The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-10
BUSINESS IN THE SOUTH.
DfxTr SUFFERING LEAST FROM
TIE FINANCIAL sTRTNGENCf.
p.oor,. IN tho Commercial Agencies Of
the status OF Business In the
Southern Centres.

| financial Circles mas ihPtV'tu' NhiSdbo
hanks have drawn enormous sums from
the East. and increased strength is fol-
lowed by a report that they may soon
begin dlscounting more freely. New York
bank officials report an easier feeling
in the local market. following checked
gold exports and lower exchange rates.
hut an early passing OF the shower Is
NOT looked for. on the other hand, Ros-
TON. Providence, New Orleans and De-
troit bankers are quoting higher rates
of discount in some instances. with a
corresponding influence on trade.
| The South appears to be feeling the
results OF the extreme and widespread
strlngency relatively least, and the West
| aud Northwest most. New York city
appears TO have foreseen and prepared
| for the financial storm to a large ex-
tent. and banks there regard the situa-
| tion from sheltered position. The
| outlook is not good for speedy reversal
OF existing trade conditions. and the ten
dencv of staple prices continues down
| wards.
There is n moderate order OF trade at
Louisville. where the demand Tor money
has improved st. Louis reports airy
goods dealers who loaded up early In
| tho season to have been unable 10 uls-
| pose Of their stock. which results IN CUT,
| ting prices. Money remains close ana
| demand active. 1T
| A. Nemphis business is quiet with a
better feeling. owing to the lower water.
| The crop demand In several counties mas
been severe Many fields have peeh
abandoned. The financial situation IL
somewhat easier; banks having aihpie
funds. Nashville. however, says money
is as tight as last week. With DanAS
making relatively few loans ana genera,
trade quiet A similar report is recelVeu
from Richmond. except that the Voiuihe
Of trade Is increased. No anxiety as
TO money is felt at Charleston pailhS
there confning loans 10 regular Gus
toners. Rains have checked the volume
of trade. but leading merchants are
standing the financial strain without ar
6cultv. Sales Of groceries al Atlanta
iurroved Country dealers I'm most lines
are asking for less accommodation than
expected Savannah banks are making
the usual discrimination in the matter
Of accommodation, and general trade In
all lines is quiet. except naval stores.
There has been no change I'm the policy
Of bankers or borrowers at Birmingham
Ala. and business is quiet. At Mobile
business Is duh and collections slower
with banks continuing the policy OF the
week before At New Orleans money Is
tighter and the rates somewhat higher,
with banks trying to discriminate as
much II not more than before. and mer-
chants prepared TO meet the situation.
General trade is perhaps still further
restricted Prospects OF high water and
floods are causing anxiety i'm the Louisi-
ana sugar districts. Business at Dallas
is in fair volume. with crop prospects
favorable. but at Galveston II is quiet
and money tight. although not as strin-
gent as at some other points South.
Better Financial Feeling.
NEW YORK, June 9-R. G. Dun &
Co.'S weekly review Of trade will say:
The severe depression of a week ago.
which eliminated I'm very tight money
and numerous failures, has been followed
by some recovery Reports that definite
action by Congress on the money ques-
tion has been assured have done much
TO cause the better feeling which indi-
Gates that apprehension OF the future
rather than present difficulty causes much
of the trouble But the stringency at
Chicago and elsewhere has forced realiz-
Ing on the Unprecedented stocks Of wheat, |
so that the lowest prices ever known
have been made here and at the West. |
This has helped exports, and in other |
respects monetary conditions are dis |
tinctly more favorable. The Treasury is |
gaining reserve exports Of gold have been |
arrested, foreign exchange has fallen with |
dearer r.oney here and reduction of bank |
rate at London. and banks at Chicago |
have rallied with success against runs |
which appeared threatening. Though no |
radical change in underlying conditions |
has occurred there is more helpfulness |
and some recovery from the extreme con- |
traction Of credit.
Trade at Little Rock is dull, and at
Louisville restricted with money very |
close At Memphis trade is very quiet:
at Nashville fair, and at Knoxville slow.
with money close and collections not i'm
proved. At Atlanta, Macon and Augusta
similar conditions exist At Charleston |
the hardware trade Is fair, but dry goods |
and groceries moderate. and al Galveston
the trade is fair, but collections slow. At
New Orleans money is IN active demand,
collections slow and business dull ex-
cessive rains making crop prospects
doubtful.
Iron is very dull at New York end
Philadelphia, and sales are reported at as
tonishingly low prices at Buffalo. Deal
ings in bar show great anxiety for or
ders; structural iron is dun, and while !
plate mills are we'll employed all prices
are low and trade disheartening
Tho hnaI ial outlook is not helped as
yet by foreign trade, as imports con-
tihu" htdNNs WfilIe exports are still below |
last years, for the past two weeks more
than 10 per cent. But the depression in
stocks brought In some foreign buyers
and prices have recovered on an average
OF $50 per share since a week ago with
railroad earnings continuing large For
elgn payments for securities have helpad |
exchange downward and also bills against
several million bushels heat taken for
export, so that some bankers believe the
rest OF the summer may pass without
renewal Of gold exports
The failures for the week have been 500
In the United States. against l6s for the
same week last year. and q in Canada
against q last year.
Want the sherman Law X pesIed.
CHARLESTON. June 9.-The Cotton Ex.
change to-day adopted the following reso-
lutions:
III view OF the continuance Of the dpen-
cial troubles and the stringency of money
IN al sections Of our country. whereby |
depreciation In prices Of the leading pro-
ducts or our land. depression I'm values
OF all classes Of securities and stock and |
the universal stasnation i'm trade are all |
more or less attributable to the existing
sherman Silver law, which has been I'm
us enect Injurious TO our commercial and |
interests: be II
Resolved, That IL is the sense OF this
meeting OF the members OF the Charleston {
cotton Exchange that the Sherman Sill
yer law be repealed by Congress. and
mat our Representatives in Congress be
urged 10 advocate the repeal OF the same ,
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