Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-02-18
BUSINESS WAS DEPRESSED.
Anxiety Over the Gold Reserve Felt in All
Lines.

Lines.
NEW YORK, Feb. l7.-R. G. Dun 4
Co.'S weekly review of trade will say:
Anxious efforts by the banks for an
issue of bonds by the treasury, and the
refusal of the p res.dent 10 authorize IL.
caused apprehension and depression
most Of the week. Discretionary power
WAS finally gwen TO Secretary Foster TO
issue bonds. IL il ehouid become Alb
solutely necessary; but IL Is stated that
he believes no necessity At present cx-
ists. Exports of gold today Will not DO
more than $1,000. 600. ss ~ one time
expected. but probably no more than
-, ,0Oo. 600, and the treasury reserve,
over $l09. 900 600. has not been dimin-
isned. Moreover, quite large pur-
chases OF securities on foreign account
are reported, which would cancel heavy
adverse merchandise balances. and 10
that extent prevent gold shipments.
Outside Of hnancIal influences. the
course OF business is undlsturbed; its
volume - still large, though affected
by recent storms, and there are fewer
signs than ueual OF unsound or un-
healthy conditions. though at many
po nts collections are somewhat allow.
Distribution of dry goods at Boston
is large, the prospect for woolens never
better. textile mills are very busy, and
many buyers of shoes are seen, with
prospect OF high prices. Sole leather
has risen TO 2 cents. Wool is steady
and the grocery trade excellent. At
Plttsburg = better tone is seen In ron.
Prices for Bessemer and the glass trade
are improved by combination. The
clothing trade ~ Cincinnati is good.
winter stocks being cleared out and
spring orders exceeding the supply.
Lounge manufacturers at indianapolis
are busy, with trade 20 per cent larger
than last year.
AT Detroit, business exceeds that OF
Year ago and the prospects are that
business At Chicago 10 better than last
year, especially IN white goods and re-
tail lines, and collections eatisfactory.
Fears of . railroad strike and doubts
about the gotd market make banks
conservative. Al Kansas City, business
- not very good. with receipts of grain
heavy and liberal receipts of cattle.
At Denver. trade 10 fair. At most
southern points business shows some
improvement and 10 fair for the season.
though the movement OF cotton IL
small and prices somewhat lower The
wool works are as busy a. ever, and
the sales of wool at the three chief
markets this year have been Al, ,ooo. 900
pounds, against $4,000. 600 last year. =
gain OF "a per cent.
Tin is Is per cent per 100 pounds
lower. In the IRON trade 40 distinct
Improvement is seen for. while busI-
ness "a good. prices arr dcmorAlized by
intense contraction. Rails are an ex-
cepiion, for 5.oco tons have nccn cold
without reported cnange IN price. and
structural works are VIII occupied.
though al the very lowess figures: but
the demand tor plates 10 not np To the
capacity of the works, and bar iron -
quite weak.
business failures during the past
seven DAYS number IN the United
States. ig7. Canada. SO. or total Of
c:i3 as compared with totals OF s65 last
week and sol the week previous 10 sne
last. For the corresponding week OF
last year the figures were 200. repre-
seutInx 25i failures IN the United
statss and - for the Dominica of
Canada