The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1893-08-18


Circles Not Yet Apparent, and the Failures
Contlnue-The Root of the Trouble the
Withdrawal OF Deposits from National
Banks-The Movement of Industrial
Products Curtailed-An Eyes Turned
Toward Washington-B Business Failures,
Etc.
New YORK, Aug. 12.-R. G.. DUN s.
Co. IS weekly review of trade, published
this morning, says:
The long-desired meeting OF congress with a
presidents message which fully answered ex-
pectations, and the arrival of 900 gold
from Europe with 900 more on the way.
have not brought the Improvement many an
ticlpated. Stocks are stronger, but failures
continue, and with the closing of industrial es-
Establishments idle hands multiply and silent
shops, and the disorganfzatiOn OF domestic ex-
changes fs even greater than week ago. Yet
there is a more hopeful spirit, though the ma
tion 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 unemploy ed thousands anxiously
wait knowing that the wrecks OF each passing
week makes the task OF recovery more din1-
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
fnghouse or with limitations becoming
more common. The commercial disasters 39i
In number. include such names as r.. III. Cole
man. the Iron King" j. H. Walker & Co., OF
Chicago, In dry goods and III. L. HotchlIiss, In
stocks. Whatever relief congress has power
to give may be less fruitful for good il long de-
ferred. The machinery of exchanges has al
most stopped. When $50 per 81 ,0OJ is paid for
New York at Chicago and SIS or $50 at other
western cities settlements between the east
and west which ordinarily amount s. 200, 10000
in year, become extremely dificult- 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 12 to the comptroller, over $751;
100000 of deposits had been Withdrawn within
two months from part of the national banks,
and probably $1T7, 100000 from all. besides un-
known sums from savings state and private
banks, and during the month since July r. the
Withdrawals and boarding must be even
greater. A premium OF from 10 TO Il per cent.
Is paid for gold and TO 4 per cent. for cur
rency. The government is printing 81 900
bank notes daily. The clearinghouse has is
100000 more certificates and the hope is
that confidence may be stored and the hoard
ings unlocked.
The arrest of industry goes so far that
third OF the iron production ceased in the
month OF July and the consumption Of iron in
manufacture diminished 46 per cent. from May
to July |. Not even this shrinkage stimu
lates demand enough to support prices, which
remain the lowest on record and further stop
pages in August have reduced the weekly out
put below 10000 tons.
Copper has declined to 9Z cents and lead to
81 cents. with narrow trade.
Shoe shops are looking in vain for further
orders, and last weeks shipments from Boston
were IL, 100 cases or 20 per cent less than those
OF the same week last year. At Fall River alone
1000 spindles stopped on Saturday. and the
whole nEmber of spindles in all the southern
states is said to be less than the number
idle in New England. Even more than lack OF
orders, want of confidence in the integrity OF
orders troubles tho textile mills, for cancella-
tions multiply. The Wamsutta has lowered
prices OF goods 5ls to per cent, while jobbers
find better demand for dress goods.
The sales of wool at the largest markets
were only 1570,7U3 pounds last week Since
May the decrease. compared with last year,
is 80 per cent. If only confidence in the future
could be restored the monetary troubles might
soon be relieved. But at present the want of
cash has retarded the movement of wheat from
farms to the western markets. and exports
have not met expectations of late, so that
prices Of grain have somewhat declined.
Pork products are sold more largely for ex-
port this week hut cotton has yielded
eighth, stocks of 900 bales here and 1885, ,00)
American abroad being too heavy when many
OF the mills are stopping.
Coal is dull and the output is much restricted
by the difficulty OF getting money for wages.
The movement OF animals is less affected Cat
tie receipts at Chicago are fairly maintained
and hog receipts In the latter part OF July have
been nearly as large as last year. Railroad
earnings show decrease of about per cent.
compared with that of last year, but the clear
inRhouse returns at the priacipal cities show
decrease in settlements of % per cent. APP
peals to the treasury for some relief are fire.
quent, but its cash balance has been reduced
so low that the gold reserve may have to be
used in part for current expenses but SIS O00 900
bank notes will quickly be added+to the circu
lation through of the bonds purchased
from savings banks, and S23,0J0010 in
gold from Europe in spite OF the
advance in the Bank OF England rate to per
cent. and of its charge for gold to 76s Sd which.
with some specie and notes from Canada will
make the largest addition to the monetary sup
ply ever experienced in q single month. II this
suffces to cause the release of boarded money
some recovery may come without waiting for
slow footed lawmakers at Washington. But
late advices give ground to hope that the
wishes of the business world may soon be an
swered by unconditional repeal Of the silver
purchasing clause OF the act OF 1890
Failures during the week number 30f in the
United States, against 160 last year. and . in
Canada, against 20 for the same week last year.
The number OF the past week shows decrease
from the previous week OF 40 The west still
contributes the largest number. In the east
there were 149, in the south "a, and in the west
15f.