The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-09-28
TraIe In the East.

Secretary WINDOWS heavy purchase of
four per cent. bonds has brought immedi-
ate ease in the New York money market
About 1851 was paid for over SIG, O0O, coo of
the bonds, which are quoted cents lower
already, but the effects in the market were
eminently beneficial. No unhealthy expan-
sion of speculation has appeared as yet, and
commercial loans are again quoted at to Z
per cent, while money on call has fallen
from about 100 to AZ per cent. The actual
disbursements of the treasury, in excess of
the receipts for the week, have been s9,300,-
UG0, only part OF the bonds having yet been
paid for, but over 81, 000, 900 more notes have
been issued for silver bullion. 1t is impor-
tant to notice that the pressure for money
still increases at most of the interior cen
tres, and the banks of England, France and
Germany lost about s6,5U0,0U0 gold last
week. Until crops move more freely, the
future Of the New York money market will
not be entirely unclouded.
The interior money markets are gener-
ally closer, with the strong demand which
an unprecedented volume of business nat
urally causes. AT Boston the stringency af-
fects trade somewhat, but wool is in much
better demand, sales reaching 5,693,0t0
pounds land the movement of boots and shoes
IS larger than year ago, with leather firm,
but hides slightly easier. Wool also shows
i'm orovement at Philadelphia, and cotton
manufacture is fairly active: the iron trade
Is very active and nail makers advance
prices to az per keg; the drug and chemicals
and tobacco trades are quiet with collec-
lions slow. Chicago has a large decrease
from last year in receipts OF grain, but in
crease in lard, cheese. hides and wool; dry
goods and clothing sales exceed last years
with prompt collections, and the boot and
shoe trade also, though for the week more
quiet. Money at Chicago is close and rates
sitter, the demand being very heavy, but
the stringency does not much affect general
trade. st. Louis notes good fall trade in
all lines, especially dry goods and boots and
shoes, with money at Z to per cent. At
all other western points reporting, trade is
good, exceeding last years, but every
where money is in strong demand, and at
most places tight. Closeness also appears
at southern points; Galveston hopes for
relief soon as cotton moves; Atlanta re-
ports cotton going forward rapidly and not
much trouble caused by tight money; and
Savannah reports a close market. with re-
ceipts 81, 900 bales cotton, Is, 500 barrels rosin
and 1850 spirits.
The stock market declined steadily while
money was scarce and tight, and the re-
Ecovery has as yet been but moderate.
Many brokers' are advising liquidation OF
accounts on the first rise, though some
strong men predict good advance. The
movement of freightis heavy, and railroad
earnings continue to show an increase,
though failure to adjust tho question of
rates raised by the inter- state commission
is still disturbing factor. The general
condition of business is so satisfactory,
monetary pressure only hindering that the
failure at Boston causes no apprehension.
If speculation does not prevent adjustment
of prices to the conditions of legitimate
trade, the monetary difficulty will soon be
overcome by the marketing of products.
The business failures occurring through
out the country during the past seven days,
as reported to r. G.. Dun & Co., number,
for the United States, 164, and for Canada,
%, or total of 100, as compared with
total of 1913 last week, and 203 the week pre-
vious to the last For the corresponding
week of last year the figures were 1913, rep
resenting III failures in the United States,
and 81 in the dominion of Canada