Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-12-25
THE BUSINESS SITUATION.
Confidence In Revival Of Trade Less
Pronounced Than II Was.

period of annual stock-taldng have fur
Their checked the volume of wholesale
business. Only flling-in orders are being
received and trade is slow. The retail
demand for holiday goods has been ac-
tive but it Is for cheaper grades than III
previous years. In other lines the distri-
button Of merchandise has been smaller
at a number of distributing centres. Inc
failure Of important banking institutions
at northwestern cities tends TO unsettle
confidence in commercial and banking
circles.
The moderate trade revival which fol-
lowed the last presidential election has
been disappointing. I'm that, aside from
the Christmas demand. business has been
more unsatisfactory for a month past
than at any corresponding period In many
years The confidence with which mer-
chants and manufacturers have been
looking forward TO the arrival Of the de-
layed trade revival early in February
next Is less pronounced than 1t was, while
the prospect for legislation next spring
and summer looking 70 tariff revision ana
congressional anxiety TO take charge OF
affairs abroad is more than likely TO put
off a permanent revival in business here
until next fall.
The shake-up in iron and steel prices IS
nearly complete, and quotations for Besse-
mer pig-iron and for steel billets have
gotten down to the level Of those In other
staples. The break last week precipi-
tated speculation in Bessemer plg-iron
and billcts. and large purchases for adj
vances and for consumption have been
made Cmore than 500 600 tons Of billets),
some at price as low as Sl5-a drop OF
s. a ton. The billet pool has been patched
up nomlnally. Bessemer pig, which went
oft TO $3.50 on the break. and on the
prospect Of a readjustment OF cost, is
firmer. and has sold AT Sll. Anxiety IS
felt In the iron and steel trade on ac-
count OF the uncertainty Of the price oil
Lake ore under the new combination 10
control that staple. A Pittsburg concern
is shipping 1900 tons of sheet bars 10 the
United Kingdom, and southern pig-lron
furnaces report further sales i'm England
Sheet and tin-plate bars have sold down
TO $3.50. Rails are firm az SO. but that
does not show the shrinkage suffered by
bllets.
Freer receipts Of cotton tend 10 en-
courage high-crop views. and account for
the reaction in price. Lard and petroleum
are also lower. Unchanged quotations are
reported for wheat, -four sugar. pork
and coffee. as well as for print-cloths
Manufacturers OF wool have not
opened heavyweight samples yet. and
are not inclined TO buy raw materials.
except to complete orders In hand. Some
Massachusetts, mills have booked fair
spring orders, but the industry in Rhode
Island does not appear TO be so well
situated and two large mills expect to
shut down soon.
There were 81 business failures report
ed throughout the United States this
week. 80 less than last week. and II more
than i'm the corresponding week a year
ago.
Messrs r. G.. Dun & Co. will say to-
morrow. in their weekly review Of trade:
The failure of two important banks-the
second in size Of business at Chicago.
and the Oldest at st. Paul-with some
others dependent upon them, closes not
favorably a month which promised TO
end with only moderate commercial dis
asters. IL does not lessen the effect Of
these failures that one was caused by
enormous loans in aid of an electric
railway and other concerns, and that the
other appears TO have resulted from
heavy ventures in unsaleable real estate.
Since several thousand businessmen and
depositors are for the time embarrassed
as much as the spectators that caused
the trouble, the break down Is the re-
verse Of hopeful at present, although II
comes when money markets are well
supplied, and when no serious effect in
business IS to be apprehended.
Other important events Of the week
are the failure Of the billet and rail
pools 10 find a basis for agreement, and
the somewhat general discharge OF hands
or reduction of wages in the shoe manu-
facture. The holiday trade has been
fair. but generally in articles of medium
. Inc %
cheering. and the aggregate for Deem
Der thus far has been 4.5 per cent. less
than last year. the Granger and other
western roads showing the most de-
crease.
The fall in steel bllets from over $50
10 about sl6. at Pittsburg. and in steel
rails. from $2S net for mills, TO go. less
brokers' commissions, produces so great a
change I'm other prices and conditions of
business that the meeting held here this
week. for the purpose of reviving pools
and fixing prices, influenced operations
throughout the country. But no agree
ment was reached. and. mean while.
contracts have been made covering the
wants Of most producers for three
,nonths and some for the whole OF the
year 1897; and it is said that some large
contracts have been made at SIS. at
pittsburg. and $3.50. at the Feast. Besse-
mer-pig has declined 10 Sll.15. and Grey
forge TO 1855. at Pittsburg; while bar
and other finished products remain I'M
changed. though 10000 bundles Of cotton
ties have been contracted for at co cents
ner bundle. The production of coke in
creases rapidly $3.50 ovens being in blast.
with an output Of 91,l55 tons for the
week.
In the cotton manufacture there Is q
further decline In some staple goods, and
the takings by northern spinners are dis
annoiutingly light. Print-cloths accumu-
late and prices do not advance. Raw
cotton comes forward just as it did In
other years. when official and other
ator,es OF injury ended I'm great crops.
Saios of wool are restricted by the
general conviction that prices asked by
intarjor holders cannot be realized, and
There Is considerable disposition TO IN
load speculative purchases at seaboaro
markets. Most manufacturers have more
wool than they have orders, and Others
moot as vet no satisfactory demand for
goods
The volume OF business. all branches
considered. is not large Payments
through clearinghouse have been FOL
the week $50 per cent. less than last
year and for the month thus far the
6ally average Is 9.S per cent less thar
last year ~.
The failures for the week have been 29
in the United States. against 322 last year
and A I'm Canada against 10 last year.
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