The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-08
BETTER FEELING SOUTH
SOME IMPROVEMENT IN THE
FINANCIAL SITUATION NOTED,
Also Better Reports Come From the West.
NO improvement in the Iron and
Glass Trade-Other Reports.


morrow will say:
Some Improvement in the financial sit
uation at Southern cities is noted. and
at the West st. Louis and San Francisco
make like reports. while East the cor
responding change is at New York. where
thete is better tone, due to completion
OF the July settlements, although, as at
Boston, commercial paper remains prac-
tcally unstable in the open market.
anu discount rates are as extreme as
from to 10 pat cent. New York banks.
nov ever, are providing somewhat ore
literally for regular customers, which is
IN part Offset By a comparative tightening
OF purse strings at Chicago, due TO de-
mands OF country banks for rediscounts
nd the tying up of funds in wheat
Money has been shipped East from New
York to provide savings banks with funds
against possible Withdrawals Of deposits,
but slight inflow from the West is re-
ported.
No Improvement I'm the iron or glass
industries is looked for until there is a
change for the better I'm the financial
situation Many iron mills have shut
down for repairs and stock taking.
Nearly one-half the Southern cities
specify a moderate Improvement in either
the general trade or financial situation.
Seasonable lines distributed from Rich
mOnd report slight gains in volume, al
though collections are difficult There are
Increases In sales Of groceries and hard
ware at Memphis, and there is improve
ment at Chattanooga, while at Savannah
the volume OF sales in general lines has
Increased and mercantile collections are
made more promptly. with money easier
Mobile banks are lending more freely. but
the volume Of trade is the same There is
better feeling" at Nashville, but money
continues close, and the volume Of trade
is unchanged. Business is quiet at
Charleston. very few liquor houses
have closed entirely. The bet
ter feeling" is also noticeable
at Atlanta, due TO favorable
bank statement on July LIST. There are
no new features to report from Birming-
ham, but business az New Orleans con-
tinues restricted. owing to stringency and
continued high water. although The influ-
ence OF the latter is said 10 be gradually
disappearing. Texas crop prospects are re-
ported excellent by Houston. Galveston
reports that no gains In the trade situa-
ton need be expected for thirty days,
and that Interior banks usually supplied
with funds from the East have applied
TO Galveston institutions for relief with
out avail.
NEW YORK, July 7.-R. G.. Dun &
Co.'S weekly review Of trade will say:
The tone I'm business circles has percep-
tibly improved This is partly because
banks have been rendered more hopeful
OF an early financial settlement by the
calling Of an extra session of Congress,
partly because OF some recovery I'm prices
from the sudden depression which fol-
lowed the decision 10 close India minis
and partly because crop prospects have
clearly improved, IN spite Of dismal re-
ports from some sections. on the whole
there has been a little better distribution
OF goods 10 consumers. and perhaps the
countermanding Of orders given some
months ago is not quite as frequent, as
It was last week. The more hopeful
symptoms are gladly noted, but while the
causes Of depression remain, II would be
rash 10 calculate that difficulties Will not
reappear..
soon large sums Of money will be re-
quired 10 move the crops, and in the
present state Of money markets, some
stringency Is not improbable.
Business I'm Baltimore is very duh. iron
has another drop at Pittsburg though
many furnaces are closing. A reduction
I'm cost Is expected from the wages set
tement. Cincinnati reports little Inn
provement. with close money.
At ST. Louis trade is quiet, but coiiec-
tions very fair, while banks are stu most
cautious Nashville and Knoxville report
q better feeling, and Montgomery quiet
trade: al Little Rock business is very
NJ
with money comparatively easy. Calves
ton reports the situation fairly good In
Texas with few failures. and prospects OF
more than an average crop. Banks care
for customers. but discourage new loans.
New Orleans notes no Improvement
money tight and collections slow, but
crop reports excellent, except In over
flowed sections. At Mobile banks are
more free: at Jacksonville trade Is fair
bur collections slow and banks cautious
and at Charleston the tone improves
though money is tight; trade in groceries
is fair and I'm other lines moderate.
The market for pig iron and steel rails
is very gloomy. rail-makers having ABOUT
reached the end Of their orders yet the
consumption Of pig has been $4,000 tons
larger for the half year than for the last
half Of 1892. stocks being reduced lZo'pD
tons.
Heavy contracts for iron have been
made by agricultural implement works
locomotive works were never buster the
Cramp and other ship-yards are wei
employed; hardware, stove and other
special works are busy with good pros
poets. and yet prices for pig are quite
demoralized by Southern pressure 20 SELL
and I'm general prices Of iron products are
the lowest ever known.
Money has grown easier. but IT is stlil
hard at most points 10 get accommoda-
ton. as banks are preparing for larger
demands. Foreign trade shows niue
change. exports being much below last
years and imports quite large. Stocks
are duh and Inactive. with some signs OF
more foreign disposition 10 buy, but prices
are only a fraction higher
The mercantile failures during the week
number S2i in the United States, against
lJs last year, and q in Canada. against Is.
ALLI8NCEMEN 10 MEET