The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-05-19
Trade in the East.

The post centennial business in New
York has abundantly satisfied some houses,
but greatly disappointed many others. 1t
is the most prominent characteristic Of the
present situation throughout the country
that the usual consistency Of commercial
action is lacking; transactions and results
for some branches Of business are highly
satisfactory, and for others much the re
verse. This is not unusual symptom Of
period of commercial and industrial read
justment, when everything has to be
adapted to a new scale of prices and profits
and TO new conditions, but it has hardly
ever been more prominent than it is now.
Many iron works are closing, for example,
but many are doing remarkably well; many
wooden mills are idle, but others are at
work full time with fair profits. The ap-
preaching transition from one crop year to
another, the recent change of administra-
ton, the changes in the interstate law,
and the rapid development of manufactures
at the south, are producing effects which
cannot yet be fully measured.
The wool market goes lower while wait
ing for adequate supplies, and the average
of 10+ qualities May lst was 243 cents
against 25.S cents April lst. The future
depends upon the state of the goods mar
ket. which is new encouraging; the demand
for wOolens is meagre, dealings in dress
goods are light, and while waiting for the
treasury decision regarding Worsteds,
manufacturing and buying are retarded.
4 speculative movement IL breadstuffs
has developed again, apparently based on
the theory that, although the coming crop
may be very large, there will be enough
actual scarcity in July. before new wheat
comes forward freely, to enable traders to
unload. The grocery trade has been active,
with collections fair, though in sugar the
demand Is again confined TO actual needs.
In spite of some speculative advances, the
general average prices for commodities is
little lower than it was May ID, and the fall
since January 1st has been nearly 81 per
cent, and rains at the west have given the
wheat speculation q setback.
The stock market has initiated that king
who marched uD the hill and then marched
down again. and it ends at exactly the
average of week ago, the default in the
St. Louis q Arkansas being the more prom
inent cause of recent weakness. But the
large exports Of gold which began week
ago. and the absorption of 1908, 900 by the
treasury since Maya. also have some effect
Exports of merchandise have dropped be
low last Years again, and while the reports
from interior markets are generally un-
changed, representing money as abundant
and i'll only moderate demand, a sharper
demand al Cleveland causes slight string
ency. No change appears in the reports as
to business activity at other points, except
ing that the outlook in the northwest is re
garded much more confidently since the re
cent rains. Everywhere the crop pros
poets are encouraging, with the season
more advanced than usual, and the acreage
in wheat considerably increased.
The business failures occurring through
out the country during the last seven
days, as reported to Il. G. Dun 81 Co.,
for the United States 1913, and for
Canada 90, or a total Of 227, as compared
with a total Of PA last week, and 213 the
week previous TO the last. For the cores
ponding week of last year the figures were
2O9, made up of 1872 in the United States,
and Il in the Dominion of Canada.