The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-29
THE STATE OF TRADE.
What Bradstreet ssys OF the Financial
SftUnrros.

Sftrnvros.
New York, July 29.-Bradsueet's Re-
view of Trade says to-day:
The volume of general trade has been
further restricted, and there is no reason to
report an improvement in business as a
whole. Nearly 90 banks at indianapolis,
Louisville, Milwaukee, Helena, Spokane
and Portland, Ore, have been compelled to
suspend payment, not counting smaller
institutions at smaller centres.
The condition of interior trade is charac-
terized in our Chicago trade despatch, which
says business there is quiet in all lines;
wholesale houses are not sending out all
their travellers and those sent out are not
pushing sales. Few orders are received for
fall and winter delivery and the volume of
trade at that centre is admitted much
smaller than at like period last year.
Orders given early this season in leading
staple lines are being Cancelled and lake
freights are SO low many vessels have
laid up.
In Contrast, the mild but welcome i'm
provement at Baltimore New Orleans,
Minneapolis and San Francisco, is worth
noting.
Throughout the Eastern and Middle states
Che unwillingness of manufacturers of iron,
steel, wool, cotton, shoe and other staples
to pile up stock is resulting in
many factories working on part time or
closing on completion of orders. The same
money stringency in leading markets ap-
pears. There is no demand for mercantile
paper, and banks continue to accommo-
date customers, in many instances even
more conservatively than heretofore.
Mercantile failures throughout the United
States this week continue heavy, number
ing 4S9, az compared with 527 last week,
1853 in the fourth week of July. 1892, 200
in that week of 1891, 131 in 1890, and 213
In 1889 A portion of these apparent
failures after settlement will not be actual
failures.
Bank clearings throughout aggregate
another exceptionally small total, $685.
000, 900, a decrease of per cent. from the
total the week before and IL per cent. from
the total in the like week of 1892.
Factories on part time or closing Gn
several lines) are features of the industrial
situation in Boston, Philadelphia, Pitts
burg and other Eastern centers. The East
ern iron and steel wages scale is unsettled.
Two firms have accepted part of the re-
ductions they asked for; remaining mills
are idle Pittsburg and other manufactur
ers are indisposed to push settlement,
owing to the financial disturbance, inabil-
ity to realize on contracts and scarcity of
orders. Prices Of all staples have de-
clined.
The financial position at New York has
been unfavorably affected by the renewed
demand for currency at the interior and
the disturbance of the stock market
Shipments of currency to the interior are
estimated at $7,000,000 for the week,
the banks meeting the situation by an in
crease Of some $4,000, 900 in the issue of
clearing house loan certificates.
All classes Of loans are very much re-
stricted, and the scarcity OF small bills is
a serious inconvenience TO many busin ess
houses. Call money commanded Is per
cent during the week, and is now irregu-
lar at a lower level Foreign exchange
is depressed by foreign stock purchases,
the rate for demand sterling falling as low
as 4.S2, and 81, eco, 900 gold has been en-
gagged in London for shipment here. More
gold engagements were restricted by the
high rates which money commands
The stock market steadied after the
break of Wednesday, foreign and invest
ment buying and bear covering aiding the
recovery, but went of again late Friday.
The state of the money market checks fur
ther improvement, although London shows
confidence in Americans. Bond values
have suffered.