The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-18
BUSINESS INACTIVITY
PURCHASES ARE an MdRhED
WITH MUCH CONSERVATISM.
Nearly All General Merchandise Markets
Continue DulI-Bank Clearings Three
Per Cent. LESS Than Last Waek.

NEW YORK. July 17.-Bradstreets to-
morrow will say:
Nearly all general merchandise markets
continue dun ana the volume Of business
IL smaller than anticipated. Little or no
disposition is shown TO engage I'm new
enterprises. both city and country mer-
chants continuing 20 purchase with more
than usual conservatism, IN view OF the
unsettled financial outlook and the low
range Of prices.
Bank cloariugs amount to S95J.p0oW1
for the week. % per cent. less thah lasl
week This is IL decrease from the cor
responding total n July, lsH', OF per
cent The more important decreases
in prices for staples llis week are for
iron. steel petroleum, cotton. lard. anl
coffee Total number of business FAILURES
in the United States ths week shows
an unexpected Increase OF 20. as com
pared with DO last week. When con-
trastel with the corresponding week IN
1905. the increase during the past SIX
business days is ~.
Stock speculation at New York is dull
and prices are slightly better after ex-
tensive liquidation ana bear selling. The
reduction of ihe treasury gold reserve
by specie exports and gold boarding 10
below SI5.OOpOOO was effective In creating
the decline
Among more favorable features relative
ly and encouraging report concerning
trade ~ nine business centres. together
with an Improvement In quotations for
wheat. Indian corn. oats, and pork. and
finn or unchanged prices for wool, sugar,
lumber. leather. and print cloths, Bal
umore reports various jobbing lines do
lla fyt Il
ency 10 defer placing orders until after
election Chicago and ST. Louis agree
that sales FOR fan delivery Will not equal
the record of 1s9J.
Rains have improved crop prospects
In Washington The week has been
marked al San Francisco by the depar-
ture Of a train load Of fruit for London
ID cargo of wheat Tor Australia. and two
ships loaded with lumber for Europe.
Crop prospects in Louisiana and Texas
have improved. particularly with refer
ence 10 cotton. and country mercnan's
are reported encouraged. Sales or dry
goods ana notions at Atlanta are about
an average. OF shoes heavier than In lo3J.
and the distribution OF groceries more ac-
tive
r. C.. DUN K co.
NEW YORK. July E.-R. C.. Dun &
co. Will say tomorrow in their Weekly
Review of Trade.
Failures for the week have been 2bs N
the United States, against 2J6 last year
and 80 in Canada. against 80 last year.
DlsapnrOyal OF the action at the chi
cago Convention has hal some influence
on the markets the past week but
far more important factor has been the
feeling that the financial future is Sun
uncertain This acute attack of doubt
coming al a time when business Is for
other reasons seriously depressed. has
made the week unusually gloomy IN spec
ulatiye circles The average price Of rail-
way stocks has declined from S4722 10
sH.l9 per share. ana the average or trust
stocks from Si7.2) to SH4s per share
Cotton has fallen about one-half
cent in options and one-quarter in spot
prices. because the men who said there
would De a cotton famine In July and
have been holding large quantities Of
cotton in expectation OF higher prices
have changed their minds. The closing
OF about threc-Quarters of a million spin
dies In producing capacity and about
half Of ten millions for part OF the time
until the new crop comes forward viii
help 10 prevent further decline In prices
OF goods. II accounts OF condition are
not misleading and the general rains IN
Texas have helped the crop. as much as
many believe. tne AlNlu Is likely 10 b'
more than 100000 bales. The decrease In
consumption here is not as vet effective
IN helping the prices OF cotton goods,
which are still selling az about the low
est quotations ever made.
The WOODEN manufacture IS waiting.
and as orders are exceedingly slow. the
sales of wool az the three chief markets
were for the week only 2.l5Jl00 pounds.
transactions al Boston being reported the
lowest ever known at that market.
The output of pig iron July lst was
ls0. 81 tons weekly. against ls2,220 June
ist and III. 1874 tons year ago The de-
crease since the maximum was reached
November lst. 2l7.505 tons weekly, has
been material. and yet stocks are rapidly
aocumulating. those held by producers.
not including the great steel companies.
amounting TO S1js72 tons. an increase os
29sa9 tons for the month or June, or
about 7.D0 tons per week. which indicates
consumption OF less than L3oo0 tons.
Considering the fact that the accumula-
ton by the great steel companies must