The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-30
"HOPE DEFERRED.y -
Delay OF Action on the Silver Bill In tll
Senate Has a Ead ffreci.

AoN PvSsiolet bul lAt NUMBER lnuS .lr
reported is about 1900, and the aggre-
| gate Of liabilities about Sl5O0OODO.
| greatly SURPRISING the record of any pre-
vious quarter. For the past week the
| failures have been 329 in the United
States, against III last year. and IN
| Canada "a. against 81 last year.
Hope deferred" explains the past week
in part, and it is doubtless true that
many INDUCED in unreasonable hopes,
but business has not entirely answered
| expectations. a feeling of dsappolnt-
ment is commonly ascribed 20 delay Of
action on the Silver bill in the Senate.
1t is also true that many works which
have resumed operations do not md
orders as large or the demand from
customers as vigorous as they antici-
pated. and with some 1t is a question
whether they will not close again. While
money on call has been abundant and
cheap, and about $4.5O0OOO clearinghouse
certificates have been retired, there Is
perceptible greater caution in making
commercial loans here and at some West
ern points. Confidence. proverbially Of
slow growth has been somewhat dimin-
ished in part because advancing exchange
suggests the possibility Of gold exports
The cotton manufacture is gaining more
market for print cloths and prints, while
some reduction has helped TO stimulate
trade I'm other goods The enormous
decrease in production for the past two
months begins TO be felt. and sales are
larger though much below the usual
quantity. While as manufacturing con-
Germs are reported as starting wholly
or I'm part. against 20 closing or reducing
force. more than n third OF the Increase
has been In cotton mills and another
third I'm machine shops nail mills manu-
features Of stoves and hardware, tools
and cars. while In the iron manufacture
proper only seven concerns have started,
against three that have stopped. and the
outlook does not seem brighter.
The closing Of the largest iron mine I'm
the country the Norrle, which ordinarily
produces a million tons yearly, indicates
the limited character OF the business.
At the East the demand for products
IS painfully inadequate, even for the
scanty force now az work. and the lowest
prices on record attract little business.
II IS said that one sale Of steel rails has
been effected by a sharp reduction In
price The contest between the Anal
gamated Association and works In the
Pittsburg region has been settled, but too
late for most OF the men.
Clearing House exchanges indicate
little gain I'm the volume Of business, being
for the week 1915 per cent. below those
Of the same week last year. In foreign
trade exports again exceed last year =
and for the month about 2A6 per cent,
while imports show a decrease FOR the
month Of about 30 per cent Yet foreign
exchange has risen so far that exports
OF gold TO Germany might be made with
10 "a I.ff
repayment Of gold obtained on loans from
Europe I'm July and August affect that
rate more than current business. Though
a return Of part OF the gold has been ex-
pected, and the banks have now on hand
more than they need, the treasury STOCK
is so low that a renewed outflow would
be regarded with some apprehension. The
return of money from the interior contin-
ues large, and plainly reflects less acuv-
ity than usual at this season In domestic
trade and industry.
A. Savannah. however, cotton receipts
have exceeded expectations, and the
movement seems to be under full head
way. although the price tends downward.
A slight Improvement Is reported In busl-
ness circles at birmingham, when Is
true also at Mobile, although banks there
are putting loans very cautiously Inc
gain in general trade at Memphis iS con-
fined 10 very narrow limits, the feature
being an increased cotton movement
Business remains steady but only hou-
erately active at Nashville while IL mas
fallen off at New Orleans, OWING 10 uie
stringent local money market The latter |
IS due TO demands from the sugar har-
vesting districts and 10 a move In Cotton |
New sugar is expected next week Inc
Louisiana rice crop Is estimated az less |
than 1 900 900 bags, against ZWOW0 last
year. Cotton IS moving slowly at Litue
Rock. although there Is better lecilHs
I'm trade circles. The more Conspicuous
gains In general trade at the south are
renorted from Dallas. Recent rains
throughout Texas are said 10 nave broken
tbe prolonged dry spell. Collections are
fmnroved. and all cotton offered is being
handled promptly A monster railroad
excursion from all parts or Texas 10 Cal
weston stimulated business at that city
this week.
NEW YORK. Sept. 29.-Bradstreets
to-morro will say: Aside from increds-
cd sales and shipments Of merchaniiss
at a few widely separated centres, there
has been no general Improvement In
the commercial situation this week
REPORTS OF starting up OF cotton and
woollen mills In New England are quail
fed with explanations that I'm almost all
instances it IS on short time with re-
duced forces and on orders. Dallas At
lanta and Savannah have felt the sti-
mulating influence Of a heavy movement
Of cotton, although there stiH appears
10 be sufficient doubt as 10 the near 1u-
ture OF trade generally 10 awaken spe-
clal interest as 20 the extent to which
notes will be met on october lst and
November ist.
The iron and steel industries show no
signs OF revival. and even the demand LOT
Bessemer pig iron has dwindied dlsdp-
poinungly. 4 significant feature Is lolhu
In the closing down again OF Industries at
a number OF points In the West "here
they recently started up after proiohssu
idleness But on the other haha' e'o
Texas drought has been broken NoI1h-
western bankers are advancing lui'uS
freely 20 handle the grain crop ana 'he
South Is taking care OF the cotton as II
gets 10 market, while In LOUISIANA the
sugar crop is claiming, and rice VIII soOh
claim, financial aid
Some results OF the recent monetary
,tringency are found In the extraordinary
.otal number Of business failures during
he past nine months-n,lA, which Is
fully 81 per cent. heavier tnan IN nine
months a year ago, and 25 per cent. heaV-
er than in a like portion or 1881. LAabiiI-
les OF falling traders this year have run
no 10 the unprecedented total or S5AVSi,-
90 about four times what ike debts were
asst year. and 81 per cent more than the
.otal indebtedness OF nine months OF ousi-
ness failures in 1884. the next preceding
year Of the severe panic.
The LIZA business failures during nine
months OF 1895 may be compared with
.,lv m 10 failures for twelve months |