The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-05

by the New York national banks. the gold
afloat for the United States, and in the ex-
pectation that Congress will promptly re-
peal the compulsory purchase OF silver
clause of the Sherman act the week has,
on the whole, brought more unfavorable
features in the boarding Of currency East
and West, the near approach Of the de-
mand for funds to "move the crops" the
the increase ia the shutdown movement
by manufacturers in New England, middle
and central Western States, and the clog
to trade shown by prohibitive rates for
New York exchange at centers East, West
and Northwest
Total bank clearings this week aggregate
S073, 1856, 600, gain Of 9.5 per cent, over
last week, but it is poor we .
total that is less than 81 900, 900, :
900. The decrease this week com
pared with a year ago is 10 per cent, and
in July contrasted with 1892 it was 10 per
cent, while for seven months the decrease
this year is less than 2 per cent. Revised
and corrected returns of all bank and
banking embarrassments in six months
ended June 80 last show total of 219
South Dakota omitted), with $66, ,2S0, 900
liabilities and S5S, 37S, 900 assests. Sus-
pended national and savings banks each
show an excess Of assests over debts.
Exports OF wheat are unusually heavy
this week, the total for seven days being
5,622, 900 bushels against 40 per cent. less
in the week year ago, and 4O30, 900 bush
els.two years ago. Stocks OF wheat in the
United States, Canada, afloat for and in
Europe equaled 15l 900, 900 bushels Aug.
4 L.. -
more than on like periods in preceding
years Wheat prices reacted after the
new Lowest on record" made this week,
but cereals, hog products, live stock, wool,
cotton, coffee and almost oil staples are
weak, with downward tendency.
Jobbers have to contend with desire by
county merchants to cancel orders, and at
q number of Western centres the volume of
general trade is about one half that of "a
year ago, while total wages in industrial
lines at like points are similarly reduced in
volume. Chicago believes liquidation in
grain and provisions is over and that
freer exports of the latter will result
Chicago packers and grain shippers selling
to interior Eastern points, having been
unable TO sell their New York exchange,
are ordering the currency to pay for stuff
shipped direct by express, thus doing away
with banks. At New York credit of both
banks and commercial interests Is unim-
paired; but actual money is scarce and
commands premium.
Actual receipts of gold at New York
this week were about Sl,C00,0O0 princi-
pally from West Indies. The tendency
of the New York stock market is TO dis
count the gold importations and the in
creased national bank circulation. The
short interest is enormous, and active
stocks command premiums for use for bear
operators. The bear interests accordingly
exhibit panicky symptoms, the buying to
cover shorts causing sharp recoveries in
prices. The pressure of securities offered
by savings institutions is also decreased,
but the bond market shows great irregu-
larity. There are 459 business failures in
the United States reported this week,
against 4S9 last week, 155 in the week a
year ago, 2lS two years ago, and 155 three
years ago.