Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-29
THE HARDEST WEEK.
IL Is Gone and the business World su'i
Rsjeices Iu soandness.
rBy telegraph to the Dispatcn.l

IL Is Gone and the business world stu
Rejcices Ip soundness.
rBy telegraph to the Dispafcn.l
NEW York. July pr. q. Dun Co.'s
weekly review OF trede tomorrow will
saw: The hardest week has left the bust
ness world still able to rejoice IN the
soundness and strength dieclosed. Inc
prices of stocks were greatly depressed
tuesday and Wednesday. closing lower
than on any other day since January. leIs,
the fall on Wednesday, averaging
over 60 per share, ana Se' t Ssss
were OF brokers not especially, I'm
portant. A sharp rally followed on
Thursday with buylng from London Dy
shorts. and especially significant buylng
hy small investors. No banks here or at
other eastern cities and no eastern nsms
of large importance have gone down. put
numerous banks failed at the west, IN
Guiding some of high repute and large
business. The Erie railroad was again
placed in the hands OF receiver, though
for EIGHT months of the fiscal year the net
earnings of the company had been larger
than last years, and the earnings OF
other roads reporting are eeneraliy CLOSE
70 last YEARS.. The money market oecaine
exoitingy stringent again with the
depression in stocks, and the drain 70 "a
through all the strain the banks OF New
York have passed without trouble, and
imports of gold have commenced. from
81. OOO. 900 10 81, OOO, 900 in money has been
sent West every day and large decrease
IN the bank reserve IS expected; as tue
Treasury has not been disburslng heavily.
Few commercial loans have been nego-
tiated and these ct high rates. Al other
cities the money markets have been
hut the hank IailuTtS
at Milwaukee, Indianapolis, and Louisvilie,
have caused less disturbance than might
have been feared. The Treasury pur-
chases silver sparinQly. and the exports OF
that metal have been large. Exchahges
between this city and PhlladeiDhls nave
been especially disturbed, but the BANKS
OF the latter city continue TO supply Gus
toners as we'll as thew can. Cnlchgo has
drawn heavily on New York, but 10 tnat
and other cities the bank statements indl-
cate creditable soundness
Cotton has declined an eighth. though
receipts are a little larger and the ex-
ports are smaller than last year, but hold.
ers show great stubbOrnness in view OF
the large stocks in sight and the closing on
many mills. Fall cottons, though nall q
cent lower than last year IN prlce ana ex-
ceptionally attractive, meet but moderate
demand, and print-cloths are weaker 2.9i
cents.
The iron business grows less active, and
IN spite of past decrease IN output the de-
marld does not equal the supply, so that
four large furnaces at Plttsburg are eX-
pected TO close. Bar Is weak and has been
sold at .5j cents. Plates arein narrow de-
mand and structural iron Is irregular,
with beams down to L80 cents. OF steel
bars Is 900 tons were sold TO agricultural
implement makers at Chicago.
Iopia ranprfS a far trade for the sea-
son, except in building, and no complaints
among iobbers At Knoxville and Nash
VILE trade is fair. At Little Rock very
conservative, but safe. At Columbus and
Macon the outlook Is good, though money
is tight. New Orleans reports trade ex-
ceedngly dull and money very tight, but
the banks are sound and the crop pros
pect excellent. Mobile reports fair. crop
prospects, Jacksonville a close and eau,
tious trade, aud Charleston dull but sound
business.
The failures during the past week num-
Der $50 in the United States against III
last year. and % in Canada against ~ last
year. IL is noteworthy that there were only
5 failures of houses with capital above
$500 900 each and only 80 with capital oVe:
81. OAO each. Over 80 banks stopped during
the week, but nearly all were at the West.
Last week the failures III the United
States numbered 4j7 aud the week pre-
vious 374. -,
Brddstreers tomorrow will say The
volume of trade has been further restricted
and there has been no reason to report
any improvement IN business a. whole.
Nearly twenty banks In Indianapolis,
Louisville. Milwaukee, Helena, Spokane.
and Portland, Ore, have been CON-
PEELED to suspend payment, not count
ing smaller financial institutions at
smaller centres The volume of trade
il about one half the usual total
The condition of interior trade ~
characterized in our Chicago trade dis
patch, which SAYS business there IL quiet
In all lines. Few orders are received for
fall and winter delivery, aud the volume
of general business at that centre is ad-
mittedly much smaller than at like
period last year. In contrast the
welcome Improvement at Baltimore. New
Orleans. Minneapolis, and San Francisco
is worth noting. At the first easier money
Is based on smaller demand due to smaller
volume of trade, but New Orleans declares
that the general stringency has had less
influence there than elsewhere. Collec-
tions are fairly good, staples are moving
moro freely. and with excellent crop pros
poets, the outlook IL almost satisfactory.
Minneapolis reports a large volume OF
trade, fair for the season. and the receipts
Of orders for clothing and dry goods Tor
future delivery. At San Francisco the
general situatIos is castor, and free ar
rivals of wheat at tidewater are stimu-
lating business.
Taking the South as whole there is
practically no change this week IN the
money market or state of trade and in
dustry, collections being slow and busl-
ness only fair for the season at best, with
trlfling exceptions. Collections are less
prompt at Richmond and orders are
scarce. but country merchants order more
freely at Charleston. There Is a tendency
to greater ease for money at Nashville, and
Memphis reports crop prospects good.
while Savannah. Chattanooga and Dir
mingham find no features or change IN con-
ditions. Wholesale grocers have sold more
freely at Atlanta, and Mobile banks are
renewing paper more freely. Trade az
Galveston is quiet. new wheat being held
there for higher prices and Texas hay Is
poinp 10 Europe