Omaha daily bee., 1888-09-30
WEEKLY BUSINESS REVIEW.
Money in Greater Demand and Rates
Growing Firmer.
EXCHANGE RULES RATHER QUIET.
A Lively Week in Wall Street-Sharp
Appropriations i'm all Municipal
StocksAUnusual Activity
in Produce. q.
The Money Market.

CHICAGO, Sept. 29.-tSpecial Telegram to
The BEE. There were no striking features
developed in the financial situation during
the current week. The shipments Of cur
rency to the interior were larger, and coun-
try bankers in the leading grain producing
sections Of the west and northwest who had
good balances here during the summer have
drawn them down, and in many instances are
asking for discounts. The high price Of
wheat, compared with a year ago, requires
an increased amount of money to move it and
the indications are that calls on Chicago
banks for funds for that purpose will in
crease in the near future. Mercantile and
manufacturing interests are also using con-
siderable money and are liberal borrowers.
Banks are fairly supplied with funds, but, as
usual at this season, the tendency of rates Is
upward, and there is an increased
disposition; to nS discriminate nina in the
Borrowers who want funds to carry grain in
Chicago are generally supplied at 5@6 per
cent, while advances at other points are
chiefly on a 6(9614 per cent basis. Business
paper is quoted at 6WS per cent. Western
cattle feeders are appearing in market as
large borrowers and pay T2@S per cent.
Exchange on New York was quiet and ranged
at 600G 10 cents discount per $1,000 and large
amounts of currency were ordered from
New York. Foreign exchange was dull,
weak and lower, owing to large offerings of
stock bills in New York, due to heavy pur-
chases of American securities. by foreign in
vestors. Documentary sterling on London
ranged at a. S2@4 S2S4, and closed at $500
Ash. Business with mercantile houses was
active in all leading lines, and the sales Of
dry goods and millinery for the month exceed
those of the same time in any previous year.
The New York stock market was active
but the aggregate business has not been of
the same magnitude as during the preceding
week. Prices showed more stability, how
ever, and although fluctuations were fire.
quent at times, they were confined to a mar
rower range. The general feeling was more
confident than for several weeks past, and
the impression prevailed that the worst is
over and that about all of the weak holders
have disposed Of their stock. Interest CEN
tered chiefly in the Vanderbilts, especially
Lake Shore and Michigan Central ana
'grangers" headed by st. Paul. Coal stocks
and southern stocks and New England have
attracted more attention. The latter was
one Of the strongest on the. list and was
bought more generally by the outside public
on reports that it was about to absorb some
outside road or be consolidated with a
number of other lines, and prices
advanced over 4 points. Sharp appre-
all principal stocks and were fully sustained
until the close. st. Paul, although closely
watched, was quiet compared with the pre-
ceding two weeks, and prices advanced Az
points on buying by foreign operators. A
good advance was also recorded on Michigan
Central on reports that its dividend would be
increased. Chesapeake & Ohio and the big
four" developed surprising strength and ac-
tivity on reports of increased earnings. Re-
ports of net earnings for July were not as
favorable as expected. All the leading
roads which run into grain districts
are doing IL little better business than at any
previous time in several months and reports
for the third week in September show a fair
gain over the same week last year. Efforts
are being made to advance rates to a paying
basis wherever possible, and the indications
are that the roads will have an increased
business the balance of the fall and winter
at fairly remunerative rates. Aggregate
sales on the New York stock exchange for
the week were 1, 1893, 1853 shares.
The past week has witnessed rather more
than usual activity in speculative circles, at
tended with considerable ~irregularity in
prices, both in grain and provisions. Rather
more strength was developed and prices
averaged higher for leading articles. The
shorts were free purchasers, while offerings
were not very large, except at outside fig
ures. The receipts of grain ct the principal
western markets were quite liberal and ship
ments rather large, especially of wheat and
corn. The arrivals of grain ut the seaboard
were fair, but the export movement was
checked to some extent by the
scarcity of tonnage and the advance
in freight rates. Receivers were enabled
to dispose of quite liberal quantities Of all
kinds of grain, as a general advance in
freights is anticipated both in the east and
west. Advices from domestic markets were
more favorable to holders, but the tone of
foreign news indicated little change. Pro-
visions were somewhat unsettled and prices
ruled irregular, though showing some ad-
vance at the close. Seeds attracted consid-
cradle attention, with prices ~favoring buyers.
The packing of the west is progressing rather
slowly and aggregate returns show a further
reduction.