Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-26
TRADE ON THE MEND
DUN & co.'s WEEKLY REVIEW


NV N&As A4&- - <- <f&@- -
Co.'S weekly review q trade usii say;
The improvement observed last week
has become much more distinct and
general. While actual transactions
have increased but little the change In
public feeling IL noteworthy. There are
fewer failures either q banks 90 u inn
portsnt commercial or manufacturing
concerns than for some weeks past.
Many disasters have been avoided By :
more general pooling cf resources and
greater spirit Of mutual helpfulness and
forbesrance than were seen some weeks
ago One large stock failure for several
million was thus prevented In Wall
street on Thursday and the market for
securities. though II times depressed BY
closing Of heavy loans. has been ex-
tremely dull, without material decline.
Money on call 10 more abundant and
lower. AZ many interior loans have
been paid since the banks ceased 70
send currency away and advanced their
rates for renewing or extending such
loans. but there 10 littierelief a. respects
mercantile accommodations out OF the
use Of the checks. In the place Of cur
rency. increases. and the secretary Of the
treasury. in answer 10 an inquiry. has
stated that no legal objections exists 70
tho use Of sight drafts In New York for
small sums In payment Of banda The
difficulty Of collections and the inter
ruption Of exchanges are nearly as seri-
Gus az ever.
Busino~s Firms Resume.
The number Of Industrial establish
ments resuming begins 10 comparatively
with the number stopping work. 1tcan
not. as yet, be said that the army OF I'M
employed has begun TO decrease. but the
additions 20 il are much smaller than In
previous weeks Many assumptions only
show that tho stoppage was really tenn
porary. or that wage controversies have
been settled.
A little better demand appears for
some products, such as wire nails and
barbed wire. Of which important pro-
ducers have been idle for nearly two
months. but In general the consumption
has go far decreased that southern fur
naces are offering pig iron az very low
figures here, and standard makers IN
Pennsylvania are contemplating reduc-
ton In prices
The weekly output 81 Conceivable
coke Is 81, .35o tons. 1911 ovens being
idle, and only 4.622 in operation. Nu-
merous cancellations OF orders have de-
pressed lake copper TO 9l cents, nearly
the lowest price on record.
The shipments OF boots and shoes
from Boston show q decrease compared
with last year OF 50 per cent for the
week. and 81 per cent. since June. and
countermands still Offset new orders at
the east. though somewhat moro activ-
ity Is reported here and at Philadelphia
on account OF southern buying. The
textile manufactures show no improve
ment. and dispatches mention twenty
four mills as having closed indefinitely
and seven others temporarily.
Twelve Mills start Up.
Twelve mills which temporarily closed
have resumed. The demand for goods
| Is very narrow, and uncertainty about
collections and supplies OF currency FOR
hands turn the scale In many cases
| The markets during the past week have
not been active. In stocks tho average
OF prices changed very little. and sales
for the entire week have been less than
| have sometimes been recorded in a SIM
| gle active day. Transactions in pro-
! ducts have been small on the whole, and
while prices generally tend downward
| there has been no violent change. The
enormous stocks still depress prices OF
both wheat and cotton,
Though currency is az premium OF
10 per cent. the demand is less than a
week ago. Receipts OF gold from Eu-
rope during the past week have been
6.100.0oO. but the Bank OF England has
raised its rate 20 8 per cent. which ID
expected to stop further shipments Of
gold 10 this country, and the Bank ol
France has lost during the past week
about 81 10000.
Tho absorption OF money has not ye'
ceased and credit substitutes In use a
yet poorly supply its place.
The failures az the past wick number
40 in the United States and - ia Can
ada. or the commercial failures in the
United States lao were in eastern states
g. in southern and $50 In western.