Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-12-17
TIE BUSINESS SITUATION.
Report Thereon Of Dan and Bradstreet-
Not Much Eneoursroment


THE BUSINESS SITUATION.
Report Thereon Of Dun and Bradstreet-
Not Much Encouragement.
NEW YORK, December 15.-R. q. Dun
g. Co.'S weekly review OF trade says:
II Is proof OF the enormous vitality OF
the country that while mills are stopping
IN every direction and the army OF I'M
employed IL larger than II has been for
many years other mills are constantly
starting up TO answer the demand, which
single year Of unprecedented disaster
has only diminished. Industry IS doing
nothing on speculation. but the needs
which the wonderful growth and past
prosperity of the whole land have created
are pressing upJn supplies exhausted by
months OF reduced production. Trade still
waits as much as Il can, and yet The
volume Of business on mere hand-to-
mouth basis is such as would have been
called large n few years ago.
Measured by clearinghouse exchanges,
II IL 10 per cent. less than year ago.
the decrease being greater at the West
and South and less at the East. Mea-
sured by railroad earnings, II IL 1876 per
cent. less than a year ago, the largest
decrease Of any week since September,
partly because passenger increase no
longer marks freight increase and partly
because OF decentralization in trunk-line
freghts. But while the decrease on those
lines Is lie per cent. 239 is on western
wheat-carrylng roads. and PSI on the
Pacific roads reporting
lron-workers have accepted lower wages
In the Pittsburg region. and numerous
works have resumed. Thus the output
of pig-iron suddenly increased from
5000 tons weekly. November LIST. To
S,3l9 December LIST. but It is yet only 81
per cent. Of the whole output-lS1,5d tons
last May. The fierce struggle of the
Pittsburg region for business drives
prices to the lowest point ever known
81 for Bessemer iron and 1915 for steel
billets-and takes away nearly all new
work from the East and West where
the depression increases. Yet some ad-
ditional furnaces went into blast last
week
In cotton manufacture there Is much
hesitation, and the prices Of leading
bleached goods have been reduced. re-
suting I'm larger sales. while other lines
are in moderate demand.
The money market has been scarcely
~ an dlAFAi'l ny luf FNlOlN OF 81 t'lsif'
In gold to Germany on gold bills. but 81
is natural that bankers are willing under
present conditions to aid the Treasury
by supplying as much as so. 100000 in gold
for export. But a larger movement must
appear before very long unless trade con-
ditiOns change. In exports of merchan-
disc for the first half Of December the
decrease was $l.9O0,Ooo, or y per cent.
while the decrease in imports was ST.
10000, or S per cent The week has
brought fewer sales Of stock by foreign
holders than usual and some buying.
Commercial paper. II bought at all. goes
at lower rates but there Is much which
the banks. even though clogged with
money, do not want The banks have
also aided th- Treasury by keeping back
the due bills for mutllated notes de-
posted. a virtual loan which amounts
TO $500 a month. But the Treasury re-
ceipts do not improve, and the banks
here have somewhat generally advised
the administration 10 provide without de-
lay against future contingencies by some
form Of short-time loans
Failures are numerous and large-S39
in the United States for the week, against
20 last year, ana 40 in Canada. against
% last year
"BradStreets" tomorrow VIII say:
Aside from a moderate Improvement in
demand In one or two particular lines at
St Louis. Milwaukee and Louisville and
at Savannah. Chattanooga and Houston,
none OF which have special significance,
general trade remains as dull in many
Instances. as before. The interval for
stocktaking and preparing for next years
trade IS only in small part responsible.
General trade is Of a filling in or recorder
variety, but smaller I'm volume than Gus
tomary at this time. Even the holiday
trade has fallen below expectations In
all directions. At many points the only
commercial activity observable is that at
retail in holiday specialties.
Scarcity Of funds among agriculturisi j.
and wage-earneTs in some portions Of
the South is checking trade In Industrial
lines. At leading eastern centres the dts
tress among idle operatives IS more con-
spicuous, and demands for contributions
IA aid Of the suffering unemployed are
"A feature OF the holiday season at many
cities and towns. Work is said To have
been resumed in whole or IN part at
twenty-eight Establishments this week,
but twelve are reported shutting down,
seventeen have cut wages from to %
per cent, and six have reduced working
time or number Of employees.
The prices of pork and beef products
Iron, and steel, and sugar are all lower on
freer receipts, present or prospective, ana
the indispOsition of purchasers TO antici-
pate wants Further cuts In iron and
steel fail to stimulate consumers, ana
continued accumulations OF bank funds
at the larger cities point TO an extreme
shrnkage I'm the volume of trade and
a prospect of still greater stagnation
during the opening weeks Of the new
year
The increased strength I'm cotton IS
based on buyers discrediting large crop
guesses, and concessions on wool prices
would not induce manufacturers TO buy
for future wants, in view OF the unset
tied condition OF trade. Eastern woollen-
az well as cotton-mills expect in some in
stances 10 shut down as soon as orders
on hand are executed.
Mercantile collections West and East
are somewhat improved. Holiday spe-
cialtles monopolize what activity there
is in trade lines at Richmond which,
with sales OF groceries, IS true at Nash
vile, Memphis, and Charleston. At Sa-
vannah there is an active demand for
cotton, and naval stores are firmly held.
The trade prospects for the new year
at Atlanta are believed TO be encouraging
but at present funds are scarce, which
fact, with the competition between bank
rupt stocks, tends 20 minimize prohts
At Mobile the volume Of trade has
fallen off. as we'll as at birmingham and
New Orleans. In some sections OF the
Louisiana cotton and rice regions the out
look is not promising. At Little Rock
and Galveston activity appears confined