The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-07-23
FINANCE and TRADE,
Dun's Encouraging View of the
Business Outlook.
BANKS IN A HEALTHY CONDITION,

Tho Country Has Stood Surprisingly Well
an Extraordinary strain, Though There
During tho Week.
NEW YORK, July OK. G. Dun & Co.'s
Weekly Review of Trade SAYS: This
week the country has withstood surprs-
ingly well an extraordinary strain. The
failure of great many banks and firms,
OF great iron syndicate and other COM
panies, the remarkable fall in stocks, and
the closing of some important manufac-
turing establishments have come in spite
OF real relaxation in eastern and some
western and southern money markets.
Denver banks were overthrow largely by
the crazy unwisdom of the people, and
several in Kansas have gone down. but in
most cities the statements Just published
show the banks to be in healthy condi-
ton, and there has since been noticed more
readiness to extend accommodation.
The great depression in stocks came at a
time when easier. money, some return of
currency from the interior and beginning
OF gold imports from Europe made many
hopeful. The closing of many manufac-
turing establishments is the inevitable re-
suit of great shrinkage of orders for some
time past and uncertainty regarding the
future. Gloomy crop reports by the de-
partment also contributed to check reviy-
ing hopes. Under all the conditions it is
astonishing that business has been so we'll
maintained with so little evidence of I'M
soundness
Even while cotton and wooden mills were
working overtime on past orders, the
scantiness of new orders was noticed, and
the great frequency of cancellations Close
n he ry-n nj Il
distribution to consumers, so that dealers
were left with part of their stocks unsold.
and wholesale dealers found less encour-
agement to buy. The steady increase in this
state of things has brought such we'll
known mills as the -Amoskeag Cotton, and
the Slater Wooden, and many other textile
and shoe works TO stop operations for
time, until the prospect is clearer. In dry
goods cancellations are still numerous,
sales OF mems woolens are not common
surate with stocks prepared, and orders
are small and mainly for low grade goods.
Some Improvement is seen in dress goods.
but cottons are dull and print cloths and
brown goods lower. Sales of wool are re-
markably small, and shipments of shoes
fall far behind last year
The stagnation in iron closes some mag
netlc mines in this state and New Jersey,
and most mines in Michigan so that the
lake region has never been more depressed
Coke Is moving downward pig iron
IS inactive, and though dealings in bar
and structural products are somewhat
larger, prices are the lowest ever known.
The western iron interest fails rs yet to
agree with the men about wages. and
more works are suspending operations.
Purchases of tin are moderate and prices
lower, and l014 cents is reported for lake
copper, while lead is weaker at 3.6 cents.
Wheat has fallen cents, corn cent,
pork products and oil are lower. In place
of the expected advance in sugar n decline
has come, and cotton, after some advance,
recedes again. Western receipts of wheat
are moderate and exports fairly large, but
unprecedented stocks press for sale The
stock market closed last week hopefully,
but by Wednesday had reached the lowest
average of prices since 1854 London and
short sellers then bought, and some re-
covery has followed
The treasury has been paying gold to the
banks, but on the whole increasing its
holdings. Exports products are Il little
larger than year ago, but imports are
also large.
The failures during the past week num-
Der ACT in the United States, against It's
last year, and % in Canada, against 10,
two of the failures being of capital exceed
ing $500, 000 and l01 others of capital ex-
cecding $4,000 each. Last week the fail
ures in the United States numbered 374
and the previous week 324