Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-01
WEEKLY TRADE REVIEW.
The Condition of Legitimate Busines
Healthy-Tbe Worst Over.
fBy telegraph 70 the Dis patch. !

lBy telegraph 70 the Dispatch.l
NEW YORK, June 30.-R. G. Dun & Co.'s wcek-
Iy review OF trade tomorrow win ssy: The
closing Of the Indian mints against silver. tho
fall OF silver bullion to ~ cents In New York and
32Itd. al London on Thursday. tho fall In wheat
10 624 cents at Chicago and 10 cents at New
YORK. the suspension OF operations by tho
miners and etneiters OF Colorado and some other
silver-producing States have made tie past
week one OF unusual interest although IL Is om-
cally explained that it Is not intended py me
In1isn governments 10 substitute gold for silver
IN use bat only 70 steady tho rate OF exchange
between India and England Its acuon Is
commonly interpreted as throWhg ou
other markets the 40.OOO.oOO oun 'es
OF silver which India absorbed last year, and as
iDsurng the s:oppago OF silver purchases by the
United States when Congress mects Later III
formation has brought 30 light the fact that this
step will be desperately resisted. but greater
confidence Of bankers IN the financial future was
reflected IN lower rates for foreign exchange,
which were low enough to encourage gold I'M
portation. Ii is believed by many bankers that
eeriOus disturbances in the stock market were
ayerted by the action Of ave banks which agreed
TO take 10000, 600 in clearinghouse ccttibcates
and promptly loaned s5,0QO,O0O, oresking the
rate from IS 70 o per cent ThurSday afternoon.
But the events of the week have rendered un-
usually dificut to forecas. tho future couYse OF
the money market.
Up 10 tho present tir1e domestic trade has not
materially changed since last week. taough IN
tainties. Good fall orders are resolved at Bal!i-
more for clothing, woollens. and hats, bu. the
stringency in money IL seriously ielt SI LOUIS
notes a fairly active wholesale trade, some us-
crease In co lections, and money III only mode
rate demand at 20 8 per cent. Business at
Kansas City is fair, but grain receipts arc very
light. At New Orleans trade IL very dun. money
is tight, and collections are slow, with Inc Danks
very conservative. Tho supply Of money at Mo-
bile is ample for business, and Atlanta reports
trade generally satisfactory, but money tight.
Savannah notes larger trade than usual In dry
goods, hardware, ana shoes, with poorer coiiec-
tlons.
Throughout the country whilo collections are
slow ana failures numerous, tho condition OF
legitimate business is regarded as heaitny ana
hopes are entertained that the worst has passed
These hopes are manly based on oolof that
the silver law will be repealed aud that tue GER
tainty OF its repeal will encourage forelgn ln-
yestments here. The lower prices OF products
also tend to increase norchandise exports
Wheat has reached prices regarded as out Of the
question a month ago, but yet the supply In
sight is very largo ana returns from the North
west as 20 tho coming harvest are more favora-
bic
The business failures for the last sevon days
number, for the United States, 307; ; for Canada,
27-total, 1874. For the corresponding week OF
last year the figures were III failures In the
United States and 20 In Canada
Brddstresfs tomorrow Will say: The pressure
in tue New York money market incident 70 the
July disbursement h aggravated by the drop
cent aid time money aud discounts almost un-
attainabe. The speculative stock market at
New York reflects by its courso tho pressure
aud disturbance due 10 the money and silver
situation. Values are slightly firmer, bat tho
buying Of stocks is practically Suspended. Fol-
lowing the effects at Chicago OF restriction Of
credits AMI loans. the echo from Detroit, and
the detonation from the Pacific coast, come ro-
ports of incoming stringency at the larger Texas
cities, points where until now comparatively
little OF the financial disturbance has been feg.
There Is no general or radical improvement IN
the situation at Eastern centres. The South re-
ports no change aud increasing stringency, but
at the West Cleveland. Chicago, Milwaukee, 81
Pau, Omaha, and Kansas City furnish phases OF
improvement which pCtnt 70 a cheek 10 unlayOra-
bic symptoms, and Chicago and Kansas Guy
banks are discounting moro freely. The prices
OF staples continue 20 decline, wheat touching Z
another Lowest price, with a decrease OF .
cents, corn going OF rs cents, oats lys cent?
cotton n Of a cent, sugar IS OF cent steel OIL.
lents 10 cents. pork 90 cents, lard 10 cents, and
wool fractionaliy. Coffee scores an advance OF
u OF a cent, bogs are higher, petroleum Is nrn'
ynd Anthracite coal is booked Tor an ADVANCE TO-
..u, .ou,no.n o,,,os
nno. .. nat at most OF them, particularly south
49, general situation has shown the re-
@ velse 1 oi Improvement. At Memphis business Is
ino,o ISL ted and the financial situation tut
~ ~ u.2s az ", Trade is interrupted sttil iur-
,iioi m S oo" oseans by money stringency, ana
the banks discours'an 80 o,eYn-,sas DaIisS
reports better tfsio than last year az thi i
time, and tnat the gf,tn crops harvested are
held FOR higher prices, Ut t,eht money ia be.
ginning TO be felt and the Ienks arc counseiling
| O tasingln OF sail Houston TaDorts that generai
trade Is luet, that the crops az Doing wen. and
tnat the tanks are acle 10 suppiy >srs "a ocss- -
customer+ The Wholesale dealers az Galveston
| are scrut niZinR the credits OF new customers
! and otheIsise acting very conservatiycly, as
money 1s 'ipser and the banks arc requiring al
| least parti,l payments on maturing loans.
The only ke report in other sections Of the
| South IL troa Savannah, where sales are small
collections s3w, and tho situation is regarded o.
| less favoralA Mobile makes no change la the
| report As 10 stneral trade, and states that the
| supply OF mct(y IA above the average, while
! Birmingham itports the previously y-noted condi
| tions-slow clections, buying for needs only.
| and 1obbers dpt seeking new customers. Al
| Charleston, asse from the liquor dealers, who
| are dlsposing dAsiocks and getting OuE OF busi-
| ness, the morclints are said TO be doing fairly
| well. and at ALgJEta, Ga, the situation is more
| hopeful. owing - tho anticipation July 1st Of
| the disbursement OF about 100000 in interest
! and dividends. Atlanta iobbers are selling
freely, and manuacturers report business fairly
| active.