The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-08
MOORE BROTHERS. SLUMP.
Has Caused General Tightening Of tho
Eastern Money Markets

Has Caused n General Tightening Of the
Eastern Money Markets.
New York. Aug. s.-R. G. Dun & Co.'S
weekly review Of trade says: The sem
sational collapse of spectators at Chi
cago. who controlled Diamnd Match
and New York Biscuit stocks, and had
hoisted them TO fancy figures, with the
consequent closing OF the Chicago Stock
Exchange for a period yet indefinite,
though followed by remarkably few fail
bres, brings sudden change in monetary
conditions throughout the country. The
instant cooperation OF moneyed inter-
ests at Chicago TO restrict the disturb
ance deserved praise, and did much
good. but ii is not possible to avoid some
shock to public confidence, and a quick
Tightening OF eastern money markets.
which already shuts off commercial
loans almost entirely. The collapse also
increased the caution OF bankers and
other lenders regarding loans on Sc
ourities of a similar character.
II is important that the increase of
merchandise exports, 100000, or IL per
cent over last year, for the week, and the
decrease of imports, 100000. or as per
cent, still continues TO limit the sum
payable abroad.
The movement OF wheat is again large.
Atlantic exports being 1,761 ,033 bushels
for the week, flour included, against
1bS,3S0 last year, and since July 1, $685.
704 bushels. against i,72s. .919 last year.
The situation as TO cotton is doubtless
critical for many producers. Extremely
hot and dry weather has done serious
harm, but IL must indeed be an ex-
traordinary condition that reduces the
yield 20 per cent in August. The price
rose almost beyond precedent, u on
Wednesday alone and the alarm will at
least be of service 10 planters, In giving
them better prices, whetherfbuyers real
lie profits or not.
Labor is more disturbed than usual.
The great strike of garment workers
here has much extended; the strike at
Cleveland has broken out again, and in
wolves several branches of labor; the
iron furnace men of the Shenango val
ley resist reduction TO the wages of
May, 1895, though Mahoning valley
workers do not. so the iron works
throughout the country are striving to
put down cost, I'm order to keep in opera
ton; the iron mines OF the Gogebic range
are stopping; the suspension OF cotton
mills has become more general, and over
100000 splndles are said to be idle at
Fall River alone, and PROBABILITY 81, OF
more Of the entire producing capacity in
the country. The rubber works have
mostly stopped. and Notwithstanding
the light weight opening number OF
woolen mills. Evidently the working
force and also wages have been reduced.
orders for boots and shoes are growing
scanty, as buyers generally feel that the
advance asked cannot be held, es-
recially as hides have again declined
nearly 5 per cent for the week at Chicago,
though leather Is dull and unchanged.
Curtailment of production in cottons
does not bring a stronger market. and a
few quotations are reduced.
Sales OF lightweight woolens are dis
appointing and mainly of the cheap
grades. and in some cases prices are again
reduced.
Failures for the week have been 240 In
the United States. against 225 last year,
and S2 In Canada, against i3 last year