Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-11-11
TURN IN THE TIDE
Result OF the Election Restored
Confidence to Trade
DUNN & co.'s WEEKLY REVIEW


~ WtfAif fttitH OF I&Ir totuOffUN
viii say; The turn Of the tide has come;
since the elections there has been dis
tinet improvement in business There
70 some Increase in actual transactions
aud much W the tone Of business Men
OF ali parties feel that there is ground
Tor greater confidence. the silver ques-
tion being put definitely out Of the way
and the chance OF disturbing action in
other respects being lessened, while the
right OF the people TO rule their rulers
has been indicated. While il il vet
too early to look for great changes. there
Is already distinct improvement in tho
demand for manufactured products.
since the action on the silver bill. some
increase in the output Of pig iron and
IN sales OF wool and ia the building
trades IN several cities, while the fail
ures for the week latest reported show
lower liabilities; in brief the recovery.
which began when the silver repeal
passed. continues with increased
strength The speculative mar
kets have not changed, though
improvement in the stock. which was
expected from the silver bill. Gomez
slowly. The average prices, though
slightly lower than a week ago. are no
longer depressed by heavy realizing of
home and foreign holders Wheat is a
half cent lower. receipts being G. lO6. 81
bushels. against 6. .4sl .5S4 last year. and
exports 6i9.475 bushels. against |, ,737. .762
last year. Corn is a fraction lower. re-
ceipts being larger than a year ago.
The main cause OF these changes is that
impressions regarding the crops are
gradually altering. In pork and hogs.
some decline appears. and the price OF
cotton Is shade lower in spite OF unfa-
yorable reports Of the yield. for the ag-
gregafe receipts are larger than a year
ago. Ii is a most wholesome feature OF
the situation that. notwithstanding the
vast accumulations OF idle money. no
speculation is kindled in the markets.
Output OF Pig Iron Increased.
The output OF pig iron. thought not
yet half as large as that Of year ago, is
larger than II was at the beginning OF
October. The monthly statement shows
5000 tons weekly against q. $50 October
1. and 11l.sO2 November l. 1892. and
there Is also a slight decrease in the
stocks OF unsold iron on hand. The sud-
den fall in the price OF steel rails. which
has been maintained at s29 for long
time. now held at 81 at the mills. has
brought the quick enlargement OF de-
mand which might have been anticipated
and In turn the demand for ore. coke
and pig iron improves There is also a
better demand for some manufactured
products at the west. though no i'm.
provement as yet appears in prices. and
With few large contracts taken at the
east. prices are nevertheless at the lowest
point. Copper improves little with a
stronger demand but lead and tin are
slightly weaker after the speculative ad-
vance last week. In boots and shoes
the decline in shipments compared with
last year is only IL per centfor the week
and more OF the shops are active. the
long economy IN purchases having ex-
hausted supplies OF dealers.
Fewer Failures Reported.
The first week OF November has
passed and thousands of business men
breathe moro freely because the sppre-
hended failures in dry goods have been
much less numerous and less important
than was feared. No doubt il is true
that many concerns have been carried
over by extension. but even a moderate
revival OF trade will enable most OF them
to weather the storm. A gradual i'm
provement is seen in the market for cot
ton goods with slightly better prices in
print cloths and some other grades. The
sales OF wool for the week have been
1854 200 pounds at the three principal
markets against s.2l5O00 last year.
While the production OF mems woolens
from June / 10 November | was only
l0.1737l6 yards. against 17.0s5.01s for
the same period last year. there is good
reason To expect larger demand here.
after. Orders for spring woolens have
clearly increased and the mills have
some orders booked already, but not
enough. the change is already i'm.
portant
Domestic Trade Improved.
The volume OF domestic trade. though
smaller than year ago. shows consider.
ably less. decrease than appeared in
September or October. the exchanges
At the clearing houses outside of New
York being only ia per cent smaller
than for the corresponding week last
year. Railroad earnings also exhibit
some relative improvement. az the de-
crease Tor the last week is only "a per
cent although analysis Of the returns
show the decrease in freight movement
considered was decidedly
larger. Money is abundant and cheap.
Tor although the commercial demand
has quite perceptibly expanded. the
supply accumulated st the chief finan-
rial centers is extraordinarily large. The
arrival OF s7J0.oO0 gold from Europe gives
evidence that the past selling % stocks
On foreign account. though IL
vas large for some months. has not q
ate been large enough 10 overcome the
balance. which is rapidly |
with full movement of ex.
ports for the past week and month and |
xith a heavy alecresse IN imports a 1
especially in dry goods. AZ /
more confidence is felt IN the rhture ~ /
monetary Affairs. since thsrepesl ~ the /
silver hii4 and ~ 10 the common eefi.
n ste that the result n the elections
sill tend g. prevent further action in the !
direction a silver coinage o. paper in.
saiion. The failures for the pact ueek i
lsve been 9gI in the United States
against 30 for the same week last sesr i
Ind IN Csnais thirty seveu, against
.veBil sis lest year.