The Providence news. (Providence [R.I.]) 1891-1906, 1893-04-29
THE STATE OF TRADE.
Bad Weather and Financial UneaSineSs
DepreSS Business.
UNITED STATES RUBBER COMPANY
Decided Increase In Business Failures.
and General Absence of Encourag-
ing Trade Symptoms Make all Lines OF
business Very Conservative.

NEW YORK, April 29.-R G. Dun e. Co.'s
review issued today says: President
Clevelands decision about the redemption
of legal tenders, all admit. has arrested
the threatened series of disturbed finance.
Gold exports have ceased. Sterling ex-
change has fallen to s4s7 1-2; some gold
has gone into the treasury from Boston
and other cities, and rates for money have
declined from 10 to 1-2 per cent. Stocks
have been stronger, gaining about sl.5o per
share for the week, and some produce
are rising again, yet cold and wet weather
and monetary uncertainty have caused dis
tinct depression in trade, collections are
almost everywhere behind and interior
money markets are growing closer or more
conservative.
The failure of the Pennsylvania and
Maryland Steel companies has arrested
what improvement appeared in the iron
business, while the woolen and cotton In
dustries grow more unsatisfactory. Re
ports from all parts of the country indicate
that trade has been retarded by bad
weather, and unsettled money markets
and complaints OF
o"h SoitcetsohS 1ho oosoAoss
Business at Boston is not active and in
dry goods smaller than last year; in wool
and woolens, cottons, shoes and groceries,
dull; in furniture fair. and in lumber,
structural iron and building materials
good At Philadelphia failures have
caused some timidity, and retail sales are
restricted by the weather; wool and dry
goods are inactive; sales of tobacco, liquor
and jewelry small, but the grocery trade
is slightly improved, while hardware is
busy, and paints and building materials In
fair demand.
Chicago reports decreased wholesale
trade and collections behind hand, retail
trade and work being retarded by weather
and building materials below last falls
prices The demand for money is heavy,
and banks are conservative. At st. Louis
jobbing trade il very good, collections free
and money in greater demand. Southern
orders are small, but cotton seed is in de-
mand for replanting New Orleans reports
a fair trade with especial activity in real
estate and building materials, but at most
other southern points collections are slow.
Distribution OF products TO consumers falls
short of expectations Monetary uncer-
tainty and failures
Make People Cautious.
Wheat seeding has been greatly retarded
by rains. and much cotton has been killed,
and signs of industrial depression affect
the purchases Of planters.
Corn has risen cent and pork 81 bar
rel, and the speculations at Chicago seem
to have revived with the bad weather,
which delays farming operations. Even
wheat is IA cent higher than week ago,
with sales of Sc, 900 900 bushels.
Produce exports have improved little.
but for the month all exports from New
York are still much behind last year,
while imports here show an increase of o..
100000. This state of foreign trade Us still
the cause of danger to the money market,
which no action of the administration,
however wise, can entirely remove.
The business failures during the last
seven days, number for the United States
216 and for Canada 90, or total of 23S, as
compared with totals Of 20S last week and
200 the week previous TO the last. For the
corresponding week of last year, the
figures were 211, representing 1856 failures
in the United States and 25 In the Do
minion of Canada.