The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-23
THE FINANCIAL WORLD.
BUsiNEss GOES ON IN USQUESTIoN-
ING CONFIDENCE.
Monetary Conditions Favor Revival or In
dussry-Foreign Trade Grows More fa-ii
vorable-Activify I'm Cotton

| NEW YORK, Sept. 22.-R. u. Duh anu
Company's weekly review of trade to-
morrow will say There is no longer only
a microscopic or sentimental Improvement
that cannot be measured. Some increase
is seen both in production and in dlstribu-
ton of products. True, 1t is small as yet,
but after the worst financial blizzard for
twenty years, it is not 10 be expected
that all roads can be cleared In day.
But all conditions, except at washington,
favor gradual recovery. Business goes on
in unquestioning confidence that the gen
eral desire Of the people viii in some way
| prevail. Money has become abundant
and easy at three per cent. here on call,
| and staSnant speculation fortunately Ia
vors greater freedom in commercial loans.
| Socks ard products are luu, Without
| serious fall in prices the industries are
rapidly rallying to make good the search
| ty Of supplies caused by weeks Of inacuon,
| the vitality Of the demand for goods
shows that the wonderful consuming pow
er OF the people if lessened for time,
has not ceased, and the sbrinkage In the
| record OF commercial disease and NOR
tally shows progress toward health.
Neither tho advance Of ! lac. in ex-
| change nor the small absorption OF gold
| by the treasury has been felt, for the
! market is a long way beyond the point at
which 1t waited with breathless anxiety
| for steamers. Monetary conditions favor
| revival Of trade and industry. While re-
newals are as large as ever. commercial
| loans are no longer unknown. Maturity
| of large western obligations has brought
| hither unusual sums Of money from That
| section. but the banks. while retiring part
| Of the circulation recently taken out, and
| some certificates have not retired large
| proportion, keeping q. weather eye on the
| body Of commercial Indebtedness 10 ma
| ture In october and November Foreign
trade grows more favorable. Cotton has
| luctuated much and is a shade stronger,
though nothing appears TO warrant an
estimate which would reduce the world s
supply Of American, including the guam
uty carried over, within 10000 bales Of
the largest consumption ever known.
The Industries are giving strong proof
that consumption of goods was not as
much arrested as many feared when the
collapse Of trade and manufactures came.
While manufacturers show extreme eau
ton, and decline to start work without
orders, piling up goods at their own risk,
improved financial conditions enable them
TO accept many orders which would have
been or were refused weeks ago, and
actual orders are rendered frequent by
the exhaustion OF retail supplies in many
directions. The number of works resumng
this week has been at least So wholly
and "A In part against only 10 concerns
mentioned as having closed, and eight
reducing force. The gain has been great
est in cotton, where some goods touched
the lowest prices ever known. The indus
try which shows least actual gain is
the manufacture OF iron and steel. where
10 fnl rltnr, 10, IL,
and In spite Of the great decrease In pro-
duction, the consumption seems 10 have
shrunk even more. But even in that
branch distinct Increase is seen in the
damand for a few products.
Failures for the week number only
Sls in the United States against 1873
last year. and In Canada, 20. against q
last year only five failures We're for over
100000 each. The liabilities in failures
for the second week in September were
but SS.Oi2,l29, against $5,3l909S the FIRST
week
Bradstreets tomorrow will say: Aside
from the increased activity in general
trade at Atlanta. Savannah, Dallas. st.
Louis, Omaha, Kansas City, Milwaukee
and Minneapolis no Improvement In
demand for September has been reported
In contrast with last week. Higher prices
Tor cotton seem TO have stimulated ship
ments i'm Georgia, but elsewhere receipts
at primary markets are slow
The signs Of expanding volume OF trade
in iron and steel shown last week at Pitts
burg and other centres Of production have
proved disappointing. At the city named
there has been even a further depression
in price. Textile, as well as other manIr
facturers, where running. continue TO
employ reduced forces. An increased dis
tribution Of dry goods, notions shoes and |
grocery staples Is reported from Balti-
more, but clothing manufacturers who
bought heavily last spring anticipating a |
large fan business, are reducing forces
Money Is In slack demand at Pittsburg |
and trade has not been as active as last |
week. Inquiries for iron and steel having |
declined.
Country buyers at Louisville have |
stimulated trade in staples. but factories
there, recently started are not employ |
ing full forces. a reaction is reported |
in various lines at Cincinnati, I'm which |
increased trade has been announced in /
preceding weeks. Six out OF a dozen |
southern trade centres report n gain over |
last week. Previously reported improve |
ment in Memphis has continued, aud the |
Ike Is true at Nashville. but Industrial |
operations there are restricted by the |
financial situation. The business silva |
ton at Atlanta appears relatively most |
favorable higher prices for cotton having |
stimulated receipts, and collections being !
as good or better than I'm previous years. |
Chattanooga merchants also report an in
creastug volume 81 business.
Savannah's cotton receipts have in |
creased, but the naval stores movement |
Is restricted, owing to lack of tonnage. !
Cotton goods industries at Augusta re- /
port the demand fair. and at Dallas,
Texas, increased ease in the money mar |
ket and a tendency on the part Of the |
cotton planter to hold for higher prices |
Indicate the nature OF the improvement. /
Collections are not as free at Richmond |
and general trade remains dull ut |
Charleston, although grocery shoe and |
notion drummers report the outlook bet
ter. At Birmingham dullaess character
ICES almost all lines and at Mobile light |
receipts Of cotton tend TO restrict trade.
New Orleans reports an Improvement, q |
portion Of which is evidently prospec-
tive. Stocks OF merchandise I'm territory
tributary 10 New Orleans reported very
small. Dizziness affects some lines OF
trade at Galveston, but in millinery and |
notions there is fair demand. Cotton
is moving slowly