The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-14

New York. May 13.-R. G. Dun &
Co.'S weekly review of trade tomorrow
will say: Hostilities have lasted long
enough to kill many predictions, but
few Americans. The European notion
that the United States would begin by
having a bad half hour, the theorist
notion that everybody knows a great
panic must follow the outbreak OF
war;" the commercial buyers notion
that everybody would be ready to sell
everything cheap if war came; the no
ton that it would pay to hoard money
until the emergency had passed have
all been made Iaughable already.
The only panic was when money
lenders were wondering what impossi-
bilities the future might have in store
for them. The only hindrance to in
dustry has been due to waiting of buy
ers who looked for lower prices. Moth
ing disheartening can be seen in the IN
dustrial situation. except the closing of
some cotton mills, owing 10 over pro-
duction, and the fall of print cloths TO
1.ST cents.
Cotton has not risen above 6.37 cents,
and many stories of reduced acreage
are current, as year ago, but they
do not weigh much in view of the
actual receipts of 100000 bales. The
sales of wool have been only 4,OO5,000
pounds at the chief markets for two
weeks, against 1880 400 pounds last
year and 11,2167 $50 pounds in 1892. but
prices are somewhat more firm and
there is more demand for goods apart
from the large government orders.
The demand for boots and shoes, haV
ing passed all records in recent months,
has abated and yet many orders are
coming forward and just at the point
where there is general change from one
season to another.
Leather is rising, with no active de-
mand, and hides at Chicago have ad-
vanced about per cent in spite of the
fact that cattle slaughtered at the four
chief western markets this year are
considerably more than in any other
one year except in 1891, and 1894.
The output of pig iron, 243,340 tons
weekly. May l. against 1885 April 1.
show practically no change, excepting
the increase of $50 tons weekly in char
coal iron. Deducting the unsold stocks
which increased in April 23,5 BIC tons, the
apparent consumption in that month
was $3.50 tons daily against 1886 tons
daily during the previous four months.
This general expectation of expanding
demand holds prices steady for all
finished products of iron and steel and
at considerable less of Bessemer pig it
Is IL cents higher at PlttSDurS with
other quotations there, at Chicago and
at Philadelphia practically unchanged.
Government orders are heavy and yet
cover but little of the consumption,
though they go far TO cause the over
crowding of ship yards and plate mills,
but higher prices for wheat have
brought enormous demand for agricul-
tural implements and also for locomo-
tives and cars, while very many build
ings in western towns and orders for
many railroad and other bridges for
canal improvements at Chicago and
for $4,000 tons of steel rails at the east, !
make I'D a heavy volume.
Money is easier since the policy Of
contraction has ceased, and only ST.
700. 900 went to the interior during the |
week, while the new loans of the chief /
banks averaged 40 per cent of the total !
to commercial interests, as against % /
per cent one week ago and 10 per cent /
TWO weeks ago, with rates much lower |
han were quite recently refused
The government is paying gold over /
he counter largely because it needs
notes more than coin, and 81. 600, 900 gold |
has been ordered during the week. 81
900. 900 from Australia, making SIS, 363,-
$50 ordered, of which about S11 200, 900
las vet to come.
Liabilities of failures for the week of
Nay have been S2,97S, $50 against 49,
$50, 1874 last year, and $4,13S,271 in 1896;
manufacturing, 81, Al, 275 against $780,
36 last year.
Failures for the second week of May
lave been 246 in the United States
against 264 last year, and "a in Canada
lgainst 81 last year.