The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-20
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THE GAIN IS SLOW.
business Experiences Slight Return
Of Confidence.

New York. Jan. 20.-R G. Dun e. Co.
Weekly Review Of Trade says today:
The event OF the week is the offer OF
$5o,000.00O United States 5per cent l0-year
bonds. The decision of the secretary gives
much satisfaction TO all who care for
sound currency because th e neces ssities OF
the treasury were danger erously strengthen
ing those who urged the issue of $50, ,00O,-
600 more silver certificates against silver
''seigniorage' to be coined.
The gold note. represented by certi f.
Gates, has fallen below 10000, 900. The
revenue continues TO fall behind that of last
year about s., 600, 900 "A month. and action
in congress on various financial measures
is liable at any time to excite doubts
whether gold payments can be main
tained. Hence replenishment of the gold
reserve was necessary to n restoration of
confidence and n revival of business.
While industrial improvement con
tinues, the gain Is slow, and increase i'm
the purchasing power of the people by en-
largement of the force at work is, in n
measure, counterbalanced by the loss to the
purchasing power of the people through
reduction ia wages paid.
Decrease In CIearings.
The volume of business has increased
in leading branches, but not largely;
clearings fall below those of last year, for
the same week, 22.6 per cent, and un.
certainty regarding the future as yet pre-
vents the ventures essential to prosperous
activity
ETextile works resuming are mostly car
pet and knit goods concerns, with some
worsted works. Though more mills are
at work, and there is more speculative
buying. prices, neverth eless, decline, so
that sales at Boston are about ! cent be-
low prices asked two weeks ago.
The demand for woolen goods increases,
but is very small and is largely confined
to goods of low cost but known repute for
quality, and trade in dress goods is de-
creasing.
Cotton goods are weaker.
In silk manufacture the depression is
indicated by imports of raw silk for six
months not third as large as those of
year ago.
Most shoe manufacturers are doing lit
tie more than half the usual business;
though some are well employed and the
shipments from Boston this year thus far
have been 20 per cent less than last year
to date
There is reported more business in iron
and steel products, but at lower prices.
Speculative markets have been weaker.
A Drop In Cotton.
Cotton has fallen II cents, as receipts
continue much larger than year ago,
and the demand for consumption is mar
row.
Gain in retail distribution of products
Is still small.
Imports at New York show for January,
thus far, decrease of more than 80 per
cent, while in exports gain of s., 300, ,000
or nearly 20 per cent. appears
Failures for the week have been 401 In
the United States, against % last year,
and 40 in Canada, against 42 last year
For the first IL days in January the re-
ported liabilities of firms failing were
S9,04l ,22S. of which So, 0G9 053 were in man
ufacturing and S5,346.372 in trading con
Germs. But the number of failures about
the first of the year does nos necessarily
indicate bad state of business