Omaha daily bee., 1888-11-18
WEEKLY BUSINESS REVIEW.
Condition of Trade All Over the
World.
SALES ON NEW YORK EXCHANGE.
Our Reckless Railroad Management
May Brighten European Stock
holders Into Sending Thcir
Stocks Home-Discounts.

CHICAGO, Nov. 17.-ISpecial Telegram to
The BEE. The situation in monetary
circles is much the same as last week.
Bankers report a good healthy demand for
discounts from nearly all lines of business,
the only diminution in calls compared with
the preceding three or four weeks was from
grain operators here and at interior points.
The decreased call from such borrowers was
mainly due to the bad weather, which dimin-
ished the farmers deliveries to a material
extent, but the small demand from such Gus
omers was largely made up by enlarged
calls from other sources. The indications
are favorable for an early recovery in de-
mand from interior borrowers, as the close
of the lake navigation may be expected
within another week or ten days, and the
accommodating supplies of grain that follows
will nccessitate an enlarged demand for
money with which to carry 1t. Pork pack
ing at all the leading western points is
also absorbing money with considerable
freedom, and all the indications favor
an active and strong loan market for
some time to come. There are,
few reasons for predicting an Incompatible
stringency during the next four or five
months, unless European holders of Ameri-
can railway and other stocks become fright
ened AT the unbusinesslike management Of
many of our leading roads and send their
shares home in sufficient volume to draw
large sums of gold from this side. Discount
rates are strong at COS per cent, 1@S per
cent being the ruling figures for time loans.
The shipments of currency to the country
were fair and were mainly to the live stock
districts. New York exchange was IN mod
crate supply and sold at Is per cent discount
to 40 per cent premium per 900, and closed
at 25 per cent discount and at 30 per cent pre-
MUM. Foreign exchange was firm on the
basis of Si.S3@tS34 for shippers, 6O-day's
documentary bills on London closing at
81. S34@4.S3H.
The mercantile jobb ing trade in all leading
lines of goods, although a tritle better than
last week, was slow. The sales were mainly
confined to filling orders, aud the demand Of
dry goods was lessened by the absence of n
sufficiently low temperature TO increase con-
sumption of heavy fabrics. A large business
was transacted on the New York stock mar
ket during the past week. An unsettled
feeling prevailed, and prices on the majority
of active properties suffered some deprecia-
tions. The chief exceptions, however, were
New England's, which advanced four points
on rumors that the Vanderbilts were trying
to secure its control, and Cotton Oil certifi-
Gates and Chicago gas trusts. The last two
named were bought freely on the cry that
they were intrinsically worth more than
their present selling value and would soon be
paying handsome dividends. Although no
authority was given for such they
were bought with such freedom that prices
advanced 2&<83 points in the face Of q de-
clining market for other securities. The dis.
turbing feature in the general list was
tho cut of 3O@iO per cent in
west bound rates by yandcrbilts.
The reduction was Immediately followed by
further cuts by the Pennsylvania ana other
lines. Holders of securities became scared
and sold freely. London and large bear pro-
fessionals also took a hand and sold heavily,
and a large decline resulted. An attempt on
the part Of the shorts to cover checked the
downward current and started prices up
ward, and fair rallies resulted. Stocks which
showed SO much strength early became
weaker, as the general list advanced, and
moderate realizing produced a good decline,
and about all early gains in Gas Trust and
Cotton Oil certificates was lost. Changers
were effected To Il moderate extent by the
cutting Of rates on cattle and packing house
products from Missouri river points, and fair
declines were recorded. Total sales on the
New York exchange during the week were
l,43S. 1903 shares.
Considerable business was transacted in
produce circles during the past week, yet the
market exhibited no particular excitement,
and changes in prices were slight. In the
speculative branch of trade there was no par
ticular activity and no features were pre-
settled of sufficient importance TO have any
marked influence on the course OF the
markets. In shipping circles about the usual
volume OF business was transacted, orders
from casters markets being received in fair
numbers, though mainly from interior
points. Until within the past day or two the