The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-09-07
Trade in the East.

The great relief in the money market
IN New York, caused by treasury pur
chases of AZ per cent bonds, the refusal
of the labor federation to take up and ex-
tend the strike on the Central railroad, and
the prospect that the Senate will soon
reach final action on the tariff bill, have all
tended to improve the state of business.
AT the same time better crop prospects
have brought a distinct reaction in the
speculatlons which most retarded exports.
Thus, while the volume of domestic trade
continues greater than in any previous
year at this season, bank clearings for
August outside New York exceeding last
years by21 per cent, the outlook for the
future is clearer and brighter.
Wool sales at Boston reached 3,005,000
pounds, and many mills have substituted
territory warp for fleece wool in use, the
market for fleece has been weak. Better
orders for wooden goods are reported by
the mills. particularly in mems wear and
dress goods
Accounts from other cities are even more
favorable than usual, excepting as to money
markets. Boston notes especial activity in
leather. and firmer prices in lumber with
steady trade. At Philadelphia groceries
are dull, tobacco quiet, the cigar trade dis
turbed by strikes, and collections in many
branches rendered slow by monetary pres
sure. Chicago, on the contrary, reports
money plenty at per cent. on call, and col
lections easy, a better trade than last years
dry goods and clothing; reduction of 20
per cent. in stock yard business since the
strike: a decrease of 80 per cent. in wool
compared with last year. 20 per cent. IN
butter, and steady decrease in dressed beef,
but large increase in cured meats, lard,
cheese, cattle, hides, and 100 per cent in
hogs. st. Louis has fair volume OF trade,
and Milwaukee notes rapid absorption Of
money by grain movement at increased
prices. At Detroit, Cleveland, Omaha and
st. Paul trade is satisfactory, and at Mime
apolis the -four output is 10000 barrels, and
the lumber trade is firm. At Kansas City
no change is noted, and at Pittsburg good
demand for manufactured iron; the window
glass works have agreed to resume Septem-
Der ID. Savannah reports brisk trade, but
jacksonville much discouragement: at At
lanta trade is good and the crop outlook
very promising.
Interior money markets do not yet fee
the relief seen in New York. and at Phila-
delphia the market is tight at So to 6 per
cent for commercial paper, at Pittsburg
active at 6 to :, at Cleveland demand ex-
ceeds supply, at Detroit demand is strong
at Z, at Milwaukee the market is very firm
at Z, and at ST. Paul tight, as it is at ST
Louis with to ruling, and at Savannah
and Atlanta. Presumably this pressure
will continue as business expands ant
products go forward to market. Here the
rate on call has dropped to per cent
though the treasury has paid out onl,
81 SOC, 900 more than it has taken in for tn,
week. There is still some doubt whether
the future of the money market is assured
but in other respects the outlook is plainl,
improved.
The business failures occurring through
out the country during the last seven days
as reported to R. G. Dun IL Co., number
for the United States, 165, and for Canada
"A, or a total of 1S9, as compared with
total of 1872 last week. and 1877 the weel
previous to the last For the correspond
ing week of last year the figures were oil
representing 1S9 failures in the Unite,
States, and % in Canada.