Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-11-04
EFFECT OF REPEAL OF SILVER LAW.
Confidence Returning In All Branches Of
Businessesay the Commercial Agencies.
CBy telegraph 70 the Dispatch.l

kby Telegraph to, the Dspetch-l
NEW YORK, November 3.-R. @. Dun
& Co.'S weekly review Of trade to-mor-
row will say: The repeal of the silver
purchase act does good already. The
business world in every part of the coun-
try reckons the outlook hopeful. and the
tone of trade is more confident. n is
hardly time as yet for the effects TO be
felt to any great extent in manufactures.
but bankers are more liberal In accommo-
dations, and merchants are more hopeful
In purchases.
II Is well to remember that the act VIII
do less good than II IL had been passed
early In the spring. or without delay
after Congress assembled II cannot now
prevent the thousand failures which have
already occurred, nor relieve creditors
from resulting embarrassment. II cannot
now save from loss a multitude Of manu-
featuring establishments which have
closed because the future seemed uncer-
tain. II will go far to restore business
confidence. which was much needed. but
many may expect from the measure
larger results than can at this late day be
realized
Industries could not be expected to
make any material gain as yet in conse-
quence OF the new financial conditions,
but the demand for textile products has
TO some extent improved. Carefully scru-
tinized, the increase of orders appears TO
be almost wholly due to the gradual ex-
haustion OF stocks in the hands OF dealers.
Wholesale or retail. and not as yet to any
appreciable increase in sales to consumers.
The most astonishing shrinkage ever
known in purchases by consumers has
been at the bottom of the prostration of
trade and manufactures. and as yet there
Is scarcely any sign of improvement In
that respect
INCREASING DEMAND.
But as retail stocks run short, and i'm
turn wholesale stocks are depleted, the
mills feel an increasing demand, mostly
I'm the form of numerous small orders for
Immediate delivery. This kind of demand
has kept many mills running during the
past week, though the lack Of orders
has closed more textile mills than have
resumed. On the whole. the market for
textiles shows a little improvement.
The metal working industries manifest
little gain as yet Az yet iron and steel
manufactures show scarcely any signs OF
recovery. There has been some increase.
It is judged from printed reports. in the
number Of furnaces in blast. put the out
put still appears TO largely exceed the
consumption, and there Is mora pressure
70 sell pig-iron than 10 buy.
There Is not much doing In steel rails.
although sales are reported at 81 per
ton. a decline of 81 and bar and structu-
raj iron are also lower.
The volume OF domestic trade gains
but little exchanges outside OF New York,
being 22.9 per cent. lower than last year
for the week.
n. - t.1
month have been about y1,000000 larger
. than last year. while the imports have
been about sl9, 100000 smaller, which ind-
Gates an excess of exports OF $4,000 go
for the month.
The failures for the week number Y
in the United States. against 23S last year.
and % In Canada, against 81 last year.
IMPROVED FINANCIAL TONE.
Bradstreets tomorrow will say: Tele-
graphic advices from many Of the more
important business centres are that some
effect OF the passage of the silver pur-
chase repeal law is reflected In an i'm
proved tone in financial circles, and the
growth OF confidence of merchants In
the outlook. But 1t should not be dis
guised that the repeal is too late to
have an effect on fall trade. The re-
peal meaning merely the removal Of the
DTlfnt CAUSE Vi lft TtttUl panic anu
stringency and the resulting contraction
! of trade, time will be required to build
up what has been torn down.
! Far-seelng merchants interviewed will
admit little prospect OF revival in the
! general demand this year. Manufac-
turers and a large proportion of the
| industrial workers In the eastern and
central western States are still idle, oil
on greatly reduced wages. The earliest
reported effect OF repeal is seen in the
| Improvement in demand for commercial
/ paper at New York and some other
/ centres.
| IN THE SOUTH
In the cotton-growing district OF the
] South collections are improved, but
travellers in staple lines South and West
! and Southwest report that seldom has
/ trade ever been so dull; that merchants
will not anticipate wants at any price
( The long prevailing stagnation In iror
and steel and the woollen industry shows
no sign Of an early change The cotton
/ manufacturing industry is relatively bet
I ter.
There has been no change In the vol
ume OF sales of general merchandise al
Richmond. Charleston. or Savannah. bu
at Atlanta collections are better, al
| 'houbh sdieS dAc hbh'' "Ni'S o.
nooga there has been Improvement IN
some wholesale lines, notably clothing
I Trade has increased at Nashville bu
at Memphis no change is reported. A
Augusta, Ga there is a fair demand foi
the product of the cotton-mills. Bir
mlngham and Mobile both report sligh
Improvement In demand for staple mer
chandise although less than expected
and at New Orleans the volume of goods
distributed is larger. with a heavy move
ment of cotton, which is also true o
the situation at Houston, where warn
weather tends to check trade In mer
chandise lines. The latter Is true OF th'
Galveston situation. a larger volume o.
business is reported at Dallas. where th'
State Fair has been unusually success
full.