The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-08
WEEKLY TRADE REVIEW.
Condition Of Business In the United
States.
SOME IMPROVEMENT is SHOWN,

The Financial situation In All Parts :ef
tho Country Presents an Easier APP
psarancs-An Advance in the Price OF
silver Many Factories Shut Down.
New York, July g. Bradst reefs re-
view OF trade for the week ending July 3
says:
Some improvement in the financial sit
uation at southern cities Is noted, and at
the west ST. Louis and San Francisco
make like reports, while east the cores
pouding change 10 at New York, where
there Is better tone due to completion of
July settlements, although, as at Boston,
commercial paper remains practically un-
salable In the open market, and discount
rates are as extreme as from 3 to lO per
cent.
New York banks. however, are provid-
ing little more literally for regular Gus
toners, which is in part offset by COM
parative tightening of purse strings at
Chicago, due to demands of country banks
for rediscounts and the tying up OF funds
in wheat Money has been shipped east
from New York to provide savings banks
with funds against possible withdrawal OF
deposits, but slight inflow from the west
Is reported
The amount Of clearing house loan GER
tifcatss was increased to over $21 0O0, 600.
but further issue is now improbable,
500, 600 Of them having been actually re-
deemed. Stock speculation at New York
is dull, though prices tend to improve on
a better financial situation. Foreign ex-
change il firm and higher on demand for
bills to remit collections of July income to
Europe Actual business In demand ster-
ling forbids gold imports. Silver has ad-
vanced, the New York quotation being
above q parity with London. Tenders
of silver to the Treasury have been refused
this week for this reason, SO the market
weakened, the movement being REINFORCED
by the decision Of smelters and mines not
to shut down. While trade has been re-
strictsd by holiday, In some lines by two
holidays, there have been reactions in
prices of a number OF staples which had
been declining
Wheat has advanced 3-4c. on rumors
OF damage to the crop and continued large
exports, and corn n $50. and oats l. &c.
Cotton prices are 1-16c. higher, and coffee
il lac. up higher, while petroleum, to-
bacco and hogs are In better demand, with
an upward tendency of prices. Wool con-
tinues most depressed in price OF any OF
the staples except pig iron, necessities OF
bu yers and anxieties of sellers determining
prices. while cash purchasers make prices.
Fires have been put out In iron. steel.
wooden shoe, glass; and other furnaces and
factories at prominent centers east and
west In excess of the expected shutdown
June bank clsarings at % cities aggregate
$4,524 O00, 900 or eight per cent. less than
last year. smaller June total than since
1888, except in 1891. Bank ciearings at
90 cities for six months aggregate $3l. .Ol2.-
OOO, 900, q fraction Of one per cent. less
than In the first half Of 1892, 10 per cent.
more than in 1891, but about four per
cent. decrease as compared with the like
portion of 1890.
About 80, ,000, 600 bushels of wheat out
Of farmers hands were carried over in the
United States and Canada, both coasts, on
July /, which il more than 100 per cent.
more than We have been I'm the habit of
carrying over at like dates in preceding
years Stocks In Europe and afoat for
Europe arc about Ii, ,000, 600 bushels larger
than on July in the preceding year, a
gain of 20 per cent. Exports OF wheat,
-four included, both coasts Of the United
States and Canada, equal 3, 900, 600 bush
els this week, as compared with ., 677, 600
bushels In the preceding week, 2, ,061, 900
bushels In the week year ago, and 2, 225,
600 bushels in the week two years ago,
Business failures number 810 this week; q
wear AGO the total WAS 103.