The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-01
MONEY VERY SCARCE.
TRADE IN THE SOUTH Dull AND
COLLECTIONS SLOW.
The Pressure In the Money Market Duo to
the Drop In silver-Thc situation
Unchanged In Eastern Centres.


silver, the fall in silver bullion to &c. in
New York and 30 lid. at London on
Thursday; the fall in wheat to CO lie.
at Chicago and 7Oc at New York: the
suspension OF operations by miners and
smelters OF Colorado and some other
silver-produclng States have made the
past week one Of unusual interest. al
though II is officially explained that II
is not intended by the Indian Government
TO substitute gold for silver I'm use. but
only 10 steady the rate Of exchange be-
tween India and England. Its action is
commonly interpreted as throwing on
other markets the 100000 ounces of
| silver which India absorbed last year. and
as insuring the stoppage Of silver pur-
| chases by the United States when CON
| gress meets. Later information has
brought to light the fact that this step
Will be desperately resisted but greater
! confidence OF bankers I'm the financial fu-
| ture was expected I'm lower rates FOR
| foreign exchange, which was low enough
10 encourage gold imports. 1t is believed
by many bankers that serious disturb
ance In the stock market was averted by
the action Of five banks. which agreed to
take six millions clearing house certih-
breaking the rate from 70 TO per cent. |
Thursday afternoon But the events Of
the week have rendered II unusually |
difficult 10 forecast the future course Of |
the money market
Up TO the present time domestic trade
has not materially changed since last
week. though increasingly restricted by
monetary uncertainties. Good fall orders
are received at Baltimore for clothing
woolens and hats. but the stringency In
money is seriously felt. ST. Louis notes
iairly active wholesale trade some de-
crease In collections and money I'm only
moderate demand al to per cent.
Business at Kansas City Is fair. but
grain receipts are very light.
Az New Orleans trade is very dull.
money tight and collections slow. with
banks very conservative The supply OF
money at Mobile is ample for business
and Atlanta reports trade generally sat
but money tight. Savannah
notes larger trade than usual in dry
goods. hardware and Shoes with poorer
throughout the country, while collec-
tons are slow and failures numerous
the condition of legitimate business &c
regarded as healthy. and hopes are en-
ertalned that the worst has passed The
ropes are mainly based on the belief that
GU. 1
ne certainty Of it's repeal will encourage
oreign investments here. Lower prices
u products also tend TO increase mer- \
handise exports. Wheat has reached | /,
rlces regarded as out Of the question :
month ago. and yet the supply I'm sight
very large. and returns from the
'orthwest as TO the coming harvest are
lore favorable
Inc business failures Of the last seven il
avs number, for the United States. 3O7; 70
"hdua ~ total 334. For the correspond ~
~ week OF last year the figures were
FAILURES In the United States and 26 CT
/ Canada. ''1 80 v,
Continued Strngrncy In the soutb III
Bradstreets tomorrow will say. pros- w
IRE In the New York money market 81
lcident TO the July Disbursements ie 60
by the drop I'm silver can ~
ans Friday were twenty to TWENTY-FIVE II
IN, ana time money and dis az
'uhts almost unattainable The specu-
1--WE STOCK market at New York re-
'cts by It's course the pressure ana 7
sturbance due TO the money and silver III
tCation. Values are slightly drrner on
IL buying Of stocks is practically sue no
nded Following the efforts at chi no
go OF restriction Of credits and loans 60,
e echo from Detroit and defamation q
om the Pacific coast. come REPORTS of 90
,oiilIhs strlngency at the larger cities Iae
lnts where until now comparativelv '"'
tie of the financial disturbance has
IN felt.
mere Is no general or radical improve I,a
mt In the situation at Eastern centres.
ne South reports no change, and in
'aslng stringency, but at the West II
'Veland. Chicago. Milwaukee. ST. Paul die
laha and Kansas city furnish phases wee
Improvement. which point TO a check r
, u4IaVoraDle symptoms and Chicago chu
Karsas City banks are discounting call
re freely. -
he prices Of staples continue 10 de- ~
le wheat touching another Lowest 81,
re-" with a decrease Of two cents. IGN
n going off is cents, oats, 3-S cents NJ
ton, Is cents; sugar, Is cents: steel cou
cts, 10 cents; pork. 50 cents: lard X mar
is. and wool fractionally' coffee Jo
res an advance Of one-fourth Of a Edv
l. ana hogs are higher. Petroleum IS day
], and anthracite coal is booked for n
advance to-day. n.
immaries Of kilograms from Southern = :,
IS show that at most Of them. par hon
larry In the Southwest. the general
alton has shown the reverse ~ In MI
At Memphis business &C. war
e restricted, and the financial situa- nom
further disturbed. Trade ls intor- enty
.ed still further at New Orleans hy Tn
icy stringency, and merchants 40, land
extreme caution while hanre dta ago.
age new enterprises N'' the 7
MAS reports better trade than Ice, Tn,
AT this time, and that grain crons Hoke
'ested are held for higher nricde are
tight money is beginning TO he fe,t MAT
banks are counselling taking IN coil They
'uston reports general trade auieter. rum,
crops are doing well. and that har,,. NJ,
'"PP'S 'ne needs OF custom Jacot
,oIosoIo aoo,. City.
scr,,.ttt AT Galveston ter
,rnors credits Of new NorfC
corsor,.' '.t otherwise acting at he
p "a ta1 Icy as money IS WI
+, ana banks are requiring AT least ~. IL
al payments on maturing loans Tbo aOoVe
IKE report In other sections Of the vi IN
\ is from Savannah where eoIoe right
small collections slow. and the sir awe
N Is regarded as less favorable mont.
pile makes 40 change in the re,,or, ago,
general trade. and states that tbo Two
Y Of money is above tn a Ia. .ile found
birmingham reports the previouely Edw
cohdlton, slow collections buvine zen of
eeus only and jobbers not seeking near '
~ s'orhers' a ling
Charleston, aside from liquor deal- Baker
VINO are disposlng Of their steele was :
Getting out OF business. merchants He WI
lld to be doing fairly well and a. House
'ta, Ga, the situation is moro bor. county
wing to anticipated July LIST dis Emo
nent OF about 100000 interest and St
nto ,oh,ou. for sor
nta )oobers are selling freely. and the tbi
lecturers report business fofrt,. -, -,