The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-22
GENERAL DUlMSS
Prevails in EusiLeSS Circles Through
out The Country.
MONTY MARKETS SOME EASIER.
Result of the Strain not so lad as Expected
What n. G. Iun a. 20. Have to Say
Regarding The iresent Financial
stringepcy-Nany cancellations.

New York. July 22.-R G. Dun g. Co.'s
Weekly Review Of Trade says:
This week the country has withstood
surprisingly well an extraordinary strain.
The failure OF many banks and firms, OF q
great iron syndicate and other companies,
the remarkable fall ir stocks aud the closing
OF some manufacturing houses have come
in spite OF real relaxation in eastern and
some westesn and southern money mar
kets.
Even while cotton and wooden mills are
working overtime on past orders, the
rcantiness OF new orders was noticed, and
the great frequency Of cancellations. Close
observers also saw evidence Of decreasin 2
distribution TO consumers. so that dealers
were left with part Of their stocks unsolt/
and wholesale dealers found less en-
couragement TO buy. The steady increase
In this state Of things has brought such
well-known mills as the Amoskeag cotton
and the Slater wooden aud many other
textile and shoe works to stop operation
for time
Until tho Prospect II Clearer.
In dry goods cancellations are still
numerous, sales Of mems wooleDs are
not commensurate with stock prepared,
and orders are small and mainly for low
grade goods. Some improvement Is seen
in dress goods, but cottons are still dull
and print cloths and brown goods lower.
Sales OF wool are reasonably small. and
shipments of shoes fall far behind last
year.
Wheat has fallen 2 cents, corn l cent.
Pork products and oil are lower. West
ern receipts of wheat are moderate and ex-
ports fairly large, but unprecedented
stocks press for sale.
The stock market closed last week hope
fully. but by Wednesday had reached tho
lowest average of prices since 1884. Lon
don and short sellers then bought, and
some recovery has followed.
Reports From Trade Centres
Boston reports no improvement and
hand-to-mouth buying. Dry goods back
ward, wooden orders limited, and the
clothing trade slow. Shoes are quiet, with
buying slender. Wool is more steady, but
sales small. Trade in furniture and hard
ware is moderate, and building little
more active as, local money markets are
easier.
At Philadelphia dry goods are un-
changed Liquor, tobacco, and chemicals
are quiet, with slow collections. and wool
lower, textile manufacturers buying lit
tie, and carpet mills generally running
short time. Banks are holding currency
and strengthening themselves.
Chicago reports 10 per cent decrease In
clearings, - in real estate and 0 in east
bound shipments, active demands for
loans, but more freedom in lending and
better feeling. The strong position of
Chicago banks is shown by reports The
jobbing trade has fairly satisfactory Or
ders, aud collections are easier. Retail
houses are doing heavy business.
At Milwaukee the closing of some man
ufactories and reduction of wages In
others and The failure Of the great iron
syndicate are noticed.
At st. Paul trade is restricted.
AT Minneapolis lumber sales are re-
duced and sales of -four below the output.
The treasury has been paying gold to
the banks, but, ON the whole, increasing
its holdings.
Exports OF products are a little larger
than "a year ago. but imports are also
large.
Tho Failures
during the past week number 467 in the
United States against 16S last year, and
25 in Canada against 10, two Of the fail
ures being Of capital exceeding $500, 900
and 10l others of capital exceeding $4,000
each. Last week the failures in the
United States numbered 374, and the
v1rayin,,a xveois