The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-07-01
DUN's REVIEW OF TRADE.
The Condition of Legitimate Business
Regarded Healthy.

Regarded as Healthy.
NEW YORK. June 3O.-R. e. Dun e.
Co.'s weekly review Of trade will say:
The closing OF the Indian minis against
silver, the fall of silver bullion to 62
cents in New York and 324 pence at
London on Thursday, the fall in wheat
to 62x cents st Chicago and 20 cents at
New York, the suspension Of operations
by miners and smelters of Colorado and
some other silver producing States have
made the past week one OF unusual in
terest. although it is officially explained
that it Is not intended by the Indian
government to substitute gold for sill YER
in use, but only to steady the rate OF
exchange between India and England.
Its action is commonly interpreted as
throwing on other markets $4,000, 900
ounc IS of silver, which India absorbed
last year and as insuring the stoppage
of silver purchases by the United States
when Congress meets. Later informa-
ton has brought to light the fact that
this stop will be desperately re-
sisted, but greater confidence of
bankers in the financial future
was expected in the lower rates for
foreign exchange. which were low
enough to encourage gold imports
1t Is believed by many bankers that the
serious disturbance in the stock market
was averted by the action of five banks
which agreed to take six million clear.
ing house certificates and promptly
loaned five millions, breaking the rate
from 30 to 6 per cent. Thursday after.
noon. but events of the week have rem
dered it unusually difficult to forecast
the future course of the money n q .ket.
UP to the present time domestic trade
has not materially changed since last
week, though increasingly restricted by
monetary uncertainties. Good fall or
ders aEesreceived at Baltimore for cloth
ing, woolens and hats, but the strin-
gency In money is seriously felt. st.
Louis notes fairly active wholesale
trade; some decrease In collections and
money in only moderate demand at to
per cent. Business at Kansas
City is fair. but grain receipts are
very light. AT New Orleans trade
is very dull, money tight and
collections slow, with banks very con.
sentative. The supply OF money at
Mobile is ample for business, and At.
lanta reports trade generally satisfac
tory. but money tight. Savannah notes
larger trade than usual in dry goods,
hardware and shoes, with poorer collec.
tions.
Throughout the country, while collec.
tions are slow and failures numerous
the condition OF legitimate business is
regarded as healthy, and hopes are en-
tertained that the worst has passed.
The hopes are mainly based on the
belief that the silver law will be re.
pealed, and that the certainty OF its
repeal will encourage foreign invest.
ment here. Lower prices Of products
also tend to increase merchandise ex.
ports. Wheat has reached prices re.
garded as out of the question q month
ago. and yet the supply in sight is very
large. and returns from the Northwest
as to the coming harvest are more
favorable. Business failures for the
last seven days number for the United
States 307 and Canada 27, total of 334.
For the corresponding week last year
the figures were III failures in the
United States and 90 in Canada.