beams down to 91.80. or steel BARI
2S.000 tons were sold to agricultural
impliment makers at Chicago,
st. Louis reports fair trade FOL
tho season except in building, aud No
complaint among jobbers. At Knox
Vile and Nashville trade is fair; a.
Little Rock 1t is very conservative bu|
safe; at Columbus and Macon the out
look IL good, though money is tight
New Orleans reports trade exceedingly
dull. and money very tight, but bank
sound and crop prospects excellent
Mobile reports fair crop prospects,
Jacksonville is doing close and eau
tious trade, and Charleston is doing /
dull but sound business.
Failures during the past week num-
Der SS6 in the United States, againsI
III last year, and 2S in Canada against
~ last year. 1t is noteworthy thai
only three failures of capital abov,
5000, 900 each, and only SO OF capita
over 1000 each. Over fifty banks
stopped during the week, but nearly
all were at the West. Last week the
failures in the United States numbered
467 and the previous week 874.