The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1893-08-25

- NIT IN the Clouds, According to Il. @.
Dun AZ Co.'s Weekly Review of the Con-
uition OF Finance and Trade Throughout
the Country-BusIness Trying to Push
Anead without Waiting for Action nc
"Ashington-The Weeks Failures, Etc.
NEW YORK, Aug. 1p.--R. G. Dun &
20. = weekly review of trade, published
this morning. says:
Inere Is a rift in the clouds Faint and yoa
definite signs OF improvement are all the bet
Ter because they come not from possibly de-
lusiFe hopes or from monetary foreign aid bai
from the good sense and wonderful recupera.
tive power Of the people themselves. Business
IS trying TO go ahead without waiting for
washington Imported gold 90 900 900 or more
curing the week does not go to the right spot.
out the people are creating homemade cur.
rency for themselves by using certified checks
In paying hands. selling local accounts and
purchasing grain and cotton. The bank circu-
on deposits of national banks alone from May
TO July Y was sl93 100 ,56S and during the past
month Withdrawals have also been heavy.
Little money comes back as yet from timid
holders and the paralyzing effect exchange
- nearly as complete as ever, but that very
TACT pushes each section and city into relying
more on itself and not on the government.
Many concerns arc failing and closing. but re-
sumptions are becoming somewhat frequent
and In the very shrinkage of production men
Pig iron does not rally, but sells at e14 here
and Sl3 at Pittsburgh for No. /, though the
weekly output has been reduced 40 per cent.
since May, but large iron and steel works are
beginning to resume operations. Though 5
nave failed and "a stopped during the week, Il
have resumed.
Only third of the ConneIlsv1lle coke ovens
are at work. but coke at S125 gives better
chance to iron manufacture
Sales OF wool in seven weeks have been only
l.1oo,OOO pounds, against 100000 pounds last
year and it is stated that looms and 430 900
spindles In New England are now idle, which
means more than quarter of the cotton spin
dies OF the country; but twenty night mills
and hve other cotton and woolen mills have re-
sumed while twenty-eight have stopped and
one failed during the week Somewhat fewer
cancellations are met in dress goods orders,
and there is more buying of fall woolens.
Shipments OF boots and shoes from Boston
since the end OF June have been 1925 cases,
against 5T2r345 last year, decrease of 171I per
cent; but little more demand for goods is
now seen, and some factories near Boston and
Philadelphia have resumed. With the shrink.
age In the great industries il Is only surprising
that railroad earnings do not decline more, the
decrease on roads reporting in August thus far
being IL per cent. The decrease of "A per cent
In clearings outside of New York last week
and 20 this week is natural.
Thereceivership for the Northern Pacific had
Deen so fully discounted that 1t produced little
enect In the stock market, though this is t he
third great railroad default this year. and the
aggregate stocks and bonds of the three roads
amount to $3.50, 900, 000 Prices of securities
have increased comparatively little. the aver.
age for railroad stocks being &43. IL. against
$40 last week, and trading has been dull Spec
ulative markets have generally declined a
traction, in spite of crop reports, which are
not solid enough to outweigh great stocks in
sight Cotton fell a quarter OF cent. with
somewhat better reports OF probable yield
Wheat drags near the lowest figures ever
known, in spite of decrease in visible supply
for though western receipts are not large, the
stock on hand Is far beyond the power of spec
ulators to carry with money markets in their
present condition. The movement OF corn is
decidedly large, with crop prospects improv
ing.
Late advices from Washington are not more
encouraging in regard to financial action
The treasury has been losing money rapidly
and holds 600 less in gold, 81 200 900 less
in silver and S90iO0J less legal tender. in ex
cess of outstanding certificates than it held
one week ago, while the new treasury notes
outstanding have increased 500, ,O00 1t is
coming small gold as rapidly as possible, and
issued 81 .5000 900 additional bank notes during
the first half OF August; but has very limited
power because the rapidly diminishing re-
ceipts are no longer enough to cover the nec-
essary disbursements.
The more hopeful signs which appear should
b0 Ahb~Fpreteu Win Iul UNDERSTANDING InaL "A
genuine revival OF business cannot begin until
larger demand for goods and better conditions
otherwise enable a greater proportion of the
shops and mills to employ and remunerate Ia
bor as usual. As yet the works closing exceed
In number those resuming, and the failures
continue each week to restrict the number of
firms able to share in the employment of hands
and the transaction of business.
Failures during the week number 455 in the
United States, against 257 last year; and p in
Canada, against % for the same week last year.
or the United States failures 154 were in east
tern states, "a in southern and 215 in western
states and farrifnrinc