Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-09-30
DUN AND BRAOsTREET.
They Report No General Improvement in
BuTiness-" Hone Deferred.
Nv fnlecrnnh 10 tho niennichl


By telegraph to tho Dispatch)
NEW YORK, September 29.-R. G. Dun
& cos weekly review Of trade tomorrow
viii say: A complete statement Of fail
rres for the quarter. which VIII close to-
night. ls not possible, but the number thus
far reported IL about 1000, AM
the aggregate of liabilities about
$D.ooOOOo. greatly SURPRISING the
record Cf any previous quarter.
For the past week t'. failures have been
80 In the United States against III last
year; and in Canada, g. against 81 last
year.
Hone deferred" explains the past week
in part. and il ls doubtless true that man.
INDUCED unreasonable hopes. and busine -
has not entirely answered expectations.
The feeling Of disappointment is COM
monty Inscribed TO delay Of action on the
silver bin in thc Senate. IT is also true
that many works which have resumed OPP
crations 90 not find orders as large or
The demand from customers as vigorous
a. they Anticipated And with some II
f. Il question whether they VIII not close
again.
While money on call has been abundant
and cheap, and about $ljD.uO clearing
house certificates have been retired, there
I AA
ing commercial loans here and at some
western points Confidence proverbaliy
OF slow growth, has been somewhat dlmih-
| ishcd, In part because advancing e&chah5c
suggests the possibility Of gold exports.
The cotton manufacture Is gaining more
| than any other. and there IS stronger
market for print cloths and prints, Whiie
some reduction has helped To stimulate
trade in other goods. The enormous de-
months begins to be felt and sales are
larger. though much below the usual
quantity
While seVcnty-eight manufacturing con-
! Germs are reported as starting wholly or
! ia part, against twenty closing or re-
/ duciug force moro than a third OF the
| increase has been in cotton-miils and
another third in machine-shops, nail-miils,
manufactures Of stoves. hardware, tools,
and cars, while I'm iron manufacture
Iroper seven concerns have started,
AGAINST three that have stopped, and the
outlook does not seem brighter. The
| closing OF the largest iron-mine IN the
/ country. the Norrie which ordinarily pro
/ dures million tons yearly Indicates
! the limited character Of the business.
! At the East the demand for products
! rs painfully Inadequate even for the scanty
/ force now at work. and the lowest prices
| ON record attract little business. IL 10
! said that one sale of steel rails has been
! effected by sharp reduction in price
! The contest between the AmaigamatcI
| Association and the works in the Pitts
! burg region has been settled. but too
! late for most Of the men,
! Clearinghouse exchanges Indicate H.
! tie gain in the volume Of business. being
/ for the week 1913 per cent below those
! Of the same week last year In foresn
! trade the exports again exceed last years,
and for the month about 2i6 per
| cent, while imports show de-
| crease OF about 80 per cent. Yet
| foreign exchange has risen so ar
| that exports of gold to Germany might
/ be made with little loss, and it is believed
| that calls for repayment Of gold obtain I'd
! on loans from Europe in July and August
! affect the rate more than current Ddsi-
| ness Though a return Of part or the
| gold has been expected, and the banks
| have now on hand more than they need
! the Treasury stock is so low That re-
| Moved outflow would be regarded with
some apprehension. The return OF money
| from the interior continues large, and
| plainly reh5ts less activity than usual
| al this season in domestic trade and in
! dustry
| BradstreeTs tomorrow will say: Aside
| from increased sales and shipments or
| merchandise az a few widely-separated
| centres, there has been no general inn
! prolement in the commercial situation
| this week. Reports OF the starting up OF
| cotton and woollen-mills in New England
are qualified with explanations that IN
| almost all instances IL IS on short time,
| with reduced forces and on orders. Dat
| las Atlanta, and Savannah have felt
| the stimulating influence of heavy
! movement of cotton, although there sun
| apuears to be sufficient doubt as TO the
| near future OF trade generally TO awaken
| special interest as 10 the extent TO when
| notes viii be met on october lst ana NO
vember list. The iron and steel indus
| tries show no signs OF revival and even
| the demand for Bessemer pig-iron has
| dwindled disappointlngly \ Significant
| feature Is found I'm the closing down again
| of industries at number OF points III
| the West where they recently started
| up after prolonged idleness.
But on the other hand, the Texas
| drought has been broken. Northwestern
| bankers are advancing funds freely to
handle the grain crop, and the south Is
| taking care Of the cotton az Y gets TO
market. while in Louisiana the sugar
| crop is claiming, and rice VIII soon ciairn'
| financial aid.
| some results of the recent monetary
| stringency are found In the extraordinary
| total number OF business failures during
therast nine months. 1ilH. which Is fully
n per cent. heavier than in nine months
| s. year AGO. and 26 per cent heavier than
| the ike norton OF 1891. The liabilities or
failing traders this year have ran NJ 10
the unprecedented total OF &2iOSaOO'
about four times what the Ike debts wore
st year. and Gi per cent. more than inc
total Indebtedness Of nine months ~ bust
ness failures In 1884, the next preceding
| wear of severe panic. The LILA business
| failures during the nine months OF 1873
may be compared with only 1910 failures
for the twelve months OF 1882, ana WIZ
less than Il 900 failures in each or the
twelve months OF 1880, 1884. 1886. and lss5
General trade at baltimore rs called
fairly satisfactory, but trade is quiet ana
transactions are small The promised re-
openinH OF one Of the recently suspended
hanks at Louisville on Monday has served
10 encourage better feeling there. Col
leetions are better al Charleston, ana iet.
tnizer agents are going on the road ~
| most OF the larger elties on the cons,
several tracers are a~aiting October ~
with interest, as a large amount Of com
,nercial paper Will fall due on thai DATE
| Manufacturing INDUSTRIES are fairly actiVs
Mt Atlanta, and some Improvement y
noted al Chattanooga, while at Augus'l
4 lie demand for provisions. both who's
sat, and retail. Is not as active as a "seii
ago Al Savannah. however, cotton re-
c..,pts have exceeded expectations, ana tis
n,avement seems 70 be under fun swny
a,thaueb the price tends downward a
ss...s,, imuroveuent Is reported In business
sstf.s' ,..... av,lfsfI IA tho CaS<