Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-04-29

CIeveland's Financial Utterance Saved
the Coanssy From Panic.
NEw YoRx. April ar q. Dun 4
Co.'S weekly review oe trade will Say:
President Clsveland's decision about re-
dempsion Of legal tenders all admit has
arrested what threatened to become q
serious disturbance. Gold exports have
ceased, sterling exchange has fallen to
eAS7x. some gold has gone into the
treasury from Boston and other cities.
and rates Tor money have declined from
10 70 ~ per cent. Stocks have been
stronger, gaining about CLIO per share
for tho week, and come produce markets
are rising again. Yet cold and wet
weather and monetary uncertainty have
caused distinct depression in trade, col
lections are almost everywhere behind.
and interior money markets are growing
closer or more conservative. Reports
from al parts OF the country indicate
that trade has been msch retarded by
bad weather and unsettled money mar
ksts and complaints 1t poor collections
are general. Distribution Of products
TO consumers fall short Of expectation.
Monetary uncertainties and failures
make people anxious. Whea: seeding
has been greatly retarded by rains and
much cotton has been killed and signs
Of industrial depression affect the pur-
chases Of milliona The dry goods bust
ness 10 plainly taking in sail. buying
from hand to mouth and waiting Tor
events. % that this 10 called the dullest
A pril for years Sales Of wool are great
~ reduced and some grades OF ging
hama. cambrics and other cotton goods
arc lower. with stocks accumulating.
In leather the sales have grown
lighter for weeks and stocks are grow
ing. though the boot and shoe shops are
still working on old orders. The failure
Of the Pennsylvania Steel company
causes much depression and makes it
harder for other iron concerns to obtain
accommodations. especially in tho rail
business. becauss IL Is doubted whether
receivers can renew the compact Of
makers. which expires July /. Trade in
pig iron 10 waiting. and consumption OF
manufactured products does not en-
courage hope OF better prices, though in
plates there IL more inquiry from ship
yards. and in bar. from car.builders.
Structural iron IL h demand through
out the country. but at low prices Cop
per has declined. contracts with con
sumers Al II cents FOG lake be-
ing reported. Tin 10 weaker at
3D6 cents. and lead At 400
cents. and agents have reduced
western prices Of coal Is cents Removal
Of anxieties about money has strength.
ened stocks Railroad earnings con
tiuue large. and the proposed reorgani-
ration OF the Reading causes quite a
boom. while some buying from Europe
has been reported. Cotton is &c lower
on sales Of 10 bales In spite Of reported
injuries. the pressure a heavy stocks
being feit az money tightens Corn has
risen cent and pork 81 per barrel. and
the speculations at Chpaso seemed to
have revived With the hsd weather.
which delays farming operations Even
wheat 10 Of a cent higher than
a week ago. with salea of 100000
bushels here. though receipts at the
vtst are still heavy and shipments by
lake enormous. Produce exports have
improved little, but for the month ali
exports from New York are still much
behind last year'a while imports here
show an increAee 81 te.0O.6G0. This
state of foreign trade is stiIl % danger
90 the money market. which no action
81 the administration, however wise. can
entirely relieve.
The business failures during the last
seven days number for the United States
2i6, Canada -. total ~, "a compared
with Ssrlsst week and 2p the week
previous - the last and Il Tor the CIR
responding week of last year.