The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-07-21
Trade in the East.

Substantially all the news last week from
New York, has been favorable to business
prospects. The official crop report for July
1st was not only an assurance of large
yield, but evidence that the reported in
iuries to wheat, cotton and corn had not
been as serious as many believed. Gold
exports were stopped by slackening of the
foreign demand and decided improvement
here in the offerings of commercial bills.
The treasury put out money more freely,
and the demand from the interior was met
without change of rates there.
The government reports for JUL ISL Inul-
Gated a yield of 4s6, 0Oj, 900 bushels of wheat,
with further information that rains mad
made great Improvement since returns
We're gathered, in Dakota and other locali-
ties where dry weather had reduced condi-
ton most. 1t seems probable, therefore,
that 500 COO, 600 bushels will be added to the
large stock carried over, and the market
broke at Chicago and New York on the ar
rival of several train loads of new wheat.
The closing price is still higher than
week ago, but the fear of climbing specu-
latlon in July seems to have vanished.
The reports from interior towns show
that while the usual midsummer dulness
prevails, and at some points is even greater
than usual, the confidence in an early and
large fall trade grows stronger, Collec-
tons have improved where there had been
most complaint, and the latest accounts are
more satisfactory than usual. The money
markets are fairly supplied, and at nearly
all points easy with only moderate demand.
But while offerings of outside paper at
Boston are free, and there is scarcely any
thing doing in manufacturing paper, rates
are sustained. At Philadelphia there is an
upward tendency, though the present sup
ply is ample. At Chicago, banks have been
so far prudent, with an eye to probable
commercial demands in the near future,
that brokers are circulating the rumor
that banking trust has been formed,
though outside money does not appear to
be Obtainable at better than 5 per cent.
The indications point to some monetary
pressure this fall, unless the treasury sue
ceeds in disbursing freely.
The great industries are on the whole in
better shape, though some signs of danger
are discoverable. The weekly output of
iron July 1st was III Az tons, an increase
Of 1900 tons, the furnaces temporarily
stopped by the JohnStOwn disaster having
resumed and it is known that other fur
naces of considerable aggregate capacity
will soon resume, but the market is clearly
stronger, and some southern pig, recently
offered in vain at Sl6.50, has been sold at
ST. Rails are in better demand, with
rumored sales amounting to 81, 900 tons, and
SOS is now the bottom price. But the great
strike at the Carnegie mills, accompanied
with violence at the very outset, may lead
to rather extended disturbance of the in
dustry. Wool is unchanged in prices at
eastern markets, but the persistent conser-
vatism of manufacturers, who are buying
only for immediate necessities, and running
only part force, begins to have effect, and
a weakening among Ohio holders is re-
ported.
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 1871, and for
Canada IS, or a total of 209, as compared
with a total of POP last week, and 2l5 the
week previous to the last. For the cores
ponding week of last year the figures were
$40, made up of PIC in the United States,
and "a in the Dominion of Canada.