Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-11-04
RIFT IN THE CLOUDS
Repeal Of Siker Purchase Act
Already Felt IA Business
CONFIDENCE FELT IN TRADE
Dun q Ca Report naakers Iab~r.i
10 Accommodate ard Merchants
Hopeful af Purchaser

4 NV oEk. NOV. Ak Il. Dun 4 Cos
weekly review tomorron viii cay: Tbs
repeal Of the siivsr purchase Get does
good already. The bosiness world IN
every part Of the constry reckons II
helpful and the tone of trade is more
confident Bankers are more liberal in
accommodations and merchants more
hopeful In purchase II 10 yell % TO
member that the act will do lees good
than IL IL had been passed early in the
spring or without delay after congress
assembled IL cannot now prevent sew
eral thosand failures which have already
occurred nor relieve creditors from re-
sulting embarrassmenfA II cannot now
save from loss . multitude Of manufsc.
turing establishments which have
closed because the future seemed IN
certain IL win 90 far % restore busi-
ness confidence which was much needed
but many may expect from the measure
larger results than can be realized at
this late day. Thusin the stock market
during the past week. although the &C
ton Of congress and the president was
correctly anticipated. the average prices
declined about 81 per share for railway
stocks and sl.75 for industrials. though
the tone is fairly confident The diff.
Guilty Is that large proportion of the
buyers during the past mcnth, have
been calculating TO realize with profit in
the passage Of the bill and those who
realized first did best There was
heavy selling OF stocks on London ac-
count though how large 10 not yet
exactly known.
Influence on Products
The action Of congress had less visible
influences upon speculative markets for
products. In part because foreign mark.
cts obstinately refused TO accept their
valuations. which spectators here tried
TO establish Since the passage Of the
repeal bill there IL not much higher
pricee on that account for wheat or cot.
ton. Ia view Of the great abundance OF
money at speculative centers, the weak
ness OF markets IL more significant.
Wheat was cents lower. III foreign
countries are on the verge OF famine.
their traders do not seem 70 have dis.
covered the fact. Corn receipts were
larger than last year and prices declined
fraction. Cotton advanced a little.
though the receipts continue large. In
any material gain as yet, but the de-
Inand for textile products has TO some
extent increased. Cheerfully scrutin-
lied. the increase OF orders appears 10
be almost wholly due to the gradual ex.
hsustion OF stocks in the hands OF deal.
ers. wholesale or retail, and not as yet
10 any appreciable increase in sales to
consumers. The most astonishing
81 - nj " NJ 4. -.
consumers has been at the bottom OF
the prostration OF trade and mauufac-
lures, and as yet there la scarcely any
sign OF improvement In that respect.
But as retail stocks run short, and in
turn wholesale stocks are depleted. the
mills feel an increasing demand. mostly
in the form OF numerous small orders
for immediate delivery.
Blast Furnaces Started I'm
There has been some increase. 10 is
judged FROM printed reports. in the
number OF furnaces in blast, but the
output still appears to largely exceed
the consumption, and thefe is more
pressure 10 sell pig iron than 10 buy.
The orders for finished products are
still small. and do not appear 10 De in
creasing and while at Pittsburp some
orders have been secured from the east
by exceptionally low bids aud the Joliet
works resumed at the west. the prices
quoted are on the whole lower than last
week. There is not much doing in steel
rails, although sales are reported ar s27
per ton, decline Of e. and bar and |
structural iron are also lower. In boots
and shoes somewhat better demand |
appears. and yet not enough 10 keep the |
works fully occupied, aud the shipments |
from the east are for the past week /
5ss,s6i cases. against 35s,62s last year.
The volume OF domestic trade gains
but little. exchanges outside New York /
being 229 peg cent lower than last year
Tor the week. The exports Of product
Tor the past month have been about
8 100000 larger than last year while
imports have been about sl9.4O0OO0
smaller. which indicates al excess Of ex.
ports OF SO.OUO.O00 for the month. The
have been dong a little better.
bat returns do not come up 20 those OF
asst year. The treasury has been gain.
ng In reserve most of the week. but
tall holds only ssS.s6o, ass i'm gold and
ltock sales on foreign account raise
ioubt whether large imports OF gold can
. expected. Failures for the week
lumber 6s in the United States against
80 last year and 3 in Canada against
4 last year.