Omaha daily bee., 1888-08-26
WEEKLY BUSINESS REVIEW.
An Increased Demand For Money
At Current Rates.
PREPARING FOR FALL BUSINESS.
New York and Foreign Exchange Rule
Wcaker--A Dull Week i'm Stocks
Increased Trading in the
Produce Market.
The Money Market.

The Money Market.
CHICAGO, August 25.- Special Telegram to
The BEE. The chief changes in the none
tary situation during the week have been the
increased demand by parties who are prcpar
ing for enlarged fall business and require
funds with which to carry their plans into
execution, and an enlarged use for money
with which to handle winter wheat that is
now arriving freely at points to which Chi
cago furnishes liberal advances when wheat
begins to accumulate in their elevators. But
as yet calls for the purposes named have not
seriously reduced the loanable balances of
banks, and while there is possibly frmcr
feeling rs regards rates, no changes can be
recorded in the figures paid for accommoda-
tons. Choice names and collaterals readily
obtain money at 5d5l4 per cent, where
large amounts are wanted, and prime
to Just fair paper passes at 6(GS per cent,
615Qp1 per cent being the customary figures
Tor good business signatures. There seems
to be an opinion that an unusually large
amount of money will soon be required in the
interior to assist the movement of crops.
Such conclusions are not justified by actual
conditions /. o., the wheat crop, which
usually absorbs the largest percentage of
money employed in the interior during the
closing weeks of the summer and autumn
months, is apparently much below an aver
age, hence less funds will be required for
that purpose than usual. The corn crop will,
not under any condition, move with any de-
gree of freedom during the next three
months. Nor is there anything in the bust
ness outlook to justify the conclusion that
the absorption of money in other business
channels will be about the customary autumn
average.
With these facts in sight there seems to be
no reason for supposing that money will not
be easily obtained at reasonable rates by
those who have guod paper collaterals to
offer for 1t. The increasing movement of
wheat has compelled bankers in the west
southwest and southeast to draw down their
eastern balances for the purpose of using
their money at home, hence the supply of
exchange on New York offered from such
sellers has been sufficiently large to reduce
the discount to so cents per 81 900 between
banks. These figures render it as advantage
| Gus to bring funds from the east by express
have been brought here from
| New York the current week
| Foreign exchange was weaker during
| the greater part of the week, owing to large
offerings of bills, induced by free purchases
| of railroad stocks and land by foreigners
| Rates on documentary bills were S4.S2(1
| 4S2si.
The New York stock market has been de
VOlu Ol lue pdSU week.
and taking it as whole, was narrower, but
| trading was on somewhat increased scale
| The public, which is always so essential to a
| likely market, do not take hold with the
| freedom that commission men would like to
| see but, nevertheless, there is a fair number
| OF outsiders IN the market considering the
| unsettled conditions that are at present gov
erning it. The future course of prices depends
upon crops. If they are good the roads will
have plenty of business. Should they turn
| out more disappointing than ut present, there
| will be many dissatisfied speouators, as they
| have placed their hopes of higher prices in
| good crops. London operated a liberal
scale on both sides of the market, and one
| house, having extensive foreign connections
called in 900 shares of St, Paul from the
| street to ship to London. Professional spec
| ulators, who have run the market for some
time past, were moro inclined to go slow and
| let the market take its own course. Changers,
| especially st. Paul, attracted considerable
| attention. large ''shortn interest
| existed in the latter, at one time it being es-
timated at $1,000 shares, and the price was
| bid up to force them to cover, and Il good
many We're driven in. Gould stocks. North
| ern Pacific, the Oregons and the Coalers
| came in for good degree of attention and
prices We're marked up. The earnings of
| the principal roads for the second week in
| August that have thus far been reported
make fair showing, but the gains for the
most part were small The aggregate sales
on the New York Stock exchange for the
week were 9Sl, 800 shares.
| Speculative trading during the past week
was of larger volume, particularly in wheat,
which advanced sharply, attracted the most
attention and drew trading from other
articles, and although at times there appeared
to be little animation, there was sufficient at
| others to more than offset the quiet period
| The outside public have more confidence in
| wheat than in any other cereal and are more
disposed to buy it conservatively. Foreign
ers also, have traded more freely in this
market than for some time past. But
they have learned to make quick turns,
and by so doing secured good
| profits. The receipts at all the leading points
are increasing slightly, but the quality shows
| but little Improvement. Export orders were
more numerous and the outward movement
shows an increase. Crop advces are rather
| conflicting, but from the numerous reports
| from the northwest, telling about the severe
damage being done, there is undoubtedly
some truth in the statement reported, and the
Indications are that the quality has deter.
iorated considerably. Reports from abroad
| are rather worse and the outlook is more
favorable for higher prices for wheat than q
week or so ago. The quality of new oats
coming in remains unsatisfactory, the per
| centage of contract grades being very low
A more confident feeling was noted in pro
visions and prices ranged higher. The ar
rivals of hogs continue small, and best grade.
readily commanded higher prices. The news
from the south regarding yellow fever wa.
not at all alarming and the shorts" becam,
nervous and covered quite freely. Outside
orders were also more liberal, and bette
speculative business transpired Shippers
| took hold Of meats and lard with increased
| liberalIty and the outward movement show
| good increase over the preceding week an,
| the stock of all the principal cuts of meat
| We're reduced. A heavy reduction was ais
| made in lard.
, Rivers and Valleys.