Show FINANCE AND MINING I + i The State of Trade Remains Satisfactory 1 THE UTAH PRODUCE EXCrRKGE Ore and Bullion Railway Earnings imons the Mines Knsiness East Lead Quiet The state of trade remains satisfactory satisfac-tory A slight improvement is noticed each wet k but the unseasonable weather is felt here as elsewhere and + there hai not been the demand for wooly goods and other heavy wearing apparel that our merchants had reason 4 expect The jobbers and retail dealers deal-ers throughout country laid in their II Ii i I winter stocks in the fall and have been I therefore almost entirely missed from our market for several weeks past buying buy-ing only such stock as supplies their temporary needs and awaiting the opening of spring In some lines there is an indication of the spring buying boom but the symptoms are not at all marked and will not be for some time to come We think from the present outlook that the coming sprin and summer will be more prosperous than that of 1888 Indications all point to a big building boom and that means employment for all kinds of mechanics and laborers Yesterday was a very good Saturday among the retailers Three hundred dollars per share for Deseret Bank stock was offered and declined during the week The stock market is dull and flat The coming boom predicted sometime some-time ago is still a coming The Tintic properties keep up their shipments with clocklike regularity Deep Creek people are anxiously awaiting further news of the railways heading in that direction The Utah Produce Exchange through Secretary Van Dam has issued the following circular letter The Utah Produce Exchange desires an active representative in every settlement settle-ment in the Territory Recently a public meeting was held in which it was decided to pool potatoes and shippers ship-pers handle them on a commission of 10 per cent Enclosed please find contracts con-tracts which may be of use to you should you desire to aid in the good I work If you would like to become a J permanent member of the Exchange the following extract from our constitution consti-tution will explain the objects Article II The objects of this association shall be to promote the iuterests of the growers dealers and shippers of Utah to increase their means of intercourse to define by mutual agreement and aid in the enforcement of just and equitable i equita-ble rules and principles which snould govern their conduct inbusmess affairs to obtain and impart information relating relat-ing to their interests and in general to secure the advantages which experience experi-ence has shown to result from organized organ-ized systematic effort for the mutual benefit of related interests Any business busi-ness man of good standing may become a member Initiation fee 10 Certificates Certifi-cates of membership mailed on receipt of initiation ice Please answer The Rio Grande for the eleven months ending November 30th reports gross earnings 57053326 a decrease of 215959 the net earnings were 2337 S95 a decrease of 861304 The showing of the Rio Grande Western West-ern for December is a splendid one The gross earnings were 120885 an increase of 18 941 and the operating expenses 75061 a decrease of 2 078 making the net earnings 42823 an increase in-crease of 21022 The Union Pacific statement for December shows an increase of 6 percent > per-cent in gross earnings and 166 percent per-cent in net earnings ns compared with the same month in 1887 For the year ending December 3Ut gross earnings earn-ings show an increase of 703058 or 24 per cent but this was offset by an increase in-crease of 1317184 in operating expenses ex-penses making a decrease of 614126 or 5 per cent in net earnings for the year In 1888 the percentage of expenses ex-penses 10 gross earnings was 6128 against 5818 in 1887 Latest mail advices from Chicago say If any credence can be placed ia the rumors that one hears on every hand there is still a large short inter eat in May wheat It is variously estimated esti-mated that there is a concentrated in tsrest amounting to 90000CO bushels 83 deducting the local stack of contract stuff leaves 6 OOOOCO of shorts over all cash supply Furthermore it is asserted as-serted that the syndicate is standing pat on its holdings Whether these stories are exaggerated or not thev have had one perceptible effect on speculative spec-ulative trade and that is to materially reduce it The situation is an unnatural unna-tural one with Chicago D cents above StLouis and 8 above New York We hesitate to venture an opinion on the immediate future course of the mar let fct the same time we are firm believers be-lievers in the fact that this market IS r out of sight and in an ordinary run of II events would be selling around 90 eents1I Interest is being rapidly developed de-veloped in July wheat The trade in this option is large in a quiet wav and commission men are recommending it to their customers cate mines the new electric plant was started recently whereby the mines throughout are lighted by electricity doing away with lamps and making the atmosphere purer Logan is pulling for the establishment establish-ment of a bat factory There is probably proba-bly no other town in the Territory that has greater natural facilities for manufacturing manu-facturing purposes than Logan The establishment of a broom corn farm is agitating some of our residents who believe they see a good investment in It Broom corn was originally