The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-03-04


much disturbance. The Sugar Trust
meets unexpected opposition, threaten
ing its existence; operations of other
syndicates or combinations make it i'm
possible to forecast the future IN many
trades; and meanwhile the uncertainty
as to Congressional action on the tariff
is in 10 degree lessened. Within a few
days. the sharp rise in foreign exchange
has also rendered the future Of the
money market less clear,
The fact that the Reading strike but
slightly affected the iron business be-
came clear before work was resumed,
and it is now felt that, with the known
shrinkage in the demand for iron, the
resumption of work by few furnaces
would be likely 10 ensure lower prices.
A sale Of extra good forge for SIS IS at
furnace Is reported, and the competi ion
to secure orders for rails is still. keen.
Bar iron is quoted at $3.50. but car
building continues unusually large; the
Pennsylvania alone has placed orders
for 2 200 cars and 20 locomotives: East
ern nail-makers have combined, and
the price stiffens little. Coke pro-
ducers at Connelsville have at last con-
sented to reduce the price IS cents.
which will help manufacture. The Co.
gebic mine consolidation has collapsed,
and the orders for Lake orr thus far in
dlcate heavy 1nsrease in demand. The
failure of Graf, Bennett d. Co., of Pitts
burg, produces no disturbance, but illus
trates the over confidence of last years
expansion. The decision against barbed
wire patents affects concerns having a
capacity of 300 0G0 tons, but not actually
producing 10000.
Without wider demand for securi-
ties, decrease in railroad building
must affect many branches OF produc-
ton. The mO0erata improvement in
the stock market is therefore interest
ing, but as yet has scarcely lifted prices
above the level of February 1st OF
Hew bonds issued this year, $54 ,0C0 900
are for new road, and nearly So 600 600
additional were listed last week. but
but how many Of these have found pur-
chasers, no one knows. The quick ad-
vance in foreign exchange appears to
indicate that investments of foreign
capital on this side have ceased for the
present, and eXperie2 ced BANKERS now
discuss the possibility of early exports
OF gold. The actual exports OF goods
at New York for three weeks past, show
an increase Of IS per cent. over the same
weeks OF last year, but no such increase
10 pCSOSo III VIC aggregate
The Treasury has taken IN IS 100 900
more than it has paid out during the
week, 5 lightly diminis hing,bank,d eposits.
The situation at Washington do, not
promise any early action in regard to
the surplus, and even the bill sutho--
izing purchases of bonds may be de-
layed. Domestic exchanges are but
slightly in favor of New York, and the
M vement o. money this way seems to
have ceased, with some tendency to
outgo in the direction of Boston. At
interior points, the supply OF money is
everywhere reported ample, and coliec
tons are on the whole improving, es
pecially in the northwest.
Trade in breadstuffs is bindered by
foreign uncertainties, which keep alive
hopes of war and higher prices. Corn
and oats have declined about C Mt
each, while wheat has risen as much
but is weak again. No change is noted
in hog product; oil has risen about 2
cents, while cotton has weakened.
Sales abroad and the lack OF domestic
demand weaken coffee, and in the sugar
trade, Philadelphia house offers to
undersell the Trust. and at Boston
there is rumor of split, while from San
Francisco news comes of organized OPP
position by Spreckels and others. Re
ports that the copper syndicate has
secured the Calumet Il Hecla output for
years, lead other producers to contem-
plate large increase in production.
The long depression in the price of
leather is not yet broken, and the boot
and shoe trade is reported satisfactory.
The dry goods market continues fairly
active for cottons, though print cloths
are shade easier; in the jobbiDg trade
growing activity is noticed. But in
woo'eos, the prospect of improvement
is disturbed by renewal OF the large
auction sales, and per3mptory sale OF
silks is also announced.
The business failures occurring
throughout the country during the last
seven days, number, fer the United
States, 237 andtfor Canada SO. or total
of 30 failures. as compared with total
of 273 last week, and 2S9 the week pre-
vious to the last. For the correspond
ing week of last year, the figures were
209, made up of 1856 in the United
States, and % in Canada. For the past
four weeks. the aggregate has been 951
in the United States, against 500 last
year, and 15i in Canada, against 14l.