The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-05
A SENSE OF MUCH RELIEF.
Begins to Prevail Throughout the
Financial World.
THE VOLUME OF DOMESTIC TRADE
Is hut Very Little Below That Of Last
Year hat the Commercial Agencies
Have to Say Upon the Condition of
Trade Throughout the United States

New YORK, Aug. 5-R. G. Dun's Re-
view of Trade says: Decentralization In
speculative markets has been followed by
more healthy tone, and heavy imports or
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
out per cent from the nominal price OF
that product in an hour and caused sew
eral failures for Sillions each. Extra
ordinary depression in stocks. and a
slaughter which included some of the
best, were quickly followed by bear
panic and sensational advances.
Meanwhile in money markets there has
come a singular sense of relief, notwith-
standing actual increase in present en-
barrassments almost amounting to paraly-
sis of exchange between the chief COM
mercial cities, and Of many industrial
works, because even per cent premium
for currency fails to secure what Is needed
for payment of wages. Hopes are never
theless fixed on the ships bringing over
81, 100000 gold across the sea and on an
extra session OF congress which will begin
ON Monday.
'Tis an Ill Wind, Etc.
Some of the largest and boldest opera
tors at Chicago have been crushed under
pork barrels, but the instant increase Of
foreign purchases convinces the markets
that the disaster has brought certain
measure of relief. The monetary strin-
gency, which at last crushed speculations
in wheat and hog products, had been
caused in part by their prevention OF ex-
ports and their absorption of enormous
capital in carrying unprecedented stocks
of products which, il sold in time TO for
cign consumers, would have brought gold
enough To prevent much evil. Wheat has
recovered about cents, and pork 81 or
more at Chicago, and orders for exports
have caused a sudden advance in ocean
freights.
The West Suffered Most.
Bank failures have been almost as
numerous this week as for either of the
two preceding weeks, but fewer have been
of more than local Importance The west
ern states show greater distrust or weak
ness than other sections; out Of 1G9 banks
failed since last March, five were in east
ern states. four in southern and Isl in
western states. Failures Of national banks
mum bered 5S, of state banks 20 and Of
private banks 67.
Closing of shops and works for lack of
orders Is the overshadowing fact, Yet
many stoppages are only for few weeks,
unless circumstances should lead man
ayers to extend them, and 1t Is believed
that the consuming demand has not been
reduced In proportion to the present de-
crease of production, so teat better orders
IN ay presently enable xany works TO re-
sumo.
The Carnegie and some other iron works
have almost ceased production, and as yet
the demand brings no further stimulus.
though prices In this line also are so low
that most makers prefer to stop than to
take lower. In boot and shoeshops, the
situation is nearly the same, eastern ship
ments falling off about a quarter.
Better Than Expected.
The volume Of domestic trade, indicated
by railway earnings, is but per cent
smaller than last year, and clearings at
the chief cities show decrease of ID per
cent outside New York.
Failures during the week number 436 in
the United States against 100 last year, and
"a in 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 153
and in the south 48 There were three
failures of 81 ,000, 900 or more, two at Chi
cago, due to the break in the pork deal,
and one in New York city.