brought from India and was introduced intro-duced to the inhabitants of this continent con-tinent 150 or 200 years ago The great broom cora States in America have been Illinois Kansas and Nebraska and they have pretty nearly supplied the whole demand but of late years it has been discovered that the climate of Colorado is favorable to its growth and that grown there is of excellent quality This being the case it is argued that there oems to be no good reason why hroom corn should not thrive in Utah whose climate is far superior to that of the Centennial State There has been no change worthy of note in the eastern copper market The feeling of uncertainty and distrust prevails There are rumors that the French syndicate has recently concluded con-cluded a Cool sale to consumers for March April and May at 16i cents per pound In London the market is stagnant An authority places the copper production of the United States for 1883 at 225 49L25 pounds and Utah stands third on the list with 2131017 Montana produced 97 897 968 pounds Arizona 317973CO Lake Superior bO 404993 New Mexico 1631271 Colorado Color-ado 1221100 California 1170021 Wyoming 232819 Nevada 50000 Idaho 50000 Maine New Hampshire i and Vermont 371631 Southern States 18201 lead desilverizes etc 1618074 From imported ores according to the Engineering and Mining Journal there was extracted 4909 156 Silver has varied but little Opening a week ago at 9354 yesterday the figures were 93i Lead is dull and lifeless at 3 65 from which point has not varied since our last report The governors of the Bank of England Eng-land at their weekly meeting made no change in its rate for discount and it remains at 3 per cent During the week the bank lost 243000 bullion and the proportion of its reserve to its liabilities lia-bilities was reduced from 47 25 to 4185 I per cent against an advance from 4191 to 46 35 per cent in the same week of last year when its rate for discount was 2J per cent Thursday the bank lost 7 000 bullion on balance The weekly statement of the Bank of France shows a gain of 1 625 030 francs gold and a loss of 700000 francs silver According to the Sacramento See matters in Los Angeles must be in a bad way The Tribune prints a tax list of eightyseven columns long the mercantile mer-cantile agencies report from ten to twelve failures a day Both the Tribune and the Times charge each other with bankruptcy and everything appears to be tottering on the verge of a general tumble From such a Doom may Salt Lake be spared The question of shipping live stock by weight is one which at this particular particu-lar time 13 causing a vast amount of trouble both to the railroads and the shippers That it is the correct principle princi-ple all concede bnt it is the general impression that it was sprung at the wrong time and unless something is done to bolster it up it will soon be done away with If the railroads had started the system last summer when stock was commanding a good figure there would not be so much trouble now that stock is low The shippers have made complaints to the railroad commissioners of the various States and to Legislatures and there is a bare possibility of the passage of a law which if the weighing system is abol liahed would be unjust to all and cannot can-not help but produce disriminations There is a way that the waole question can be settled equitably and fairly if those interested will only take the trouble to look into it Stating as a fact that the weighing system is the foundation for all transportation let the Legislatures of the various States Cass a law authorizing the railroad commissioners commis-sioners to appoint weighing inspectors whose duty it should be to inspect the weighing of all stock and keep a record of the same which shall be submitted to the railroad commissioners dailv This law would only require the ap pointment of three inspectorsone in St Louis one at St Joseph and one in Ohicagc For interstate business the inter Stato commerce commissioners could also apDOint iuspectors or take the weights furnished by the State inspectors in-spectors as evidence These inspectors would be disinterested and would insure in-sure a good practical test of the system and justice to the common carrier and the shipper Rich specimens of gold and silver bearing rock have been found on the north shore region of Lake Superior about 2CO miles from Duluth in the British possessions One piece of rock was broken up in the American Express office by hammer and revealed several rich gold nuggets probably amounting to 100 in value The country is almost al-most inaccessible for heavy machinery except by the lake and as soon as navigation nav-igation opens a determined effort will be made to transport tools and supplies there The goldbearing rock shown is worth many thousands of dollars to the ton while the silver pecimens are fabulously rich Actual improvement in New York business continues although there is still much complaint that the trade ing The payments through banks are large the movement of freight is larger and the earnings of the railroads rail-roads satisfactory The upward movement move-ment in prices which was notice 1 last week has not been sustained the general gen-eral average for commodities being about half of 1 per cent lower than a week ago though still about that much above the level of February 1st In the money and stock markets the changes during the past week have been