The Providence news. (Providence [R.I.]) 1891-1906, 1893-04-22
TRADE, FINANCE, STOCKS.
Anxiety Caused by the Course Of the
Treasury Regarding Gold.
QUITE UNPAVORABLE CONDITIONS
The Silver Law Responsible for Some Of
the Trouble, and the Course Of the
Treasury Helps to Excite Distrust and
Handicap Trade.

Trade throughout the country Is In an
unfavorable condition, according to the
reports of the financial agencies, Brad
streets says it is owing to the backward
season and rainstorms. and general
tendency to conservation among jobbers
in staples.
A further reduction OF cotton prices re-
suits In shading of quotations sfor cot
ton goods, print cloths going of 1sc,
with an improvement In general demand
based on the concessions IL Is d"nied
| that wool prices are shaded, but they are
.asier. and samp es of new clip arc in the
markets. In addition, quotations have
gone off on wheat, corn anu oats. pork
and lard, on rice and coffee among food
staples. Leather. tobacco and lumber
are firm. with demand active.
There Is a manifest halt in the rate OF
prog ress of general trade compared com
pared with like seasons In pre-
vious years, although the volume
| of business is of large proportions, as
shown by DanK clearings totals thas for
six days ending April 20 being E ,242, 0Oo.-
600, oniy ~ PEE cent. more than ia the
week b. fore, but Is per cent. more tLan
In the like week year ago. Business
failures in the United States Tor the
week ending Thurslay are fully 2i7, as
compared VITA l96 the week before, 2O6
in the third week of April. 1892, and Isl
that week of 1891.
The Stock Market.
The acute condition OF the currency
compile atoms creates bearish and de-
clining tendencie, In ths market for Sc
curities. Tiee has been an absence OF
panicky sympto Ms, ald declines are not
excessive, save in stocks where liquida-
t<,l fl.<t tx.d uh1x
the market had discounted the antici-
pated crisis. Professional operators,
while bearisb, hesitate TO swell the short
interest, and l. ,ndon buying aids in pre-
venting compete speculative disorgani-
zation.
the highest in years, pos Ell rates S4Se@
S4 % and actu Al busint 81 In demand ster-
ling a. S915. Uncertainty about the po-
sition OF Ine treasury in regard tore
deeming treasury nutes In old Is respon
sible for tie advance above the normal
figures at which gold would be shipped
to Europe. On Tuesday 81, 10000 was
export today. IL Is stated that bankers
give a concession of Is or more on ex-
change rates where payment is made in
legal tender notes.
The New York money market has been
steady in spite Of disorganiz ny influ-
q
on heavy gold ship nents, with an ad-
vance in call loan rates on Friday.
Bonds.
The bonl market since the first. of the
month has disappointed the expectations
of the dealers, and those expect ations
were not particularly high. Prices are
still consider rably below those Of year
ago.
The passage by the New York legis-
lqture or the law allowing savings banks
TO enlarge the field Of their investments.
in causing the holders Of bonds OF such
cities as Boston. Worcester, New Haven
and this city 10 hold o. to them. These
bonds will, the law having received the
governors signature. become eligible
as investments for New York savings
banks.
Financiers Anxious.
Probably not for years has the financial
situation in this countrS been the source
of SO much anxiety as during the past
week. not even during the period follow
ing the Barring failure In 1890 The lat
ter event was the greatest shock to con-
fidence in many long day. Bad as IL
was. however, IL was the result Of reck-
lessness on the part Of a single firm OF
London merchants, and not the conse-
quence of deliberate action or ,he part
OI II HTtdt udtiOu III tnC vi
unsuund currency policy. The United
States has been engaged in course of
laundering which for utter senseless-
ness has probably never been equalled in
the history OF the world, the United
States Investor thinks
The New England's Strength.
The strength of New York aud New
England stock is mainly caused by the
increased net earnings due to the busi-
ness that the Reading connection is
giving IL. 1t was stated, on good author
ity. that the New England, which has
bee hauliny 600 cars OF co ii day. has
lately made arrangements by which 100
cars a day, principally OF coal, will be re-
,eiyed from the Reading; the freight
receiving the ''long hauP' to Boston.
West End railway common stock has
experienced IA heavy decline this week.
Inere have been rumors that the next
dividend would be at n reduced rate.
Tie co npany has been paying 10 per
cent. but the last annual report showed
that H. was sailing dangerously near the
wind in maintaining piymsnts at this
figure.
The March trade statement of the
United States shovel the cause of the
present state of affairs The imports of
merchandise for that month exceeded the
exports by 500. OO0. 900. Inc fact that the
ba,ance OF trade is strongly against us at
the present time, should be no surprise
to students OF financial history.