The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-04

REPEAL'S sRIFT RELIEF.
Business More Hopeful and The Tone OF
Trade Better.


Trade Better.
NEW YORK, Nov. 8.-R. G. Dun &
Co.'S Weekly Review Of Trade tomorrow
will say:
The repeal OF the silver purchase act
does good already, The business world
m every part of the country is hopeful
and the tone Of trade is more confident.
II is hardly time, as yet, for the effects
to be felt TO any great extent in manu-
features. but bankers are more liberal
in accommodations and merchants are
more hopeful in purchases.
1t is we'll 10 remember that the act will
do less than If It had been passed early
In the spring or without delay after
Congress assembled. II cannot now pre-
vent several thousand failures, which
have already occurred. nor relieve credi-
tors from resulting embarrassments. ~
cannot now save from loss a multitude
Of manufacturing establishments which
have closed because the future seemed
uncertain. 1t will go far 10 restore busi-
ness confidence, which was much needed,
but many may expect from the measure
larger results than can at this late day
be realized Industries could not be eX-
pected 90 make any material gain Hs
yet. I'm consequence OF new financial con-
ditons but the demand for textile pro-
ducts has 10 some extent improved. Care
fully scrutinlzed, the increase of orders
appears 20 be almost wholly due 10 the
gradual exhaustion Of stocks I'm the hands
of dealers, wholesale or retail, but as
yet. not 10 any appreciable Increase in
sales 10 consumers. The most astonish-
ing shrinkage ever known In purchases
by consumers has been at the bottom
Of the prostration Of trade and manufac-
lures, and as yet there is scarcely any
sign OF improvement i'm that respect
But az retail stocks run short and IN
turn wholesale stocks are depleted. the
mills feel an increasing demand, mostly
in the form OF numerous small orders
for immediate delivery This kind Of de-
mand has kept many mills running dur
ing the past week, though the lack OF
orders has closed more textile mills than
have resumed.
on the whole, the market for textiles
shows a little improvement. The metal
working Industries manifest little gain as
vet. As yet iron and steel manufacturers
show scarcely any signs OF recovery
There has been some increase, it IS Judg-
ed from printed reports, In the number OF
furnaces I'm blast, but the output still ap- |
pears 20 largely exceed the consumption, |
and there is more pressure TO sell pig iron |
tnan 10 buy. The orders for finished pro- |
ducts are still small. and they do not APP |
pear 10 be increasing and while at Pitts |
burg some orders have been secured from |
The east by exceptionally low bids and the |
Joliet Works resume at the West, the |
prices quoted are on the whole lower than /
asst week. There is not much doing IN |
steel rails. although sales are reported AT |
~ per ton, a decline OF s., and bar and |
structural iron are also lower The vol |
lme OF domestic trade gains but little, |
outside Of New York being 29 |
per cent. lower than last year for the |
week. The export Of products for the |
last month has been about 100000 lar
ger than last year. while imports have
)een about sl9,400,O00 smaller which indi-
'ates an excess Of exports Of so 100000 for
he month.
Failures for the week number 3jS In
he United States, against 23s last year,
and 2S In Canada, against 81 last year.
Bradstreets tomorrow will say:
Telegraphic advices from many Of the
more important business centres are that
some effect Of the passage Of the silver
purchase repeal law is reflected IN an
improved tone in financial circles. and the
,rowth OF confidence OF merchants IN the
outlook. But II should not be disguised
hat the repeal is too late 10 have an
fleet on fall trade. Repeal meaning
merely the removal OF prime cause Of
ecent panic and stringency and resulting
ontraction Of trade time will be required
, build up what has been torn down.
ar seeing merchants interviewed will
Omit little prospect OF a revival I'm gen
raj demand this year. Manufacturers
nd large proportion OF industrial work
rs I'm Eastern and Central-Wes States
re still idle or on greatly reduced wages.
he earliest reported effect Of repeal Is
zen in an Improvement I'm the demand
Dr. commercial paper at New York and
)me other centres
In the cotton growing district OF the
outh. collections are improved. Travel
RS In staple lines south and west and
outhwest report that seldom has trade
cen so dull, that merchants will not an
cipate wants at any price. The long
-evailing statmation In iron and steel
nd the woollrn industry shows ne sign
an early change. The cotton manufac-
ring idsuntry Is relatively better sit
ated.
There has been no change In the volume
sales Of general merchandise at Rich