The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-02-09
Trade in the East.

Iuc ClOSlHg VI one considerable DanK
and two smaller ones in New York, in con-
sequence of bold conspiracy to abstract
their assets, does not appear to threaten
any financial disturbance. But it tends to
impair public confidence, and coming after
several recent defalcations, and perform
ances Of questionable propriety in the
Reading and other corporations, it weakens
faith IN the soundness of corporate man
agement. In other respects the news is
less favorable this week.
Hardness of collections at various inter
Tor points causes more complaint, and. the
unseasonably mild weather once more de-
pressed many lines of trade
The exports for December proved much
larger than had been expected, with sur
prisingly large increase of 81 per cent in
the minor items. and an excess of S37, 900,
600 over imports. But after the almost
unprecedented excess of exports over i'm
ports for the quarter, foreign exchange has
risen from $4.S31a to A.S75s during the
month of January, which appears to indi-
cate that the movement of commodities has
| only served to liquidate Indebtedness, or
| to balance return of securities to this
country. The exports in January from
New York have been smaller than last wear
by So per cent, and while this indicates
some excess over declared imports for the
| month, that excess is likely to fall below
the sum allowable for undervalua tions of
imports and interest due abroad Hence
| the prospect of the decrease in produce
exports, which is to be expected at this
season, renders exports of gold at no dis
tant day possibility. Money at New
York is abundant and cheap on call, aud
the demand for commercial paper is now
| strong at New York and at Philadelphia
at Chicago rates are unchanged with fair
demand; at ST. Louis the market is
stronger at Z to s per cent. with good de-
manc; at Cleveland and Milwaukee the
market is fairly active with ample supply,
and at other western points somewhat
easier, with moderate or fair demand.
These facts suggest doubt whether large
supplies will he available for the east, if
business activity continues
The later indications of business activity
are not quite so satisfactory The bank
| clearings continue to show an increase over
last year of nearly s per cent, but these
| represent largely settlements on past tran
! sactlons. The accounts from other cities
show the effect of unreasonable weather
A heavier movement followed the cold
days at Boston, but wool sales were only
| =, 400 600 pounds, with a market weak and
depressed except for combing and delaine.
Goods do not improve, and orders for heavy
Wooiens are slow at last years prices.
Cotton goods are active ami firm but dupli-
| cate orders for boots and shoes are not as
free as makers wish. Unexpected demand
| has raised domestic hides Il TO Is cent. but
foreign are dull. Leather is selling more
| freely. Philadelphia notes few sales of
wool, and dry goods trade behind last
years, a fair demand for clothing and hard
ware, and steady improvement in grocer
les, but weakness in iron. At Chicago
dealings In grain and meats are large, but
in dry goods somewhat less for the past
two weeks, and the shoe trade shrinks a
little. Distribution has been fair at ST.
Louis, Omaha and Kansas City, very fair
at Detroit, but dull at Cleveland and de-
pressed again by weather at Milwaukee.
| From the reports telegraphed, it NAV be
inferred that trade since the new year be-
| gan has not answered expectations, and
there are some signs that the mild weather
is not solely to blame. In the iron business
the mills are fully employed at Cleveland,
but sellers make better offers at Pittsburg.
and some reductions occur; and at Phila-
delphia large lots, which had been hypoth-
ecated, have been sold at some concessions.
frightening timid buyers The indications
are that excess of production begins to be
felt In the dry goods trade. the signs
| noted at Boston, Philadelphia and Chicago,
| are seen at New York and at other points.
Cotton goods are active and fairly main
| tanned, aud worsteds and light woolens in
good demand, but sales Of heavy goods are
not large nor improving in prices The
| coal trade also continues much depressed,
as to anthracite, though bituminous is
active at fair prices. The unsurpassed
activity in building has made materials
strong and active, and drugs are still in fair
demand, but the general average of prices
is again shade lower, and has declined
more than per cent. in the month of Jan
uary.
The business failures occurring through
out the country during the last seven days
as reported to R. G. Dun g. Co.. number
for the United States, 246 and for Canada
As, or total of 291 failures, as compared
with 33S last week, and 1856 the week previ
Gus to the last. For the correspondents
week of last year the figures were 1872
representing 29l failures in the United
States, and Al in the Dominion of Canada