The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-24
MONETARY STRINGENCY
M1TERIALLF AFFECTING TRADE
BOTH NORTH AND SOUTH.
The Output Of Pig Iron Greatly Reduced.
Collections Slow at Southern Centres.
Better Outlook Expected.

NEW YORK, June 2-R G. Dun &
Co.'s weekly review of trade will say:
The improvement expected from the is
sue Of clearing house certificates, thus
utilizing credits instead Of cash in local
dealings, has not yet been realized. Other
cities, especially at the West, have not
taken similar measures to relieve the
| pressure and the demand for money from
the interior continues unabated. The
failure Of banks at San Francisco had
led to a heavy demand from that quarter,
! Sl,5O,O0O having been sent in a single day.
| Distrust OF weaker banks was avoided by
| the application Of the Bank Of Commerce
| for I,0O0.0O0 certificates. and S2,35O,OO were
! issued Thursday, but the pressure for re-
! discounts for interior banks is beyond the
ability Of New York to meet. Imports OF
a million gold gave quick Increase Of
! confidence for a time but with actual
/ issue OF certificates foreign exchange rose
a cent chilling hopes Of a further move
ment this way The Secretary Of the
/ Treasury has given notice that he will
/ anticipate payment Of interest July lst,
| amounting to S,500,000. but only $l,S00.000
/ IS on bonds held by banks, which will be
| Immediately disbursed. The volume of
trade is certainly reduced by monetary
stringency Bank clearings putside New
York are declining materially In compari-
son with last year. In some departments
Of business orders for merchandise are
deferred since there Is no assurance Of
ability to carry the goods until they are
sold. while I'm other departments orders
are not received because the future is
dlstrusted. The effect on the great indus
tries has been less thus far than might
have been feared, as most OF the works
are employed on orders booked before the
trouble began. but many works are now
reducing the number OF hands. and others
must soon suspend operations unless the
| prospect becomes clearer.
In the iron business no Improvement
Is perceptble, and pig is as low as ever,
and while finished products are still I'm
fair demand prices are extremely low
II IS thought that the closing Of some OF
the works will reduce the output of pig
iron considerably.
Accounts from other cities nearly all
show that monetary pressure affects
trade materially. that collections are un-
usually slow and banks extremely eau
tious in lending, even whore they are
strongly fortified. At ST. Louis the
freight movement is gratifying i'm charac-
ter and the volume Of business fair for
active fall trade, especially in shoes.
Banks are accommodating customers I'm
an regular business but refusing specu-
latOrs. At Atlanta trade is fair for the
season. but collections are slow and
money very close Al Mobile trade is
fair and prospects favored by the wealth
er. but money is tight. and at Charleston
trade I'm groceries is fair. but other trades
dull.
The state Of foreign trade IS not yet
satisfactory, for exports Of products fall
below last years at New y. h. iu June
thus far 100000 or about II per cent,
while imports are still somewhat larger
than a year ago.
The failures for the week number for
the United States 273; Canada, II: total
PSI. against 3i7 last week and 100 for the
corresponding week Of last year.
Business Dull In the south.
Bradstreets tomorrow will say: There
is no general improvement or increased
ease in leading money ~arkets. The
volume OF general trade continues small,
and while not materially different from
that Of last week, as shown by the bank
clearing total of Sl,033, 900, it is six
per cent. smaller than i'm the same week
Of last year. Throughout the Eastern
and the Middle States there Is still fur
ther restriction I'm the volume OF trade.
Some Philadelphia wool manufacturers
have shut down their works. and others
are running on short time, while pig
iron prices are being shaded. nOtwith-
standing reduced production and decreas-
ed stocks. More activity IS reported
in the Pittsburg iron trade, due 10 the
close Of the fiscal year. which causes
many TO cover wants against a possible
prolonged shut down by the mills after
July 1st
Memphis, Atlanta and Houston distin-
guishcd themselves by reporting inn
provement in general trade, but the first
named confines the gain 10 better
feeling" without specification.
The increased volume Of sales I'm At
Ianta appears 20 be on the basis Of de-
ferred payments backed by fair out
look from the point Of view OF manufac-
turers there.
Mercantile collections at Richmond are
slower. and the only demand worthy Of
notice is for hats. shoes and staple dry
goods.
Reports made 10 the correspondent OF
Bradstreet's at Charleston from all sec
tions Of South Carolina show that money
is very tight throughout that state ana
collections slower. and that country mer-
chants are more conservative In making
purchases.
Business at Savannah continues quiet
and merchants IN the teilil"iy I4""t"'
to that city are buying only that when
they think they can sell quickly. There
has been no Florida or Georgia phosphate
exports within a week
Rirmingham Ala. announces mercantile
collections as slow as ever and that
the volume Of general trade is not in
creased. business at Galveston remains
dull. and the like is true with respect
10 Nashville where the summer season
has an additional effect on the volume
OF trade.
High water and tight money have done
much 10 further restrict the volume OF |
t,,siness AT New Orleans. The larger /
breaks I'm the levees having been sue |
cessfully closed the outlook Is improved |
THE P4CIFIC BfNh SUSPENDs.
9 ,s--.... Nodded Not In Re