Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-22
THE FOURQUREAN-PRICE co,
THE TRADE SITUATION.
Bradstreet and Dun Reports-Effect
of Politics.

streets" tomorrow will say: General
trade throughout the United States IS
practically confined to staple lines. The
volume Of business Is no larger. The
feature of the week Is the increased
difficulty in making collections and the
higher rates for mercantile discounts.
Credits are being scanned more closely
! than heretofore, and are granted less
freely. Chicago bankers are SOW 10
make loans except TO move the crops,
! and Chicago bank deposits are decreas-
ing. At Buffalo, Pittsburg. Charleston,
Cincinnati, and Galveston, mercantile
/ collections are slower than ever before
Business in South Carolina IS retarded by
/ drought, and in North Louisiana, Texas,
/ Southern Arkansas, and Mississippi pro-
| longed drought has so interfered with
! business in some sections that II amounts
/ to a calamity.
/ The total number Of business failures
/ I'm the United States IS 264 this week. six
more than last week and u more than
| in the same week one year ago.
! Bank clearings throughout the United
! States amount 10 only $Sl30oO,0o0 this
week. almost exactly the same total re-
| ported for the third week o: August, 1874,
when the volume OF trade was very
small Compared with last week, this
weeks total shows a decrease OF AZ per
| cent, and contrasted with the week one
| year ago, the falling Off is almost 10 per
/ cent.
More favorable trade adylces are re-
ceiyed from Baltimore, where business
is satisfactory, owing 10 better Southern
purchases, based on the early cotton
crop. Among Southern cities, Atlanta IS
conspicuous for reporting better trade.
! II g. m
! appeared I'm St. Louis and are buying
with moderate freedom for fall wants.
] Kansas city reports good sales in all
/ lines. and that rains have assured large
| corn and fruit crops to Kansas. AT 81.
/ Paul there is a better demand for hard
ware, groceries, and drugs.
The New York stock market Is dull,
and specula ton Is entirely professional.
Prices rallied somewhat on the decline
and became dull again with the recovery
in rates. The gold imports announced
thus far amount 10 over S2.JOOVN' ana
seem TO be largely special transactions"
aessrs r. @. Dun & Co, viii say to-
| morrow. IN their weekly review Of trade:
The failures for the week have been
| 80 IN the United States. against - last
! year. and tWenty-seyen IN Canada against
| fOrty-three last year.
The political events Of the week have
! had no definite influence upon business
| prospects. for the phenomenal varia-
tons in sterling exchange, and the be-
| ginning of imports Of gold, although fol-
| lowing the great meeting in MADISON
| Square Garden on Tuesday, may be falr-
| ~ attributed 10 the accumulating excess
| OF merchandise exports over imports, 10
which attention has been repeatedly
called. the exports from New York for
|
cent. larger. and the imports here q per
cent smaller than last year. The RAPID
| movement OF grain. and the unusually
| early marketing OF cotton. tend strongly
10 aid the banking syndicate which mas
undertaken 10 regulate foreign exchange.
Withdrawals OF money to the interior
! are rather large, and commercial loans
| are hard to place, and this difficulty
| checks many new enterprises and BUSH
ness In many districts. Bank ciearings
are small for the week-l5 per cent. less
than last year. Railroad earnings are
not az good as might be expected for the
first half OF August, exceeding those or
last year by only 34 per cent.
The boot and shoe industry is rapidly
nearing the end OF past orders. except
ing In womans grain and bun shoes. OF
which there are still orders for some
weeks to come, while others are constant
| " being received; but In other branches
the new business is light. Prices are a
/ shade weaker. Leather is weaker, with
! a small demand. although restricted sup
plies have caused shade Of advance in
some kinds. Hides at Chicago averaged
more than 3 per cent. lower for the week
| again. the fall I'm the past five weeks
having averaged about % per cent.
The iron and steel manufacture has
only continued depression to report. and
| Bessemer pig has sold at 5000 at Pitts
burg. while Southern No. 1 is offered az
prices equivalent 10 $40 at New York. and
nearly all finished products are being
sold below the current quotations. There
Is rapid curtalment Of production but In
spite of this the supply OF finished pro-
ducts appears TO greatly exceed the de-
mand for them. The one bright spot Is
a sale OF 1900 tons Of steel-rails TO Japan,
for rehtting railways I'm that country
which makes an aggregate Of 5000 tons
exported during the year.
Nothing encouraging can yet be said
regarding the woollen manufacture. and
the demand for goods. even at recent
reductions in prices, is still dlsappOint-
ingly small. heavy auction sale OF
Gotten goods brought prices which were
considered quite encouraging. and the
current demand IS fairly maintained, al
though the mills are not inclined TO make
large contracts for the future, In view oil
the rise In the raw material. In gene
raj the working force in the textile
branches does not appear to have in
creased.