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

Advices from New York are to the effect
that it can hardly be said that business has
improved during the past week, and the
accounts from interior points almost uni
formly represent trade as rather quiet, or
at best, fai'. The clearing house reports
continue to show gains over last year at a
majority of cities, but the number falling
behind is larger than it has been of late.
This weeks report show in the aggregate
outside of New York a gain of 1917 per
cent, but large part of it is due to stock
speculation at Boston. In January and
half of February that city recorded an in
crease of SS6, 000. 900 in payments over last
year, but the increase due to sales of stock
alone was S91, 100000, so that other business
does not appear to have increased at all.
At Chicago and some other western points
grain speculation has in like manner in
flated bank transactions. The evidence of
an increase in the volume of business is
therefore less clear than it seemed recently,
but general confidence in the future con-
tinues unabated.
The failure of railroads to assent to the
interstate agreement, and the decision to
organize without several which were at
first considered essential to success, have
weakened confidence in the efficiency of
that arrangement. The net earrings over
operating expenses on 127 railroads. for
1885, amounted to S235, AS, 666, against S25S,
972, 626 in 1887, showing a loss of about 9 per
cent. for the year, of which the greater
part was on northwestern railroads. The
refusal of the Iowa commission to modify
its new schedule of rates is also announced,
and their enforcement is expected to affect
earnings unfavorably. In breadstuffs there
has been a strong market, with the usual
lack of definite reason. Atlantic exports
do not improve, and corn goes TO Europe in
great quantities in place of wheat, while
the exports of wheat from the Pacific ports
are remarkably large. But wheat has
risen 21s cents since last week. without
change in corn, while oats have declined a
quarter. Pork is steady, and lard stronger,
while hogs are weaker, each by - cents
per 100 pounds. Cotton has risen an eighth,
with sales here of 100000 bales, but the re
ceipts this week have been $3.50 bales,
against 69024 last year, and the exports
only 76,41S, against 100, 100 last year. Coffee
is quarter stronger. with sales of 100000
bags, and oil nearly cent lower. The gen
eral average of prices for commodities has
declined during the week. and has now lost
more than the entire advance early III Feb
ruary The prevailing tendency still seems
to be toward a lower level Interior cities
all report money in ample supply, and
nearly all report collections slow, or some
what backward The treasury has again
increased the circulation about nine hun
bred thousand dollars. by excess of dis
bursements over receipts for the week. a
noteworthy improvement is seen in exports
from New York for the week making the
gain for three weeks of February II per
cent, against an increase of + per cent.
on imports. AS there is no longer Il
prospect of tariff legislation of any
kind at this session, while reduction Of
internal revenue is possible, the monetary
prospect is at least as favorable as it has
been at any time this year, but the uncer-
tainty as to the movement of securities
does not diminish. A considerable with
drawal of foreign capital seems Just now
the only apprehended change which could
seriously disturb the money market for
some time to come, and of this there is as
vet little indication. The business failures
throughout the country during the last
seven days, as reported to r. G. Dun g. Co.,
number, for the United States, 800, and for
Canada Al, or a total of go, as compared
with a total of 2S9 last week, and SOB the
week previous to the last For the CORES
ponding week of last year the figures were
go, made up of 237 in the United States,
and 80 in the Dominion of Canada.