Omaha daily bee., 1888-07-29
WEEKLY BUSINESS REVIEW.
Money Still in Good Demand and the
Supply Liberal.
RATES FAvoRlNG BORROWERS.
New York Exchange in Fair Request
Foreign Paper Quiet-Stocks
Firm-Ceneral Trading Dis.
plays a Fair Activity.
RATES FAvoRlNe BORROWERS.
The Money Market.

CHICAGO, July 2S.-TSpecial Telegram to
THE BEE. quite a goud demand for money
prevailed during the past week but bankers
We're supplied with ample funds and borrow
ers who were able to present undoubted col
~laterals were able to secure all the
dation asked for. The movement in cur
rency to the interior was comparatively light
though the prospect is favorable for some
improvement as new crops are now begin
nlng to move and in the course OF a week or
two at least, consignments Of grain will be
considerably enlarged. Some spectators in
grain, provisions and stocks were moderate
borrowers, and chiefly in the way of money
for margins. Some inquiry was made for
loans to pay for property to be delivered on
August contracts and borrowers succeeded
in securing sucn accommodations as they
desired though the amounts-required were
not reported to be large. Shippers Of grain
and provisions were virtually out of the
market excepting for moderate amounts
on short date paper. Packers are
comparative strangers at the banks. Lumber
dealers are moderate borrowers. Merchants
in the wholesale mercantile trade have
presented some paper for discount, but their
wants were not pressing. Rates of interest
rather inclined in favor of borrowers, but
there was no material change to note in
figures. Call loans can be obtained at 505n
per cent and time loans are quotable at 500
Z per cent, depending on amount wanted and
the standing of the borrower. In the eastern
money market the feeling was stronger with
a little better demand for discounts. Interest
rates have improved somewhat, ranging at
2@2N per cent on call and 1906 per cent on
mercantile time paper. Advices from abroad
indicate a little more steadiness in that
Quarter, with rather more demand from vari
GUS sources for money. The balance Of the
English banks has been somewhat reduced
while those on the continent were somewhat
enlarged.
New York exchange was in fair supply and
the demand was about sufficient to absorb
the offerings. Sales were made at 25c dis
count to soc premium per $1,000 and the
market closed at about par TO 25c discount.
| Foreign exchange inclined TO quietness. Of
| ferings were somewhat larger owing to the
| increased exports OF breadstuffs while the de-
mand was only fair. Shippers sixty days
| documentary bills on London were decid-
edly weak and lower, changed hands at
| SAS4@4.S5A and closed quiet at S4.Si@
4.s4h.
Considerable interest was manifested in
| the New York stock market and quite a
good business was transacted. In a general
way the feeling was firm, with more tluctua-
| tions in prices. Wall street operators We're
the principal traders, through stock brokers
abroad were credited with n little more bust
ness than usual. Western spectators traded
to some extent but gave specialties the most
attention. The earnings of the leading rail
roads made a far showing and the good de-
mand for coal and the splendid outlook for
crops tended to strengthen the stocks of the
properties interested. The parties on the
''short' side of the market were a little
more anxious to purchase and at
times there was considerable realizing
by ~''longs." Trading was quite general for
the whole list, but Reading, st. Paul, New
York & New England, Delaware, Lacka-
wanna s. Western, Union Pacific and West
ern Union attracted the most attention. The
freight war still continues both in the east
and west, and undoubtedly will make an in
road in the earnings of the leading lines dur
ing the summer months. The market closed
rather strong. The sales on the New York
stock exchange during the past week aggre-
gated l. 62, 600 shares.
While speculative trading was fairly active
during the week, there was no unusual vol
ume of business, no very large offerings and
no unusual demand from any source. The
prices for leading cereals ruled with
considerable irregularity, though iuc
t~uations were confined within a compar
atively narrow range. The shorts were
and local operators traded TO some extent
but managed to keep their lines well evened
up. Advlces from foreign markets were de
cidedly favorable 10 sellers, owing TO this
serious damage reported to crops in thai
quarter, but these reports appeared to have
Of prices here. Regarding crops in this
country there is little doubt but that the
yield Of all kinds of grain will be good
winter wheat excepted, and that trade will
be very active during the fall months. Tit
receipts OF new grain are gradually increas
ing, though still somewhat scattering. Tn,
arrivals OF old grain for the season OF thu
year Were moderate at all western markets