Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-29
THE BUSINESS SITUATION.
Dun and Bradstreet Thereon-Thc
Money Market.

NEW YORK. August 2S-Messrs. r. G..
Dun < Co. will say tomorrow in their
weekly review OF trade: The failures for
the week have been 2SS In the United
States, against ls6 last year, and % I'm
Canada. against AZ last year.
Clearinghouse certificates have not been
issued, but, instead. gold 10 coming hither
largely on the swiftest steamers, about
yl0,0Oo0o0 being already on the way.
Higher lending rates bring 1t, though the
foreign events which disturb London mar
kets and the growing confidence In the
monetary future OF the country help.
The shrinkage OF merchandise imports
and the increase OF exports also help.
These tendencies all help TO lessen the
strain. The Liabilities In the failures for
three weeks ending August 10Th were
so, sS2 2sS, against <6.5l9 $50 last year, and
@44,flO in 1894. Tho stoppage OF Hilton.
Hughes & Co. this week il, OF course,
not included IN these figures.
The stoppage OF works continues. in
Guiding, among other iron concerns. the IL
linols Steel Plant, at Hammond. Ind. and
the Lakeside Nail-Wetks, there. The dis
ruption OF the Tin-Piate Association re-
suits from the inability OF many concerns
to 80 on paying the wages demanded, and
viii presumably be followed by tho stop
page of some of these. Other iron-works
are getting very little new business. and
there is 80 little doing that quotations
are almost nominal Gray forge has sold
for S9.3 az Pittsburg, but II is said that
speculative purchases amounting TO 100, 900
tons Of pig have relieved the Chicago
market The billet pool. In session at
Cresso, yesterday was expected to
chang. its basis, and fix prices on open
hearth steel. Coke production at Con-
neilsville decreased 10000 tons last week.
a further decrease being expected. An
thracite has again been advanced q cents
September lst.
Boot and shoe shipments continue large.
New business is scarce.
No gain IS seen in the demand for
woollen goods. Cottons show a stronger
tone. and in a few saslities slightly bet
ter prices but the change has been in
selling from store. without disposition to
order ahead OF current wants.
Speculation I'm products caused an adj
vance Of l.62 cents in wheat. but by
Thursday IL had been lost, only 20 rise
again, and close at nearly the top. Heavy
western receipts continue, low as are
prices.
Bradstreets will say tomorrow. The
volume OF general business has not IN
creased within the week. Exceptions ap-
pear to be at Baltimore, LOUISVILLE. ana
Kansas City, which send out more ia
vorable reports as 10 the quantities OF
general merchandise sold than any other
centres. An early movement Of crops Is
said to be behind the increased orders.
Another encouraging influence IL found
In lower rates for foreign exchange inc
movement OF 900 OF gold from
abroad to the United States. and the ex-
preston OF the opinion that not less than
SIS 10000 In gold Is 10 be imported In the
near future.
Conspicuous among checks to trade are
greatly increased firmness for money at
nearly all financial centres. As at New
York, the banks Of almost all the larger
cities report Withdrawals OF deposits III
many instances by country banks, higher
rates for call loans, and at some points a
practical refusal to make time loans, me
regular rates OF discount are no higher
at Pittsburg, Baltimore, Atlanta, Louis
vile, Nashville, Omaha, and Kansas CITY.
but only regular patrons are being ac-
commodated. The rates at New YORK.
Boston. Providence, Buffalo, Chicago, ~.
Louis Detroit ST. Paul, Minneapolis Du-
luth. and Charleston are all higher, with
regular customers receiving better than
published rates. The demand Tor FUNDS
TO move cotton at the South and SOUTH
west and wheat in the West and North
west, with the tying up IN speculative
deal of several millions belonging TO
Chicago banks, intenslhes the relative.
difficulty i'm securing funds.
Jobbers and manufacturers report no
increase I'm the demand for staple mer.
chandise. The tendency or the former "
to let the latter carry stocks. and OF the
latter 10 cut down production until scar
city compels treer purchases by whole
salers. The trade opinion Is that little
gain In business need be expected until
after the election. Merchants in the re-
gions where cotton and new wheat are
moving freely are somewhat more hope
full as to prospects.
Bank-clearing totals continue to range
at low levels. the aggregate for six bust
ness days ending August 9th being Si4s,-
900 COO nearly 8 per cent. less than last
week and IL per cent. less than in the
fourth week OF August 1895.
The record OF this weeks business fall
ures I'm the United States shows a large
increase over last week-S20 compared
with ga. "A gain OF 81. Compared with
the same week year ago the increase fs
l30 The general tendency OF the prices
OF staples continues downward, the ex-
ceptlons being advances for print-oloths,
wheat. sugar. and anthracite coal.