Omaha daily bee., 1888-11-25
WEEKLY BUSINESS REVIEW,
Condition of Trade All over the
Country.
GOLD SHIPMENTS TO EUROPE.
Conservative Holders seiiinR Chicago,
Burlington ~ Quincy stock-Wcst-
ern Packing Continues to be-
crcasc-Livc stock Receipts.

burlington AZ quincy StoCk- NcSt-
ern Packing Continues to De-
crcasc-Livc stock Receipts.
CuICAGo, Nov. 2i.-lSpecial Telegram ia
TuE BEE. The week under review has do
vcloped few new features in tinancial circles.
Money met with good demand from all the
leading lines of trade, but from no sources
except grain and provisions did calls for
loans show any appreciable increase. Calls
from packers, while heavier than for the
preceding week, were not up to the average
OF this time in the preceding years, because
of smaller arrivals Of hogs here and nj inter-
mediate packing points. On the whole, how
ever, offerings of paper averaged quite as
heavy as bankers cared to see, and interest
rates were firm ut q per cent on call TO bor-
rowcrs on choice convertible collaterals,
and 6lddS per cent for time paper made
by city borrowers; outside paid 7m9 per
cent. The tendency of rates is TO increased
firmncss and, as the close of the lake ship
ping season is at hand, the demand for money
from interior grain dealers, who will rapidly
accumulate such property in cribs and Gle
vators along lines OF railroads, and sell
against 1t in this market for May delivery, is
expected to materially enlarge.
The provision trade is also expected to be-.
come n more active absorber of money as
the packing season advances and stocks Of
products increase.
New York exchange was irregular, with
larger offerings, opening at IvW5Oc premium
per 81 900, sold down TO par ana closed at par
to Pc premium.
Foreign exchange was stronger, and sold
at 81, S3l4@4.S4l ., Tor shippers sixty day doc
umcntary bills on London.
Late New York adviccs stated that large
engagements were made there for gold for
shipment to Europe. The present figures
for bankers sterling scarcely ~justities gold
shipments, but the moderate character OF
our exports OF produce ~justitics the prcdiC-
tion that gold will be largely shipped in the
near future to balance trade accounts aud
pay interest on American bonds held in Eu-
rope. The bears controlled the New York
stock market during the greater part of the
week, and, although at times values declined
sharply, the average declines we're not large,
greatest loss on any one property being
I points on New York & New England, due
to realizing by u bull pool, which was instru-
mental recently in putting up prices. The
bull leaders, who have for mouths tried to
get the public into buying stocks, have be-
come discouraged at the continued increase
in rate cutting by eastern and western trunk
lines and the moderate earnings, and are be-
coming anxious to unload, but want to do so
without causing a sharp decline. The short
interest was not of sufficient magnitude to
AFFORD substantial support, and the longs
were forced to make the best of { le situation
and unloadcd freely. The great deal of Chi
cago, Burlington & Quincy stock, which has
Tor years been held by conservative
investors, because it was regarded as
a well managed road and earned
large dividends, has recently been
sold. This was due to the small dividends
now paid, and the high price at which stock
sells, being entirely out of proportion. This
class of investors have bought ow priced
stocks and good bonds, and created n better
demand for such securities. A glance at tho
market since June shows that the bulls have
had control the bulk of the time. On June
IL the average price of twenty active stocks
was 1881: by August u they had advanced 10
ST. IA, and on September 4 to 6I.s7; on Octo-
Der / to 6S.+s. Fluctuations since August 9
have not averaged over , per cent. Such a
condition of affairs is not calculated to induce
outside spectators to take hold freely. At
the same time the longs were not
uneasy. The average price on Novem-
Der 81 was 65.l4, n decline from the
extreme of 1874. Interest in Chicago Gas
trusts has subsidized and prices have fallen
2sd points. At the close there were good
prospects for the settlement of the dressed
beef and live stock rate war to the scnboard,
which has been on for months, roads which
lnstigated it having signItied their willing
ness to make peace. The aggregate transac-
tions on the New York stock exchange for
the week were 1,G01, 6SS shares. An active
speculative business was transacted in gram
circles dVring the week just closed. Oper-
ators appeared to have singled out one de-
livery in cer2al-May in wheat, November in
corn, and May in oats-and gave them cs-
pecial attention. Early in the week
the feeling seemed unsettled and weak,
and prices ruled irregular and lower,
with considerable realizing by the long inter.
est, and also rather free selling by the shorts
as prices declined. AT inside figures thera
was more inclination to cover outstanding
especially by local operators, and
also some Investment demand by outside par
ties. This caused a reaction, and during the
latter part of the week the grain markets
generally exhibited more strength. The re-
ccipts of grain at the principal western mar
kets have been fair and shipments only mod
erately free. Considerable grain has been for
warded in small lots to interior eastern points.
The export movement was rather light, with
corn commanding the preference, eastern
and foreign markets without much change.
In seeds considerable readiness was mani
Tested and prices were well supported,
ruling higher. Provisions were firm
early in the week, but with the increased
supply of hogs, prices declined materially on
all leading articles. The receipts of live
stock at all the principal western markets
have been considerably increased. The
packing of the west continues to decrease,
and is now about $50, 600 hogs less than re-
ported last season TO date.