The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-12
nnn,s MeelllY ReYlely.

NEW YORK. August n.-R. G. Dun
| &, Co.'S weekly review of trade will say:
The long desired meeting Of Congress,
which fully answered expectations, and
the arrival OF Sl32s0.00o gold from Eu-
rope with $l0O00.OOO more on the way.
have not brought the Improvement many
| anticipated. Stocks are stronger. but
failures continue. aud the closing Of
Industrial establishments and idle hands
multiply and silent shops; and the dis
| organization Of domestic exchanges is
even greater than a week ago. There
| has been no startling crash. but the
formal failures Of banks, including one
I'm this city and several in Nashville.
number thirty-four: while refusal 20 pay.
except through a clearing house or with
limitations, are becoming more common.
The commercial disasters, 3gi in number,
include such names as II. II. Coleman.
the iron King" j. II. Walker & co.
OF Chicago, I'm dry goods, and II. l..
Hotchkiss. I'm stocks.
The arrest OF industry goes 50 far that
third Of the iron production ceased in
the month OF July. and the consumption
of iron in manufacture diminished forty
six per cent. f"Om Mag lst 20 July lst.
Not even this shrinkage stimulates de-
mand enough TO support prices, which
remain the lowest on record, and further
stoppages I'm August have reduced the
weekly output below 10000 tons.
But Si3 10000 IN bank notes will quickly
be added % the circulation, through the
use of the bonds purchased from saw
ings banks, and S23 100000 I'm gold from
Europe I'm spite OF the advance In the
Bank Of England rate 10 four per cent,
and I'm its charge for gold to 76s., lOd.,
which, with some specie and notes from
Canada. will make the largest addition
10 the monetary supply ever experienced
I'm "A single month If this suiiices 10
cause the release Of boarded money.
some recovery may come without walt
ing for slow-footed law makers at Wash
ington But late adyices give ground TO
hope that the wishes Of the business
world may soon be answered by uncon-
ditional repeal Of the silver purchasing
clause Of the act Of 1880.
Failures during the week number 39i In
the United States, against lG0 last year.
and twenty-five In Canada, against
twenty for the same week last year.
The West still contributes the largest
number. 19l. for the past week, against
23T for the previous week. In the East
there We're 40. and in the South fifty
four
Hradstreet's Report.
NEW YORK, August u.-Bradstreet's
tomorrow. August 18th. will say:
The irritating and widespread boarding
Of currency has compelled jobbers and
manufacturers In many instances TO do
business more nearly than ever on a cash
basis which has resulted I'm a further
restriction Of trade through the in
creased difficulty i'm disposing OF CONNER
cial paper. still greater scarcity Of cur
rency at larger centres and a shutdown
movement among industrial establish
ments; the latter, together with curtail-
ments OF forces I'm that and In CONNER
cial lines, points TO the enforced idleness
of nearly 100000 wage earners within
the past two months, as compared with
not more than 10000 at the close OF 1854.
the previous year OF greatest business de-
preston. Iron and steel industries re-
main excessively dull, which is true like
wise of wooden and cotton manufacturing,
raw materials In each OF which lines are
very low.
Reports from the South are less un-
satisfactory. The financial disturbance
at Nashville has caused some distress
owing TO the locking up OF funds by
suspended solvent banks. and collections
are slower Memphis reports banks
sound. with no market for loans. Busi-
ness is slow at Richmond and many
orders have been cOuntermanded. Naval
stores are depressed at Charleston and
Atlanta announces no activity in any
line. with trade awaiting the opening OF
the cotton season, in the hope that II
will relieve the situation. AT Augusta
and Chattanooga no new features have
been reported. Less encouragement Is
received from Savannah, where the dis
count rate is raised and little or no do
nestle exchange is being purchased. Cot
ton crop prospects there are fair, but tne
question Of obtaining funds 10 move II
is causing discussion. Banks at Birming-
ham are making few. II any. loans, as
currency is scarce Mobile advices are
that money Is stringent. and at New or
leans business is slow. although RELIEF is
hoped for when the cotton crop begins
10 move. Banks there are restricting
payments TO depositors. Crop prospects
i'm Arkansas and Texas are favorable.
Houston banks prefer not to carry cot
ton. and expect buyers to move II prompt
IN. Galveston jobbers report some new
10. NItr. "a