Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-31
CONDITION OF BUSINESS.
The Markets Ruled for the Time he
ing by Politics.

NEW YORK. October 3O.-Bradstreets
staple lines is confined to immediate
wants. interest in the election absorbing
attention. The volume OF trade is
smaller than a week ago, and will con-
tinue restricted until the results Of the
eection are known. The restricted dis
tribution of merchandise for several
weeks has begun TO register itself IN
the bank clearing totals. the aggregate
for which at all cities during the past
six business days is s. 10000 PEI
cent. less than last wek, and 10 per
cent. less than during the corresponding
week one year ago.
An encouraging feature is a further
advance in the price of leather. wool,
Bessemer pig-iron. wheat, Indian corn
ard, raw and refined sugar. and for
crude and refined petroleum. Prices are
practically unchanged for pork and
coffee, but hides are litle weaker, and
prices of oats. wheat-hour, cotton. and
print-cloths are lower. Only moderate
orders have been placed for wool,en-
goods for spring de livery, but manufac-
turers are disposed to buy some raw
material. Texas country merchants buy
the advance in discount rates has rem
dered trade duller than Il might other
wise have been.
Mercantile failures throughout the
United States have declined in number
this week, the total being 2i6, against 292
last week. and 2S9 the corresponding
week one year ago.
Messrs. +. G.. Dunn & co. will say
tomorrow, in their weekly review OF
trade a market without anything hat
politics to rule it Is not often seen. Bust
ness is almost abolished until after the
election. by the extraordinary pressure
for money by the indsposition Of any
body to sell who thinks a great change
for the better is near, by the feeling
that it is now of no use TO contract or
buy when SO little time remains before
decision. and by the general absOrp-
ton Of businessmen in political activi-
ties. The indications show a gratifying
confidence in preparing for better things,
but while the prices of materials are
strong. with heavy speculative buying
the absence of immediate demand makes
finished products generally quiet in price
| though with evident expectation of
strength.
The feature Of the week has been the
pressure in the New York money mar
l.
gold. Quotations OF call loans at 100 per
cent. or more have no real meaning ex-
cept that with practically four holidays
to come in succession there is really no
market.
The boarding or engagement Of gold
10 provide against contingencies has far
surpassed all records, and in exchange
/ bought ahead. god actually withdrawn
and contracts TO deliver gold if required
probably exceeds in amount 100000
900. The makers Of contracts 10 deliver
gold on demand have imported over 49,
oOo,GOO it is believed, and ordered 500 OOO
| more this week; the Withdrawals OF gold
from banks for temporary deposit else
| where, or by country banks at the de-
mand OF customers, have been quite
! heavy. and the buying Of foreign ex-
change has made the market entirely abb
normal. and quite out Of relation to the
existing state of foreign trade.
Cotton has held up remarkably well in
| spite of trade estimates that the yield
| will be close 10 100000 bales. The trade
| believes such estimates erroneous, ana
also believes that present prices will not
be found too high. II such a crop should
be realized. The mills are selling staple
| goods somewhat freely and print-cloths
are a shade higher but there is heither
much selling nor much effort TO buy
! goods of other descriptions.
Iron has been bought argely by speou-
lators, 5000 tons Of Bessemer at Pitts
burg. raising the price 20 $780, large
quantities OF gray forge. raising the
price to 1910, and 2OC0O tons. nearly all
OF northern iron at Chicago. Finished
products do not change in quoted prices,
although quotations are less shaded than
| OF late TO secure business and there Is Il
strong belief that after a week there VIII
be a marked change.
The failures for the week were 20 In
the United States against 2is last year,
and 40 in Canada. against 50 last year.