The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-02
WAITING STOCKS
American Financiers Have
Their Eyes on London.
New Orders for Boots and Shoes Are
Scanty.


Co.'S weekly review OF trade says: No
gold goes out, though sterling exchange
has risen close to the exporting point, and
1t does not appear that the syndicate has
yet made any effort to control the ex-
change market.
London sold about 40 600 shares Of stock
during the week, and the market is dis
tinctly lower for railroad shares, though
a shade stronger for trusts.
The stock market waits abjectly for
London, and foreigners show thus far
moro disposition to sell than to buy.
Withdrawals of gold by redemption of
legal tenders have not ceased, but since
the closing of the syndicate contract have
averaged about slaO, ,0Oo day.
Iron Market Quiet.
The industries make very slow gains
where they make any. Little Is said OF
the stoppage Of the Edgar Thomson Steel
works, though many thousand hands de-
pend on its operation. because the Car
negie company has purchased $4,000 tons
of bessemer pig at 1916 to Sl005 at Pitts
burg, price indicating that the biggest
concern In western Pennsylvania does not
want to make iron for less.
AT other markets pig iron Is quiet, and
elsewhere as at Pittsburg, structural or
ders account for large share of the new
business reported, though activity in wire,
wire rods and barbed wire still continues.
Bar iron and steel are frmer at Pitts
burg but without change in quotations,
and on the whole the reduced consump-
tion in January does not seem to have
more than matched the reduced produc.
tion.
stagnation In Boot aud Shoe Market.
Nothing new can be said OF boots and
shoes, for the markets are still unsettled
by the controversy about prices. Ship
ments from Boston in February have
been BOG, 965 cases. against 292, ,973 year
ago. 1t remains the fact that new orders
are still scanty, even where no advance In
prices have been asked and the prostra.
tion of business in the cotton growing
region Is alleged as a reason for restricted
orders. The main fact is that the jobbers
have large stocks on hand, and are not
now anxious to increase them at higher
prices.
Cottons and Woolens.
The market for cotton goods Is fairly
active, and the demand improves in some
grades, but Is on the whole decidedly dis
appointing, though this week there has
been no sensational reduction In prices.
Undoubtedly the accumulation of goods
continues, and is the most dangerous feat
ure for the trade.
Cotton dropped to $50 cents, the lowest
point ever known since modern classified
tions were adopted. The talk OF great re-
duction in acreage this year is as vigorous
as ever. The whole market turns on the
fact that stocks of American cotton here
And abroad arc considerably larger than
ever.
The sales Of wool at the three chief mar
kets during the past month have been 90,
BO3, $50 pounds, against Is, 4i4, 13l last year
and while the mills making low grade
goods are freely supplied with orders, IL is
q most unwholesome feature that numer-
Gus cancellations are reported, Indicating
that the goods supplied at exceptionally
low prices do not meet the expectations oil
buyers On the other hand, the demand
for goods of the better grade seems little
better than has been expected.
Business Failures.
Failures for the week have been 250 In
the United States, against 26l last year
and in Canada 3S, against AZ last year.
Canada's Trade Conditions
Bradstreet's review today says: Toronto
and Montreal advices are that spring
openings In dry goods and millinery re
suit in increased activity, aided In part by
milder weather. At the latter point no re-
vival I'm business Is looked for prior TO the
opening Of navigation.
Collections in the Dominion are gencr
ally slow, with many renewals and exten
sions.
At Halifax buyers are proceeding eau
tiously also, and collections are com
planned Of
February bank clcarapoes at Canadian
cities aggregate s64 $50, 600 this year, an
increase over February, 1894, OF about I
per cent, but n decrease from February
1893, of about 10 per cent. and falling of
compared with February, 1Sy2, OF about {
per cent. Bank clearings at Winnipeg
Hamilton, Toronto, Montreal and Hall.
fax this week amount to sl5,b7o, 600. per
cent less than last week, but only slightly
smaller than In the like week year ago,
than lace I.. al