not very important but on the whole in the direction of improvement The dry goods trade has been only moderate in amount but is more hopeful hope-ful because the recent cutting of prices has diminished Staple cttons are irregular and generally sluggish though prices aro fairly held but print cloths are a shade lower at 4 cents There is fair activity in cotton and in worsted dress goods but the movement in woolens is irregular liberal as to worsted goods and overcoatings but only moderate as to cassimeres flannels flan-nels blankets and hosiery The operations oper-ations in this as in other branches of business are to some extent retarded by the close scrutiny of credits which the slowness of collections in many quarters naturally prompts but the reports from the interior in that respect re-spect are this week rather more favorable favor-able than before At all interior points reporting the money market is easy with a comparatively light demand and the accounts as to the volume of business would indicate but moderate transactions Nevertheless the clearings clear-ings through banks last week were 184 per cent larger than a year ago outside of New York only seven cities reporting report-ing any decrease of which San Francisco Fran-cisco Minneapolis and St Paul were the most important The stock market mar-ket has been stronger on account of the covering of short sales but more discriminating dis-criminating in its temper than usual Most of tfco Granger roads are weaker and the failure to get the Presidents agreement signed by all the companies has a depressing influence Evidences that the agreement is actually evaded are accumulating and the Baltimore receipts of com are especially noticed The exports of merchandise have been 53 per cent larger for the first half of February than they were last year and the imports also snow a large increase The money market has been easyrates on call declining from 2 to 13 percent per-cent and the treasury has disbursed during the week 1200000 more than it has taken in but the decrease in circulation cir-culation of silver continues The business busi-ness failures occurring throughout the country during the last seven days as reported to R G Dun Co number for the United States 243 and for Canada 46 or a total of 289 failures as compared with 303 lost week and 332 the week previous to the last For the corresponding weec of last year the failures figured up 273 of which 236 were in the United States and 37 in the I Dominion of Canada Ore and Bullion The ore and bullion receipts at the various banks in this city for the weekending week-ending Saturday February 23d were 9358600 as compared with 12272365 for the week previous They were reported re-ported as follows ByHcCornick Co Hanauer Bullion 1493500 tfilyerand lead ores 25200CO Total 4011500 By Wells Fargo Co Silver and lead ores 67oOOO Base bullion 2iSOO 00 Pine bars 040100 Copper matte 160000 Gold bars 440000 Total 5345100 Total shipments for the week 93586 00 The ore and bullion shipments over both roads for the week ending yesterday yester-day were follows rOUND 14 cars bullion 893954 30 silver and lead ores 637038 4 II Copper ore 106800 48 cars 1187302 The WeAk At the office of Mr Hanauer the week was reported as a fair one only The only shippers from the Park besides be-sides the Woodside were the Ontario and Daly Bad roads have had their effect even upon these old reliables Stockton braced up a little and sent in several small shipments Tko De 11 The annual meeting of the Daly Company was held on Monday when the election of officers occurred BnllloBBeck Two lots of ore aggregating 340 tons of the usual grade was shipped by the BullionBeck Eareka Hill The flphynx continues her regular shipments which go to Hanauer under un-der contract CentonnlallSnrek After a silence for some time the CentennialEureka sent down four carload car-load Sunbeam One carload from the Sunbeam was in the aseayers hands yesterday The Woodside Two hundred and fifty tons came from the Woodside The ore is of the usual grade Brooklyn The output of the Brooklyn for the week jest closed consisted of 300 tons of first and secondclass ore New Last Chance was again to the front One carload assayed 15 lead 46 silver and M gold Big Hole Placer panys annual election resulted as fol I lows President Joshua Midgley VicePresident D Turngreen Secretary Secre-tary IV G Van Horn Treasurer William Fuller Thee with the addition ad-dition ot Nathan Sears and D L Wilson Wil-son form the board of directors The company has secured the services of Squire J Bush an old and experienced experi-enced placer miner who will have charge of the 1000 acres of ground and will commence work just as soon as the weather permits The Kearsago A small shipment of Kearsage ore was on the Salt Lake market San Joaquin This Stockton property was again I heard from I I Utah Queen was a light shipper Homestake sent in one carload which assayed 111 silver and 234 gold It was on the market mar-ket yesterday Ontario Quite a large business was done in Ontario stock in the New York market during the week past The sales recorded re-corded were at 342535 Horn Silver New York quotations 80 cents Two lots of ore aggregating 200 tons came up during the week The Alice Developments are now being pushed on the 1000 foot level The Carrie In the Carrie mine lying adjacent to Butte City a very rich strike was recently re-cently made the ore going 142 silver |