The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-07-14
Trade in the East.

Business in New York has been fairly
maintained in volume, and is gradually i'm
proving in prospects. Fall trade is ex-
pected to commence earlier than usual, and
the local indications in all parts of the
country lead dealers to anticipate an active
season. June has been month Of excep
tionally large transactions.
Nevertheless the stock market, by many
considered an indicator of the future, has
been sinking. The average of prices has
now declined 1921 per share since June
18th, and while the fear of monetary pres
sure hereafter has been factor of some
Importance, it is clear that the wars of
western, and to some extent of eastern rail-
roads, have disheartened many investors
and caused much selling.
Reports from interior points are gener-
ally favorable, both as to the volume OF
business for the season, and as to the pre-
vailing estimate of prospects. Collections
are nowhere seriously disturbing, and the
money markets are nowhere fully sup
piled, though with light present demand at
most cities. The half-yearly return of
failures shows a relatively larger increase
in New England than in any other section
about % per cent.-and next in the trans
Mississippi region this side the Rocky
mountains-about 20 per cent In the
Middle states the increase has been but AZ
per cent, thence to the Mississippi about
per cent, and at the south about 81 per
cent. Against general increase of per
cent. in numbers, there's decrease of 80
per cent. in aggregate liabilities.
Losses incident to speculation have been
heavy, but as to number of failures, proba-
bly, the disappointing trade of the last open
winter was the most important cause.
The monetary prospect is clouded by the
exports of SIS, 507, $40 gold and 81, 1875, 464
8 IVer from New York alone since June 1st.
In consequence, the circulation of all kinds
has been reduced Sl7,000,000 in June, and
though the aggregate is even now s, 100000
larger than year ago, it is felt that con
tinued outgo in July would be apt to cause
pressure in September. The New York
banks reported last week a surplus of only
S7,500,000, and the actual surplus probably
was not over S6,000,000, which is not
large preparation for an active fall demand.
The volume of foreign trade has been large,
with exports for five weeks exceeding last
years by II per cent. at New York, while
the imports show an increase of per ;ent.,
but the excess of imports last year was
very heavy. Unless grain exports are
fastened by the cutin east bound rail rates,
or foreign holders cease to realize on secur-
tiles, the outgo of gold may continue. Thus
far the treasury disbursements for the
week have exceeded receipts by only $780,
600, but will be much larger for the week
to come.
The business failures occurring through
out the country during the last seven
days, as reported to r. G. Dun & Co,
number, for the United States 1S5, and for
Canada II, or a total of POP, as compared
with total of 2l5 last week, and 22O the
IVaal- Tl1.pyriOuG IN the last For the cO1.1pS-
ponding week of last year the figures were
214, made up of 1872 in the United States,
and 81 in the Dominion of Canada.