The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-06
OUTLOOK ENCOURAGING ij
A Decided Feeling of Relief in
Monetary Circles.
MILLIONS OF GOLD COMING OVER.

notwithstanding an Unusual Number OF
Failures and Suspensions 1t Is Believed
That the Existing Depression Will be
Followed by n Speedy Recovery.
NEW YORK, Aug. 5.-Dun's review of
the state of trade says: Decentralization in
speculative markets have been followed
by more healthy tone, and heavy i'm
ports of gold inspire hope that monetary
troubles may abate. The week has been
one OF surprises. Enormous liquidation
in wheat brought the lowest price ever
known on Tuesday. The crash of the pork
ring took 4o per cent. from the nominal
price of that product in an hour, and
caused several failures for millions each
extraordinary depression in stocks. n
slaughter which included some of the
best, were quickly followed by Il bear
panic and sensational advances. Mean
while in the money market there has come
singular sense of relief, notwithstand-
Ing actual increase in present embarrass-
ments, almost amounting to paralysis of
exchange between the chief commercial
cities. and of many industrial works, be-
cause even per cent. premium for cur
rency fails to secure what is needed for
payment of wages. Hopes are neverthe-
less fixed upon the ships bringing over
Sll,OOO,0OO gold across the sea, and on the
extra session of congress, which will begin
| on Monday.
Several of the largest and boldest opera
tors at Chicago have been crushed under
pork barrels. but the instant increase of
foreign purchases convnces the markets
that the disaster has brought a certain
measure OF relief. The monetary strin-
gency which at last crushed speculations
hnn 1.nI
caused in part by their prevention of ex-
ports, and their absorption Of enormous
capital in carrying unprecedented stocks
OF products which, if sold in time TO
foreign consumers, would have brought
gold enough TO prevent much evil With
the great surplus of wheat brought over
from previous years, the country will be
able to meet all demands, even though the
crop proves small enough to justify con-
siderable advance from previous prices
With great crop of corn almost assured,
unusual Accommodations of pork and hog
products would be safer on the ocean than
III Chicago warehouses, and more helpful
to the country.
Stocks at the lowest point this week
averaged little more than $il per share.
but 1t is yet II long way down to the prices
OF 1917, averaging at the lowest S,e3 per
share. and the contrast between the CON
dition and earnings of railroads now and
then is greater than the difference in price
Railroad earnings continue fairly salts
factory, though they show recent de-
crease, especially since reduction of rates
for Worlds fair travel.
Bank failures have been almost rs MI
merous this week as for either of the two
preceding weeks. but fewer have been of
more than local importance. The western
states show greater distrust or weakness
than other sections. Out of 1860 banks
failed since March five were in eastern
states, forty-eight in southern and Isl in
western states. Failures of national banks
numbered fifty-cight, of state banks seven
ty-nine. and of private BANKS sixty-seven
In anxious efforts to fortify themselves
banks throughout the country have locked
up large amount OF currency, and depos-
itors who have drawn their accounts are
also Keeping out of use many millions. As
the entire circulation of bills of less than
50 each is but ST. 900, 600, while the demos
ltors in savings banks number nearly j, 600
0OO the Withdrawal or mere withholding
oil accustomed deposits by Il considerable
proportion OF them would put out of the
market much of the small notes.
Closing of shops and works for lack of
orders is the ovelshadowing fact. Yet
many stoppages are only for IL few weeks
unless circumstances should lead man
ayers to extend them, and it is believed
that the consuming demand has not been
reduced III proportion to the present de-
crease of production, so that better orders
may presently enable many works to re-
sumo.
Full accounts from many cities show
how we'll the banking and mercantile in
terests are sustaining the extraordinary
strain, and prove that the volume OF retail
business is nowhere restricted rs yet in
proportion to the curtailment of wholesale
trade.
While the failures of the week number
i36 against Ito last year II great proportion
OF them are in the west. and it is cheering
TO note that comparatively few of import
ance occur except in connection with spec.
ulative operations.
Failures during the week number 43G in
the United States, against 100 last year,
and "a i'll Canada, against "A last year. The
west contributed most largely to the num-
Der of failures, 237 being reported from
that section In the east there were 1913
and i'll the south IL. There were three
failures of Il million or more two at Chi
cago, due to the break in the pork deal
aud one in New York city
No Action in the IsurtseiI Case.