The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-17
PRICE TWO CENTS
CONDITION OF TRADE
MERCHANTS AND MANUFACTURERS
AFFECTED Br THE ESTRfNGENCY.
sharp Decline In tho Output Of Pig Irors
Collections Slow In the Southern
states.

NEW YORK. June t6-R. @. DUN 4
Co.'S weekly review Of trade will say
Concerted action By the banks OF New
York has changed the situation mate
rally. More failures and tremendous
drain Of money to the West had such
effect that the banks were unanimous
In deciding on the issue of clearing house
certificates. but as a precautionary meas
ure to prevent trouble rather than be-
cause the urgency of the trouble made
IL necessary. Increased accommodations
for the business community are expected
10 result. and doubtless will, unless specu-
latiOn is stimulated 10 absorb all the In
crease I'm available resources through un-
due preference for marketable securities
over other assets. The excitement at Chi
cago and Milwaukee has abated, but the
weakness OF banks at many Western
points continues and the character OF the
failures reported indicates that wide
spread stringency IL having a serious ef-
feet upon merchants and manufacturers,
lative operations.
very sharp fall In foreign exchange
removes the chance of gold export at
present but is due TO foreign purchases
OF securities rather than 10 change In
trade balances. Exports I'm the two weeks
OF June, 1t Is true are but S2,iO,VO tor
10 per cent? below last year, and im-
ports show a small decrease In place OF
the enormous increase reported for
months, but balances are still adverse
and likely to be for some time.
The output OF pig iron declined 752
tons weekly In May, and is scarcely
| larger than a year ago. Stocks on mana
declined 1900 tons In the month. but
| further reduction OF output Is In progress.
| The market for iron and its products re-
mains duh and unsatisfactory. bar being
especially weak, and Southern pig much
| pressed for sale.
Reports from other cities nearly all
| show tight money and slow collections.
| The exceptions are as 10 money at lew
Southern cities like Charleston ana Mo-
bile. and at New orleans money ~ IN
good demand but fair supply. while at
Knoxville the demand is smaller. COL
lections are fair at Baltimore. Detroit ana
Nashville; average at Knoxville ana good
at Omaha, but low at other points re-
porting.
The volume Of business has been mucn
affected by the prevailing sirinseh,y ana
caution about credits.
a H.
tons. and not curtailed by the strin-
gency. At all Southern points rade IS
| slow or quiet, though al Atinn'a i,nn
Mobile a satisfactory trade if r'ppit~i
Failures during tho Iast week nnn'he''a
| 8l8 I'm the United States against LOS lhst
| year. and thirty.four In Canada, AGAINST
| twenty-siX last year.
Busincss IN the south.
NEW YORK june ie.~Hrads'f'fs
| tomorrow viii say:
"r,,dirg industries are quiet, most Of
them uuleter than last week, notably
iron. the production OF pig having been
/ reduced by the blowing ont Of 4 num-
| hiar of flrnaccs Cotton aDd WOOL m
| noods' manufacturers are buying very
! c,rsefvatively. am the demand COR In
| iehcd products is much cut nt0. 4 Lo@rl
Of the more important southern buA-
| ness centres report the nnanc@l 'lul-
| ton practically unchanged win 'Wo tN-
ccptlons. Richmond nOtins that collec-
| tiors re slower and Atlanta that nonsy
| is closer Groceries and plantation sup
| niles are most active nj Memphis, ana
| at Nashville a favorable report Is made
| concerning business Continued rams
! have checked trade az charles'o1 ana
birmingham job5ers are not pushing
sales. Demand for staples az Augusta
Is restricted except for cotton ,oods,
although at savannah tHt Ipfb-HA -
slightly improved and the volume OF trade
| a trhe heavier.
Floods In the sugar regions OF Lolis-
| lana and tight money at New ORLEANS
| continue 10 check trade at that city, ana
Dallas and Galveston merchants state
mat conservatism on the part or
bankers Is having an effect on the volume
of business the seasonable dullness being
emphasized al this time.
General trade Is more depressed at
Boston and other Eastern centres owing
Ia Increased stringency OF money, wool,
shoes. cottons and other staples feeling
the in@uence. Al Philadelphia the out
look is for a smaller iron production for
higher prices OF coal and lower prices OF
most other staples. Favorable Indications
OF a week ago have disappeared. General
trade is quiet at Baltimore, orders are
small and credit restricted. Strin-
gency is affecting all lines at Pittsburg,
where prices are lower. credits shorter
and collections slower.
Grey Forge iron mas been as low
as $l2i0."