The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-21
EFFECT ON BUSINESS.
sTOCKS, COTTON AND WHEAT THE
MAIN ARTICLES AFFECTED
by President Cleyeland's Venezuelan
Message -Prices Generally Are
Not Very Encouraging.

!
, same weeks of 1893.
| Failures Tor the week have been 3Il
| in the United States. against 34y last
year. and 80 I'm Canada, against 50 last
year.
| The strong Am6ricansm Of tho Presi-
dents message has given It's character
| TO the week. Popular feeling was pro-
| foundly moved. but excepting In stock
and cotton markets, business was re-
markedly duh and scarcely affected.
NONE ARE SAFER.
Selling OF securities held abroad was
a natural first impulse. though the sellers
are not unlikely in time to discover that
no other securities are safer from IN
ternational complications than the Amer
leans. Cotton has declined a ii, and
wheat about two cents. The markets in
this country do not act upon the theory
that any interruption of foreign rela-
tons is TO be expected. Coming at time
when nearly all produce markets are IN
active and Industries unusually dun, the
disturbance has affected values much
less than might have been expected.
Not because Of any foreign question,
but solely because of influences which
have been in continuous operation for
months. prices OF manufactured goods
continued TO decline. Prices OF iron and
steel have fallen about 3 per cent for
the week. and are now per cent below
their maximum. bessemer pig and grey
forge, and most kinds OF finished products
having yielded more or less.
Purchases by the great steel COM
panios, IL is now evident. were much
in excess Of their actual consumption,
and it is believed that some furnaces
will have to suspend production, as the
demand for manufactured products is too
small to support the output estimated
for the year at s37 ,S7 tons by the Pitts
burg American manufacturers. There IS
no change of importance I'm the market
for cotton goods, which Is not active
enough to prevent some accumulation.
Print-cloths are n shade weaker The
market for woOlcn goods has not i'm
proved. Sales OF wool are mainly confined
10 immediate needs of manufacturers
who are buying but little ahead.
The imports of woollen goods continue
very large, though smaller than a month
ago. The movement of cotton continues
comparatively small. but estimates of
consumption here and abroad begin 10
take the place in measure OF estimates
of yield. as markets for goods are gen
orally dull. There was a shade Of adj
vance in the prices until foreign ques-
lions disturbed the market. but il closed
with IL cent decline
BRADSTREETS.
Bradstreet's tomorrow will say:
The general business situation has been
affected by the precipitation Of possible
complications with Great Britain. First
10 feel this are the stock market and the
prices Of cotton and wheat. the influence
OF which ramify among business houses
in many different lines.
The serious nature Of the Presidents
statement of the case had the effect here
and in London of causing free selling OF
10, To- In rferi,f Of "a hot
pectaticns of war is slight. violent de-
preston in stock and security values has
followed the Venezuelan matter and its
reception. The European market has
been no less disturbed than our own.
and the foreign selling OF our securities
was on an enormous scale Gold ship
ments for the week are 81. 600, of which
$3.5OO0OO go to London to-day.
Foreign Exchange is up 10 4S9 ~ for
demand sterling and bankers show a
great disinclnation TO draw in view of
the possible curtailment of foreign credits
here.
Representatives OF Bradstreet's at
twenty-three cities interviewed many
leading manufacturers and merchants
Thursday as to the effect present or
prospective on trade of the international
situation precipitated by the Presidents
message In no instance so far as the
interviews extend, is war considered the
probable outcome
So far as the effect on business is con-
cerned, eastern and western manufac-
turing centres. and many of the larger
western and northwestern distributing
points, report none is felt whatever.
Perhaps as significant as any other
feature Of the interviews is that in all
cities except four the consensus Of opin-
ion distinctly favor the sentiments eX-
pressed in the Presidents message. The
exceptions where the opinion on this
point was divided are New York, Boston.
Detroit and Milwaukee.
In the grain market at the cotton ex-
changes. and throughout tho cotton
producing regions. as well as at New
York city Philadelphia Boston, and other
New England points complaints are
heard Of the effects on business of the
international question which has been
raised.
IN THE SOUTH.
Leading Southern cities report Christ
mas retail trade fairly active, but that
business in wholesale lines is quiet or
unchanged. Dizziness IS conspicuous in
Texas, and cotton continues neglected at
leading markets Charleston alone re-
porting a moderate general improvement.
West and Northwest unseasonably
mild weather. and the tendency of job
hers 10 reduce stock prior 10 the close
of the year, have served To render gen
eral trade quiet. and at best only fair
for the season. The industrial situation
reflects previous conditions. Jobbers
i'm cottons and woolens report demand
quiet at first hands.
Woollen mills are taking only fair
orders for spring goods.
Hides are irmer. hut manufacturers or
shoes have not yet begun TO anticipate
wants by increasing purchases OF leather
although i'm some instances shoe factories
have begun 10 increase their outputs.
Favorable reports come from western
GLASS factories. the prospect being for
LARGELY increased demand. and a cor
responding advance In quotations. IRON
and steel report another reducuoD IN
nrices of nearly 81 a ton each, and bar
iron has gone off 10 per cent. in prices,
which is also true of structural mate
rial.
Tho output of pig-iron is nearly at
rate of 100000 tons a month, and I'M
less consumers place orders soon, there
u,iu he a restriction Of production.
Prices generally show no more encour-
aging tendency than heretofore
The total number of business failures
throughout the United States, as reported
10 Bradstreet's this week. aggregate
AS. compared with 1913 last week; 800 IN
the like week one year ago. and 1853 TWO |
wears aso--more than at the close OF the |
manic year-and 29S and 1913 in similar |
periods in 1892 and 1891.