The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-11-14

NEW YORK, Nov. 13-R. G. Dun &
Co will say tomorrow in their weekly
review of trade:
No che now doubts that brighter
day is dawning. and it is common re-
mark that never before has business
shown so great a change for the bet
ter within a single week.
Dispatches telling of about 500 works
which have opened, or materially en-
larged their forces, give only partial
report, for throughout the country the
gain has been surprising, even to the
most hopeful Foreign need of Ameri-
can wheat continues an important fac
for, and the price went 10 So cents,
gaining cents for one week, 10 cents
for two weeks and "a cents since early
in September. The price is the highest
since June, 1892. Western receipts
were only 4494 033 bushels, against g.
202, S64 last year. but the election cut
off much work during the days in
which these receipts were started TO
market So many textile works have
increased their force. orders being
booked weeks ago. After purchases of
46 600, 600 pounds of wool in five weeks,
the transactions fell to 6,243,l 700 pounds
last week. but prices were stronS and
in some grades l cent higher, and
even greater advance is demanded at
the west, while foreign markets are
higher and Australian fully 1 cent per
pound up. The market for cotton
goods is not yet active, but liberal
estimates of the cotton crop are gen
orally credited, causing 1sc. decline
to Sc.
All the markets We're stronger, al
though the enormous purchases of pig
iron in advance of needs causes COM
parative inactivity at present. Plates
and steel bars are 81 to So per ton
higher and sheets in better demand.
Anthracite and Bessemer pig have
advanced a shade, and the average of
prices is 2lac higher. The billet pool
is in protracted meeting here this week
to decide upon its course and is still
undersold. The beam, bar, rail and
wire nail associations meet this week,
and the underselling Of wire nails by
outsiders has gone so far that a decline
of 45c. is openly quoted. II is note
worthy that the prevailing expectation,
Notwithstanding the general improve
ment in business, is that some, if not
all, these combinations will decide to
reduce prices. The coke combination.
it now appears, had not prevented
large contracts for future delivery at
less than $2-its fixed price-and even
less than s1.75. but the output last
week decreased. A heavy shipment of
copper to foreigners, said to cover TO-,
600 900 pounds, has raised the price to
111ko., and tin actually sells at 13c.,
though less is quoted.
The change in the money market is
striking. Instead of $2500,O00 going out
to the interior as before, 81, 5000 900 have
come in this week; instead of mer-
chants and manufacturers vainly hunt
ing lenders. banks are hunting for
more commercial paper. Commercial
rates are going down to 5 per cent on
best paper. Foreign exchange is high
er, owing to sales of s4,000,000 govern
ment bonds taken by the Bank of Eng
land as a member of the syndicate in
1895, to payments of s3,00G,000 sterling
loans and to foreign realization S2,00O,-
600 of securities, but all these are in
effect taking profits for confidence.
Failures for the week have been 276
in the United States, against 2S9 last
year and z6 in Canada against 40 last
wear