The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-05-23
ROANOKE, VA. MAY %, 1893.
TUE BUSINESS SITUATION.

There was no radical or widespread
Improvement in conditions underlying
general trade last week, and in some
respects relative quiet and declines in
volume Of goods sold have become m ore
conspicuous. Embarrassments OF finan-
cial and commercial institu tons and
tighter money at all points have exer.
cisod double influence, first causing
tho banker to scrutinizo commercial
paper as not before for years,
and 10 discount with rare ex.
captions, mono other than paper of
regulr customers, and to make the Job.
Der ard general Wholesaler still further
restrict credits, and interior country
peefchant to buy only to the extent he
feels confident of being able to dispose
OF soon. This conservatism and higher
interest rates are conspicuous at New
York, Philadelphia, Pittsburg, Cincin-
natl, Chicago, ST. Louis, Mobile, New
Orleans, Galveston and San Francisco.
Business failures reported to Brads
Streets number 255, as compared with
last week, 156 in the week year
ago, and 200 two years ago, and the pro-
portion OF the weeks embarrass ncnts
with Liabilities largely in excess of So.
O0O oaoh (Which class usually accounts
for So or so per cont. of the total) is so
much larger as to leave the 81, 600 or
smaller failures to account for only 20
per cont. of the whole number.
~ u aat
0o0, Coo, II per cont. less than las. week,
but about the same as in the like week
q scar ago. Another important index
Of general trade within the first quar-
ter OF 1893 is in our returns from rail-
way oom panies having two. thirds of the
totsl mileage in the United States,
which show that while gross earnings
increase cd rs per cent, net earnings
were per cent. less than last week.
For March alone gross earnings in
creased q per cent, and net only one
half as much.
An Elaborate special rep ri { .om 31s
cities and towns east OF the Rockies as
to the condition OF country roadways,
and the effect on trade indicates that
while agitation for good roads is gem
erai progress to that end is relatively
small, ard that the direct and indirect
excess cost of bad country highways
c1nnot be less than double the total
annual country road tax.
The speculative stock market has
resisted ali further disturbing influences
either at home or abroad, and is now
dull AID strong In tone. Efforts to
force further declines and liquidation
by bear manipulation have only resulted
in extensive covering of short sales,
though Inc market otherwise shows
little or 10 buying power. The pres.
pcctive reorganization OF the Cordage
Company and the funding of the North.
ern Paciric Campany's noating debt
are among the favorable influences of
the aeok
Foreign exchange is firm on the un-
favorable financial position at London
and tito advance OF the Bank of Eng
land rae To 4 per cent The gold ship
ments 10 Europe for the week included
$1,000 coo on Wednesday, and 81, 500, 900
Saturday
Wheat exports (hour included) from
bo.n coasts Gncluding Mon.real) aggrc
gate ss5. 40 bushels this week, nearly
1900 goo bushels more than last week,
$4,000 bushels more than in the third
week of May last year, 1900, GOO bushels
more than in that week 1891, and 512,-
600 bushels more than in 1890, the heav.
lest weeks total with ono exception this
year.