The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-07-29
ROANOKE. VA. SATURDAY MORNING. JULY 20 1893
DuN's TRADE REVIEW.
The Business World Still Sound
and Strong.

New YORK, July 2s.-R. G. Dun s.
Co. will say: The hardest week has
left the business world still able to re.
joice in the soundness and strength dis.
closed. The prices OF stocks were greatly
depressed Tuesday and Wednesday,
closing lower than any other day since
January, 1879, and the fall on Wednes.
day averaged over So per share, and yet
only two failures resulted and those
were Of brokers not especially important.
A sharp rally followed Thursday with
buying from London by shorts and the
especially significant buying by small
investors. No banks here or at other
Eastern cities and no Eastern firms of
large Importance have gone down, but
numerous banks failed at the West, in.
clading some of high repute and large
business. The Erie railroad was again
placed in the hands of receivers, though
for eight months of the fiscal year net
earnings of the company had been
larger than last years, and the earn.
ings OF other roads reporting are gen.
orally close to last years. The money
market became excitingly stringent
again with the depression in stocks and
the drain to assist other cities has been
x
the banks of New York have passed
without trouble and the imports OF
gold have commenced. From ST. 900, 900
to 100000 in money has been sent
West every day and a large decrease in
the bank reserves is expected az the
Treasury has not been discussing
heavily. But few commercial loans
have been negotiated and those at high
rates.
At other cities the money markets
have been quite close, but the bank
failures at Milwaukee, Indianapolis
and Louisville have caused much less
feared. The Treasury purchases silver
sparingly, and exports of that metal
have been large. Exchanges between
this city AMI Philadelphia have been
especially disturbed, but the banks of
the latter city continue to supply Gus.
toners as we'll as they can. Chicago
has drawn heavily Cd New York, but in
that and other cities bank statements
indicate creditable soundness.
Cotton has decline an eighth, though
the reactions are little larger and ex-
ports smaller than last year, but the
holders show q great stubbornness in
view OF the large stocks in sight and
the closing Of many mills Fall cot
year in price and exceptionally attrac-
tive, meet with but a moderate demand,
and print cloths are weaker. The iron
business grows less active and in spite
OF the past decrease in the output the
demand does not equal the supply. so
that four large furnaces at Pittsburg
are expected to close. Bar is weak and
has been sold at 155 Plates are in
narrow demand and structural iron is
irregular, with beans down to 80. Of
set bars $4,000 tohs were sold to agri-
cultural implement makers at Chicago.
Failures during the past week number
3s7 in The United States against I'll
last year, and % in Canada against %
last year. It is noteworthy that only
three Of the failures were of capital
above 100000 each. and only ninety
nine of capital over $50, 900 each. Over
fifty banks stopped during the week
but nearly all were in the West. Last
week the failures in the United States
mum bered 457 and the previous week