The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-29
THE HARDEST WEEK YET
rHg BUSINESS WORLD, HOWEVER,
Is STRONG md SOUND.
vhs Failures Ia tho West Cause Less Dis
tarbsnoe Than Might Have Been EH-
peeied Condition Of Southern Trade.

cos weekly review OF trade says
The hardest week has left the business
world sin able to rejoice in the sound
,css and strength disclosed Prices O:
stocks were greatly depressed Tuesday
aod Wednesday, closing lower than any
o.her day since January, 1879. and the
tu on Wednesday averaged over two
dollars per share. and yet only two fail
pres resulted. and those Of brokers not
especially important. A sharp rally fol-
lowed on Thursday. with buying from
london by shorts. and especially signih-
cant buying by small investors. no banks
tore az any other Eastern cities, and 10
eastern firms Of large Importance, have
conc down, but numerous banks failed
a. The West including some Of high re-
rute and large business The Erie rail-
road was again placed IN the hands OF
a receiver though for eight omonths OF
fho fscal year the net earnings OF the
company had been larger than last years.
aud the earnings Of other roads reporting
are generally close TO last years. The
money market became excitedly stringent
again with the depression OF stocks, and
the drain to help other cities has been
very heavy. but through an the strain
the banks Of New York have passed
without trouble, and imports Of gold have
commenced
From 100000 10 100000 in money
has been sent West every day. and a
large decrease I'm bank reserves Is eX-
pected. as the Treasury has not been dis-
bursting heavily.
Few commercial loans have been nego-
tiated. and those at high rates. Al otner
cities the money markets have been quite
close but bank failures at MILWAUKEE,,
1ndinnapolis and Louisville have caused
less disturbance than might have peen
feared The Treasury purchases silver
fparlncly. and the exports Of that metal
have been large Exchanges between
this city and Philadelphia have been es-
rerialy disturbed, but banks Of the latter
cfv continue 10 supply customers as
well as they can. Chicago has drawn
heavily on New York. but I'm that and
other cities bank statements indicate
Creditahle sOundness
Cotton has declined an eighth, though
receipts are a little lar ger and exports
smaller than last year. but holders show
great stuhhOTnuess in view OF the large
focks In sight and the closing Of many
mills. Fall cotton, though half cent
lower fhaq last year iu price, and eN-
centioually attractive. meet but moderate
demand and print cloths are weaker at
2gi cents.
The iron buslnCrs SLOWS less active, and
ia spite Of past decrease In output the
demand does not equal the supply. so
that four large furnaces at Pittsburs
ore expected TO close. Bar is weak. and
has been sold at Sl55. Plates are In mar
row demand, and structural iron is ir-
regular with beams down 10 SlSO OF
steel lars 2s 900 tons were s)ld 70 agri-
cultural implement makers at Chicago.
81. loois rtTorfs fair trade for the
season. except in building ant no COM
Ilalots among iobbcrs Al knoN"iile ana !
Nashville trade Is iair az Lltue i'ouA
very conservative bIt safe, at columbus |
and Macon the outlook is good though |
money As tight New Orleans reports |
trade exceedingly duh and money very
tight, but banks sound and crop pros
poets excellent Mobile reports talr crop
prospects Jacksonville a close and eau
tious trade, and Charleston dull, but
sound business.
Failures during the Iast week number
gs6 in the United States against III last !
year. and tWenty-three in Canada against !
twenty-five last year IL is noteworthy |
that only three failures are Of capital |
above Sn000o. ana only ninety-nine of |
capital over 500 each. over nifty banks |
stopped during the week, bat nearly all !
were at the West. Last week The fall |
ures in the United States numbered 45l. |
end the previous week 80.
NEW YORK. July &.-Bradstreets to- |
morrow will say The volume Of general |
trade has been further restricted. and |
there is no reason 10 report an improve
Weut in business as a whole Nearly |
twenty banks i'm Indianapolis. Louisville. |
Milwaukee, Helena. Spokane and Port
land ore. have been compelled to sus-
pend payment. not counting smaller fnan-
cial institutions at smaller centres. The
volume of trade Is about one-half the
usual total Depression Ina trade has had
something 20 DO with closing clearing
houses ai Hutchinson. Kan. Helena. salt
Lake city and Charleston The condition
or interior trade is characterized in our
Chicago trade dispatch, which says bust
ness there is quiet I'm AN lines. Few or
oeis are received for fan and winter de-
livery, and The volume Of general busi-
ness at that centre is admitted much
tuA.ier than at a like period last year
lA contrast the mild. but welcome i'm
l'oremeat at Baltimore. New Orleans.
minneapolis and San Francisco Is worth |
nothing AZ the first. easier money IS !
based on smaller demand. due 10 smaller
Volume Of trade. but New Orleans de-
caros the general strincency has had less
influence there than elsewhere, collections |
1re fairly pood staples moving more free
D. and with excellent crop prospects
lhe outlook is almost satisfactory Min
icapol's reports a large volume OF trade
fair for the season. and the receipts Of
orders for clothing and dry goods for fu-
t-re delivery AT San Francisco the gen
ua situation Is easier. and free arrivals
O. wheat at tideWater are stimulating
business.
Taking the South as a whole. there is
Ia.I0ally no change this week In the
money market or state Of trade and in
eutry collections being slow and busi-
ia. only fair for the season az best.
Hh trihing exceptions Collections are
's' prompt at Richmond and orders
tfe. bot country merchants order more
'} at Charleston. There IS a tendency
Gator ease for money at Nashville,
e' Memphis reports crop prospects good.
."- savannah. Chattanooga and Bir-
''' n ind no features or change IN
e.-1..ons Wholesale groccrs have sold
7 Heeiy at Atlanta and Mobile banks
renewing paper more freely. Trade
- eafeston Is quiet: new wheat is being
- inere Tor higher prices, and Texas
"-' is going 10 Europe.
More Bank Failures.
,hLLENSBURG, WASH. July 2S.-The
.-'.NsD1rs National Bank suspended pay
= yesterday No statement. GsCrge
:, N"ihle. president Of the Towns Bank.
""'n failed i'm Portland yesterday, is {
president Of the Ellensburg Bank.
~ylNr STERLING. ky, July 2S.- {
t-'s tfeniD. the officers Of the Traders
,Foai Bank decided 10 suspend pay
."'nN owing 90 "A heavy run on the hank
't,Ilty, caused by the suspension of