The Providence news. (Providence [R.I.]) 1891-1906, 1894-02-17
PRICES ARE away down.
4 Week Of Record Breaking
in the Business World.
WHEAT FURNISHED A SURPRISE,
Fluctuations Caused Weakness In
Railroad stocks-Wheat, Silver, Cot
ton and Manufactured Goods Prices
Are the Lowest Ever known.
Bu The Assoctated Press.

NEW YORK. Feb. 17.--R. G. Dun g. Co.
Weekly Review of Trade says:
This has been week of record break
hg. In wheat. in silver, in some forms OF
iron and steel, in cotton and In well.
known cotton and woolen goods, the
lowest prices ever known have been made,
and IL is gratifying that failures of i'm
portance have not resulted.
The great fall in wheat had percepti.
bic influence upon the tone of business
generally, and there was less confidence
In Waii street, les ;iprcyemert IN man
ufactures and n greater decrease in the
volume of payments through clearing
house, which were 254 per cent less than
. year ago. outside New York. and 437
per cent less than year ago, here, not
withstanding unusual transactions in
grain.
Wheat at 90 3-S cents is not only lower
BY IA cents than It was for a single day
last year, but lower by 13 IA cents than IL
had ever been in the previous n years. A
visible supply of over 79,000,0o0 bushels
Feb. 10, with sales and receipts from
farms continuing large, has completely
destroyed faith In the Official report OF the
yield last year, and causes enormous liq-
uidation
Corn and other products fuctuated but
little, though receipts of corn were large.
The Cotton Market.
Cotton declined 1-s cent. with increasing
aistrust of short crops and limits. The re
ceipts from plantations this week have
been larger than year ago, and at no
time small enough TO support the idea
shat the crop OF 1898 was but 5000. 900
bales. which would mean that less than
DOC, 900 bales have yet to come into sight
in over six months.
Shipments OF boots and shoes from the
east are 10 per cent less than year ago,
with cheaper grades predominating In
orders and in manufacture, and not many
factories fully employed.
Textile industries do not seem to have
gained within the past week, for as many
works have closed as have resumed work,
and in wooden and cotton manufacture
rather more.
There has been sharp break in print
cloths to 2 "a cents; some of the best
known cottons have been put at the
lowest prices ever made. and there is
more talk Of general closing of mills.
Trade In woolens
Some wooden mills of large Importance
have stopped, one because reduction of
wages was resisted, and in textile works
such reductions have been more numer-
Gus and larger than in any previous week.
The demand for woolen goods does not
Improve, and sales of wool decreased
sharply after the brisk activity two
weeks ago. being only 4.ll4,59l pounds
for the week, against $500 800 last year.
Though some grades are scarce and prices
relatively higher than here, the
markets do not ad,a
Stocks have been weaker with the fall
In wheat, those of granger roads declining
over 81 share in most cases, ana the New
York Central also. in spite OF the fact
that trunk lines and granger roads
showed much less decrease in earnings
than in other recent weeks. The weakness
in railroad stocks is in part due TO violen<
fluctuations in trust stocks and the break
in sugar. which fell S. a share, with
heavy transactions.
Failures for the week have been 8s3 in
the u nited States, against 1877 last year,
and Is in Canada, against SO last year.
Though several were of some magnitude,
the aggregateof liza bilities was apparently
below the weekly average for January.
With nearly complete returns for Jalt
ary,. the aggregate of liabilities in 2SC
failures is $50, GAG, 497, of which I'll .631, sc
was Of manufacturing and els,le3,476 c
trading concerns.