Omaha daily bee., 1888-07-01
WEEKLY BUSINESS REVIEW,
Money Plenty and In Somewhat
- Better Demand.
MIDSUMMER DULLNsss REleNs.
New York Exchange Quite Active
Foreign Exchange Duil-stock I'm
usually Quiet Some Improve
mcnt i'm Produce Speculation.
improved.

CurcAeo, June ~N.-TSpecial Telegram to
TuE BEE. "A little more interest was mani
tested in local financial affairs during the
week just closed aud an increased busiucs
was transacted by the leading banking
house. The demand for money exhibited
considerable improvement and banker were
enabled to place increased loans, though not
sufficient to absorb all their available funds.
The semi-aunual settling of accounts has en-
livencd business somewhat, and merchants
in some quarters required II little assistance.
The balances of county banks are gradually
increasing but this will probably be only
temporary as the outflow of money will grad
ually increase as soon as the new crops IN
the west begin to move. Some paper has
been presented for renewal which had been
made by parties who w considerable grain
at some of the leading western cities, which
they have concluded to hold on storage for
more favorable prices than are now current.
A good demand for money has pre-
vailed from operators in grain and
provisions who anticipate rather free de
~liveries on July contracts. The amount of
money forwarded to the interior was moder-
ate-not as large rs during the previous two
or three weeks-as the receipts of produce
nave decreased considerably. Shippers of
grain and provisions were not inclined to
borrow to any extent. Lumbermcn pre-
scented very little for discount. Merchants
in the wholesale trade were moderate Dor
rowers as they have increased their col
lections somewhat and enjoyed quite an
active trade during the past two weeks.
Rates of interest were well supported Mt
fully former figures, ranging 5@5l2 per cent
for call and 516@1 per cent for time loans.
Eastern money markets show considerable
easiness. Money is plenty and the demand
only fair-all branches of business
being affected some by the mid
summer quletude; interest easy at l1l3
0l2 per cent on call and 3L%m5 per cent on
mercantile time papers. Reports from
European financial ccnters indicate an easy
feeling in that quarter with a material in
crease in bank balances. The demand for
money is light and rates of interest favoring
borrowers.
New York exchange was in fair supply
during the past week and the demand was
brisk. The semi-annual interest on railroad
and municipal bonds is payable in eastern
markets at the opening of July and officials
were in the market for round lots. Early i'll
the week sales were made at 25c discount
1000, but a tirmer feeling prevailed later
and prices advanced to T5c premium per
$1,000. and the market closed rather firm.
Foreign exchange was rather quiet and few
transactions were reported. Offerings were
light and the demand limited. Shippers
sixty days documentary bills on London
changed hands at S4.S5C0S4.S52 and closed
quiet at S4S5mS4.S54.
The New York stock market was unusu.
ally quiet. Outside spectators and foreign
dealers in stocks were not inclined to do
much business and the greater portion of the
trading was credited to Wall street opera
tors. Changes in prices were confined with
in a nrrrOw range and there were no IMPORT
ant features presented which had much in
flucnce on the course of the market. The
earnings of the leading railroads were fair
for the season of the year, yet the prospects
of Il rate war among the trunk lines, the re-
duced rates of freights established by law in
some of the western states and the reduc-
tions made in other sections to correspond
with them, have tended to deprcss the mar
ket in n general way, not so much in the way
of reducing prices as in checking business.
The crop outlook is regarded as favorable for
good business by the leading western roads
and the trunk lines, yet there is little dispo-
sition manifested to purchase stocks
on this support. Trading during the week
was manly in specialties, st. Paul. Reading
and Lake Shore leading, The aggregate
sales on the New York stock exchange for
the week were $50, 600 shares.
The produce markets were a little more at
~tractivc to the speculative element during
the past week, and an increased business
was reported. An unsettled feeling pre-
vailed during the greater portion OF the time
anu IbIlttS llllNlNliItu lSIN lslblNs stlit ph
the whole reached a lower level on most of
the leading articles. 1t was apparent that
there was more inclination on the part of
short interest to enlarge their lines, and there
was considerable realizing by longs which
were the leading influences which tended
to a reduction in prices. The receipts
of gram at the principal western
markets were fair and shipments moderately
free, more especially from lake ports. Eastern
markets have exhibited considerable weak
ness and advices from abroad were less
favorable to sellers, Notwithstanding the fact
that the supply of bread stuffs is gradually
increasing. Reports from the harvest fields
and growing crops are a little more favorable
for IA better yield, though some damage
locally has been sustained by storms. Ad-
vices from abroad indicate that crops are
backward in most countries and that the
yield of wheat and rye will not equal that of
last year. The visible supply ex-
hibited a further reduction in all
kinds of grain excepting corn and
the outlook is rather favorable for a
further reduction. The export movement
was rather light, though somewhat larger
than reported during the week previous.
Provisions have ruled rather weak, in sym
pathy with the decline in prices of grain and
the prospects of an increased supply being
reported at the close of the month. TIL ar
rivals of live stock were moderately free at
all the principal western points. The pack
ing of the west is progressing moderately,
and the number of hogs slaughtered to date
is somewhat under the returns for the same
time last season.