Omaha daily bee., 1888-03-18
WEEKLY BUSINESS REVIEW.
No Particular Demand For Money
From Any Quarter.
PLENTY OF LoANAeLE FUNDS.
now Blockades and Strikes Tend to
Depress the Value of Railroad Sc
curities A Decrease in
Western Packing.
In the Commercial World.

CHICAGO, March 1G-[Special Telegram to
the BEE. There is no particular pressure
for money from any particular quarter and
bankers are well supplied with loanablo
funds. The prospects of a settlement Of
freight rates by western railroads and Q
gradual Improvement in the facilities OF the
Burlington has enlarged the demand for
money slightly for the movement Of grain be-
fore any advance in rates takes place, and
well known borrowers were readily accom-.
modated, consequently the movement of cur.
rency TO the interior was somewhat larger.
The demand for money on behalf of the specu.
lative element in grain and provisions has
been light owing to moderate business.
Trade is largely in more deferred deliveries
and little money will be needed to pay for
property before the opeing of May. Shippers
Of grain are moderate borrowers, almost exc
clusively, however, for the payment of car.
goes to be forwarded at the opening of Lake
navigation. Packers are virtually out of the
market. Wholesale merchants apply for
about their usual amount of funds and par.
ties in good standing are readily accommo.
dated. Lumbermen have increased their de-
mands to some extent, as they need consider
able money to pay off their employees on the
breaking up of logging camps. Rates Of
interest are steady and unchanged.
Good paper is readily accepted at
5h@6}S per cent, while miscellaneous
offerings m 6l6@S per cent, depend
ing on the amount of the loan and the length
OF time wanted. In eastern financial centers
business has been at u stand still owing to
the snow blockade, consequently the de-
mand for money has been limited. Money
was comparatively easy at 5@516 per cent,
Foreign money markets have exhibited very
little change. The leading banks show a
further decrease in their specie balances and
inquiry for loans is light. Operators are
pursuing a conservative course in foreign
political complications, and are not engaging
in extensive contracts at present. Rates Of
interest ruled more favorable to borrowers
and the Bank of England reduced its rate Of
discount to Q per cent. New York exchange
was inclined to quietness during the past
week, offerings were light and the demand
was limited. Transactions between banks
were made at par and 25 cents premium for
$1,000, and the market closed steady at the
range. Foreign exchange was called for
sparingly during the week Just closed, and
the offerings was limited. Shippers sixty
day documentary bills on London were quot
able at s4,s494.S 4A and closed rather quiet
at a. S44 S411I.
Unusually small business was transacted
on the New York stock exchange during the
week just closed owing to the severe snow
storm. Spectators were unable to do any
business, the telegraph facilities being
meagre and the attendance of operators
small. The market was weaker, however,
and prices ruled lower for leading properties.
The limited trading was confined almost eX-
clusively to Wall street operators ana there
was considerable realizing in a quiet way.
The unsettled feeling regarding the strikes
in the west and the increased expense to
eastern railroads on account of the snow
blockade indicated decreased profits, conseA
quently there was less ambition to purchase
and rather more pressure to sell. Foreign
markets were inclined to weakness and
prices of the leading American securities
inclined in favor of buyers. The aggregate
trading on the New York stock exchange for
the week was only Gil 900 shares.
Considerable speculative interest was man-
ifested in the Chicago produce markets dur
ing the past week, yet trading was only
moderately active. Interference with the
telegraph wires by the snow storms in the.
east checked business to some extent, as
operators were unable to obtain
orders from eastern and foreign markets,
consequently trading with merchants in those
ceipts Of grain were moderately free, and as
there are rumors of an advance in western
freights shippers are inclined to forward
their property rather literally. The low
rates quoted for lake shipments also are an
inducement to parties who have surplus
stock on hand to move it where reasonable
rates of transportation can be taken advant-
age of. The aggregate stocks Of grain in the
warehouses at the leading cities are being
gradually reduced. Advices from winters
grain districts are somewhat conflicting,
though generally admitting backwardness 81
the crops. Eastern markets have exhibited
little life, as business was checked by the
storm prevailing along the ATLANTIC
coast. Foreign markets have ruled
quiet and rather dull, with prices fayoring
buyers. There was a little more pressure to
sell grain during the week, while the de-
mand was not particularly urgent and
manly from Shorts Prices averaged
lower and the market closed comparatively