The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-20
FINANCE And TRADE.
A Rift in the Clouds of Existing
Financial Depression.
FAINT SIGNS OF IMPROVEMENT.

'o"Aheob 10 10 10 An0Uu without
Waiting for Signs from Washington.
Resumption OF Productive Industries
Becoming More Frequent.
NEW YORK, Aug I0.-R. G. Dun & Co.'s
weekly review of trade says: There is a
rift in the clouds Faint and yet definite
signs OF Improvement are all the better be-
cause they come, not from possibly delu-
slVe hopes or from momentary foreign aid,
put from the good sense and the wonder
1ui recuperative power of the people them
selves. Business is trying to 20 ahead
without waiting for Washington. I'm
ported gold, $1,000, 600 or more during the
week, does not go to the right spot, but
the people are creating homemade cur
rency for themselves by using certified
checks in paying hands, selling local ac-
counts and purchasing grain and cotton.
The bank circulation has increased g., OO0,-
ooo, but the decrease on deposits of ma
tlonal banks alone, May to July IL, was
Sl93 ,5SS, and during the past month
Withdrawals have also been heavy.
Little money comes back as yet from
tlmld boards, and the paralysis of ex-
changeis as complete as ever, but that
very fact pushes each section and city into
relying more on itself and less on the gov
ernment and Wall street. Many concerns
are failing or closing, but assumptions are
now becoming somewhat frequent, and in
the very shrinkage of production men see
evidence that demand must soon overtake
supply
NO such shrinkage resulted at any time
In live weary years after the panic of 1875
as mas already appeared in great industries
Fig iron does not rally, but sells at S14
here and Sl3 at Pittsburg for No. 1, though
The weekly output has been reduced 46 per
cent since May l. but few large iron and
steel works are beginning to resume ope-
rations. Though have failed and "a
stopped during the week. IA have resumed.
only third of the Connellsville coke
ovens are at work, but coke at 81 25 gives
a better chance to iron manufacture
Sales Of wool in seven weeks have been
only 1T,515 900 pounds, against 50,32T $3.50
last year and 37,450,S00 i'll 1891 and it is
stated that 81, 600 looms and 1 300, 600 spin
dies in New England are now idle which
means more than quarter of the cotton
spindles in the country, but 20 knitting
mills and other cotton and wooden mills
have resumed, while % have stopped and
one failed during the week
With such shrinkage in the great indus
tries, 1t is only surprising that railroad
earnings do not decline more. the increase
on roads reporting in August thus far be-
cent. in clenrngs outside New York last
week, and 30 per cent this week is ONLY
natural. little more money is now
found for commercial loans and failures
OF banks have both become less important
and less frequent, though the greatest
caution liz shown in accommodations. The
receivership for the Northern Pacific had
been so fully discounted that it produced
little effect in the stock market, though
this Is the third great railroad default this
year, and the aggregate stocks and bonds
OF the three roads amount to $3.50, 600. 900.
Prices of securities have yielded compara-
lively little, the average for railroad stocks
being S43.8 2 against 1864 last week. and
trading has been dull
Speculative markets have generally de-
clined fraction in spite of crop reports.
which are not solid enough to outweigh
great stocks i'll sight. Cotton fell n uuar-
ter OF cent with somewhat better reports
OF probable yield. Wheat draas near
the lowest figures ever known, i'm spite of
decrease in visible supply, for though Yves
tern receipts are not large stocks on hand
are far beyond the power of spectators
to carry with money markets in their
present condition. The movement of corn
Is decldedly large, with crop prospects i'm
proving.
more encouraging in regard to financial
action. The treasury has been losing
money rapidly, holding $4,000, 600 less in
gold, 81, 100000 less i'll silver and 5000. 900
less legal tenders, in excess of outstanding
certificates, than it held one week ago.
while the new treasury notes outstanding
have increased $400 600. 1t iscoinng small
gold as rapidly as possible, and issued
$500, 600 additional bank notes during the
first half of August. hut has very limited
power, because rapidly diminishing re-
ceipts are no longer enough to cover the
necessary disbursements. The New York
clearing house has now issued $37, $50, 600
certificates and the Boston clearing house
$ll 200, 600. but more important relief
comes from the abatement of the drain
upon savings banks and of the demand
upon other banks for currency to be used
III paying hands in this and adjacent
states.
But this decrease in demand is of itself
evidence that industries and trade are
greatly embarrassed, many works having
stopped and many hands receiving no
wages. The more hopeful signs which
appear should be interpreted with full
understanding that genuine revival of
business cannot begin until larger de-
mand for goods and better conditions
ooherwise enable n greater proportion of
the shops and mills to employ and re-
numerate labor as usual. AS vet the
works closing exceed in number those re-
Stunning, and the failures continue each
week to restrict the number of firms able
to share in the employment of hands and
the transaction of business
The failures this week number 455 in the
United States, against 1873 for the same
week last year, and 81 in Canada, against
70 last year. or United States failures
l54 were in the eastern states, 81 in south