The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-11-23
Trade In the East.

Those who have long expected severe re-
action in the New York stock market, say
X G. Dun g. Co., have now seen the
average of prices thrown back to a lower
point than has been touched at any other
time for more than four years. The
liquidation has involved the failure of one
large firm of brokers, an issue of clearing
house certificates to avert the failure of
two or more banks, while another has
failed disastrously, and severe pressure
In the money market under which several
commercial houses have fallen. In the
prevalent alarm causes are not closely
scrutinized, so that men are apt to
forget the reasonable limitations of dis
turDance. 1t remains the fact that the le-
gltlmate business throughout the country
Is the largest ever known, not much in
mated or endangered by speculation, and so
far sound that complaints in regard to
collections have been much fewer than
usual. The check now sustained may not
transactions and diminution of profits, but
the industrial and commercial conditions
have been so favorable that speculative
disturbances are the less likely to affect
general business seriously.
Reports from other cities show that at
most points the events in Wall street have
had little or no effect as yet At Boston
transactions have been somewhat limited,
and money is firm at high rates wool sales
are smaller, Z, SOC, 900 pounds for the week,
but more activity is expected with the
opening of the heavy goods season in De-
cember; leather is quiet and easier, and
hides dull and lower, but because bark and
other materials are strong, it is thought
leather cannot recede much; boot and shoe
manufacturers are getting the recent ad-
vance in prices, with shipments exceeding
last years, and lumber is quiet At Phila-
delphia money is tight, and little CONNER
clal paper offered or selling; wool
manufacturers are buying more hber-
ally, with slight advance in some grades :;
leather Is strong, and the shoe trade larger
than last year, though less brisk than of
late. Building is larger than any previous
year, and operators in real estate sanguine
AT Chicago money is active at per cent,
but country banks are sending in funds for
investment, and eastern disturbances are
little felt; grain receipts and cured meats
equal last years, a slight loss is seen in
dressed beef, butter and cheese, and a
heavy loss in hides, but liberal gain in
wool and lard, while trade in dry goods,
clothing and shoes is much larger, with
satisfactory collections.
No other western point shows disturb
ance in trade, though money is generally
close. AT St. Louis the rate is Z to S per
cent, and the volume of trade large; at
Cincinnati money is tight but collections
very fair, the clothing season exceeds ex
pectations, and the grocery trade is very
good; at Detroit, money is close at Z, col
lections very fair, and manufacturing &C
tive, Michigan wheat area showing per
cent. increase; at Cleveland money is tight,
collections satisfactory, and trade good ex-
cept for clothing; at Milwaukee money is
close at z, collections satisfactory, and
eastern troubles do not check trade
at Omaha, st. Paul, Denver and
Kansas City money is in strong de-
mand, collections healthy and business
good. Southern cities make much the
same report; Baltimore reports all business
healthy, mills running full and trade brisk.
with satisfactory collections: New Orlean 5
finds money active, cotton receipts below
last year, but sugar and rice liberal, with
good demand for all; Atlanta reports easy
money and good trade; and Savannah re
ports money tight, but trade active At
Jacksonville earlier northern travel than
usual causes activity. These accounts
show remarkably encouraging condition
OF business, but more than the usual scare
ity of money in spite of good collections.
The business failures occurring through
out the country during the past seven DAYS.
as reported to r. @. Dun & Co., number.
for the United States, 224, and for Canada,
-, or 6 total of 266, as compared with a
total of 2l5 last week, and 2lS the week
previous to the last For the correspond
ing week of last year the figures were 265,
representing 235 failures in the United
States and 80 in the Dominion of Canada.