Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-08
THE STATE OF TRADE.
Change In Monetary Conditions
wrought by Chicago Collapse.

NEW YORK, August 7.--Messrs. r. G.
Dun e Co., in their weekly review OF
trade tomorrow, will say: The sensational
collapse Of the spectators at Chicago. who
controlled Diamond Match and New York
Biscuit stocks and had hosted them to
fancy figures, with the consequent closing
OF the Chicago Stock Exchange for n pc
riod yet indefinite, though followed by re-
markably few failures. brings a sudden
change I'm monetary conditions throughout
the country. At least month earlier
than had been expected, Chicago has
drawn heavily upon its bank balances
here, and Withdrawals OF all other west
ern funds may naturally result. Europe
was also moved to sell American stocks
rather freely 20 that the average OF sixty
Of the most active stocks fell about s2.lS
per share. and the average Of trust stocks
about $l.SS. II Is important that the in
crease OF merchandise exports. 10000 or
II per cent. over last year, for the week.
and the decrease OF imports, 100000. or
~ per cent, still continues TO limit the
sum payable abroad.
The situation as to cotton is doubtless
critical for many producers. Extremely
hot and dry weather has done serious
harm, but Il must indeed be an extraor
20 per cent. i'm August. Men OF much
knowledge and experience but few days
ago judged a yield OF 100000 bales pro-
bable, and II they we've 100000 bales too
high, still those who now predict only
100000 bales are likely 10 err in the OPP
posite direction. With a large acreage,
IL Is always safe TO remember that only a
part OF the crop is ever affected by mis-
fortunes between August LIST and frost.
The price rose almost beyond precedent.
3-Sc. on Wednesday alone, and the alarm
will at least be OF service TO planters in
giving them better psices. whether buyers
realize profits or not.
Labor is more disturbed than usual The
great strike OF workers here mas
much extended; the strike at Cleveland
has broken out again and involves seve-
raj other branches OF labor; the iron fur
mace men OF the Shenango Valley resist
a reduction 70 the wages OF May, 1888,
though Mahonlng Valley workers do not;
the iron-works throughout the country
are striving to cut down cost In order 10
keep I'm operation; the iron mines of the
sion OF cotton-mills has become mora
general; over four million spindles are
said to be idle at Fall River alone. and
probably three-eighths or more of the en-
the rubber-works have mostly stopped.
and not Withstanding the lightweight
opening number OF woollen-miils. Evil
IDENTIFY the working force and also wages
The iron markets grow less demorailzed
In tone, because all the associations de-
cided TO maintain prices for this month
but thu markets are not stronger In
volume Of orders or purchases.
The volume OF domestic business was "a
per cent smaller than last year FOR The
first week Of August. and 9.3 per cent.
smaller than In 1892 The early crop
movement and the speculative collapse AZ
Chicago caused both commercial ana
speculative loans here TO be much re-
stricted.
The failures In July, classified by
branches OF business. show larger liabili-
ties I'm the lumber than In any other OF
the manufacturing classes, and for seven
months double the liabilities In the next
largest class, while In trading the dry
goods liabilities lead.
The failures for the week have been 40
In the United States. against 225 last year.
and % In Canada. against i3 last year. 49,,
Bradstreets tomorrow, August sth. VIII
say: In nearly all lines trade Is un-
changed, and In some departments ire
less. South and southwest the heat mas
had an unfaYorable influence. bat mer-
chants In all directions continue 70 pus