The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-03-17
Trade in the East

A suspension of the Reading iron works
and panic in copper have made metals
conspicuous during the past week. In
many other directions, however, there are
still signs Of improvements; the demand for
money has rather strengthened, the rail
road earnings continue to indicate traffic
larger than that of last year, and the bank
clearings exceed those Of last year by about
1o per cent, with gains much more widely
distributed than usual. But for several
important failures, and the uncertain pros
poets Of speculation, the outlook would be
altogether more favorable.
The failure of an important iron estab-
lishment has checked, at least for the mo-
ment, a feeling of increasing confidence
which seems to have been due less to any
increase in demand than to decrease in
pressure to sell. At Pittsburg, prices were
little better, and at Philadelphia and New
York more firm without advance. 1t was
understood that some diminution in weekly
output had been effected in February. But
the Reading failure, with the prospect that
large works may be closed for time, has
so changed the feeling that buyers are
likely to be conservative, and any pressure
to sell would weaken prices. In bar iron
and plate there is no improvement, rails are
unchanged without further sales reported,
nails are weak, and the market for struc-
tural iron is slow and unsatisfactory. The
coal market is also so Respondent that a
meeting of the companies is expected next
Tuesday, to protest against the state OF
things prevailing, and, it is said, to reduce
the schedule of prices. But actual sales
are reported about so cents below the
schedule already; the output is over 1887,
600 tons below last years, and yet the &C
cumulated stock at Port Richmond alone is
reported at 500, 900 tons. The market for
bituminous coal is also dull.
The price of cotton has been maintained,
in spite of news that the overland move
ment in February had reached $4,000 to
go. 600 bales. Reports from Cuba help an
advance of three-sixteenths in raw sugar,
but leather is again a shade weaker for
some grades, and the tone Of the wool mar
ket is depressed both by the conservative
demands of manufacturers, many OF whom
are running only half time, and by reports
that the spring clip is likely to show an in
crease Of 20 per cent. The dry goods mar
ket has been irregular, but equal to expec-
tations, with fair transactions in men,
ware goods for the season, and an active
iobbing trade in cottons. Prints are irreg-
ular, but print cloths shade stronger.
Reports from interior towns generally
indicate Improvement in the volume OF busl-
ness, ana IN GlC u6uduu luz LOuSJ, "hACh
is still, however, in ample supply at nearly
all points for legitimate demands. The re-
ports of slow collections continue, but are
not more unfavorable than heretofore, and
recent failures of more than usual import
ance do not appear to have caused disturb
ance. The foreign trade continues large,
exports exceeding last years about II per
cent. and imports about ~ per cent, and
the rate of foreign exchange remains un-
altered, though money here has been rather
dearer. During the past week the treasury
has taken in only 5000, 900 more than has
been disbursed, and the outgo to the interior
has continued, but withdrawals from
Europe do not reappear as yet. The stock
market has been dull, irregular, and some
what depressed, but transactions have been
mainly confined to the traders on the floor,
and the hope Of success in organizing the
interstate compact still sustains holders.
The general average Of prices for common
ties has declined during the week about
third Of per cent.
The business failures occurring through
out the country during the last seven
DAYS. as reported to r. G. Dun q Co,
number, for the United States Al, and Tor
Canada 40, or a total of 2S1, as compared
with a total of 232 last week, and go the
week previous to the last. For the cores
ponding week of last year the figures were
253, made up Of 1876 in the United States,
and 5S in the Dominion Of Canada.