Omaha daily bee., 1888-08-19
WEEKLY BUSINESS REVIEW.
A Material Improvement Witnessed
in All Lines.
A BETTER DEMAND FOR MONEY.
New York Stocks Dull, With n sharp
Decline in Burlisgton-Specula-
ton In Produce Exhibits
Marked Activity.


Picked Up.
CHICAGO, August 1s.-TSpecial Telegram
to THE HrE. The week has witnessed a
material improvement in general trade, and
increased preparations have been made for
enlarged transactions in nearly all directions.
The result of such movements has been to
increase the demand for discounts at the
banks, and, although tardy movement Of
wheat from the interior and the fact that
shipments at nearly all points were so close
up TO the arrivals as to prevent the accumula-
ton of stocks and accordingly lessen the de-
mand for money with which to carry wheat,
the offerings of other paper were sufficiently
heavy to give discount institutions employ
ment for about all their loanable funds, and
rates have ruled firm. A few large institu-
tions are still advancing on fancy names and
collaterals at 5 per cent, but the majority ask
5i3@6 per cent. Good business names
usually pay 6H@T per cent, and just fair
signatures 7h@S per cent. New York ex-
change and sterling bills on London have
been weak and the former closes 10@T5c
discount per $1,000 between banks, and doc
umentary sterling ut Si.S3@+s3h. Money
is not going to the country with the freedom
observed at this time in former years and
will not do so until the grain crops move
more freely Than they are now doing. There
is Il disposition in some quarters to create
the impression that the money market will
become uncomfortably tight during the fall
and rates rule materially higher than
those now current, but neither the
business outlook nor the volume of
money in circulation justify such conditions
nor will high rates become possible unless
there ia an unlocked for ipcreosa in Snarulo.
ton and the corresponding initiation of prices
occurred. The fact that the secretary of the
treasury is likely to buy $40, 000,0O M in sink
ing fund bonds and will disbursc that amount
of money III case the situation ~justifies it is
also a guarantee against high rates. Jobbers
report an improving demand for goods from
the interior and collections on maturing bills
very satisfactory.
The New York stock market was duller,
and the evidence that the public are out of
the market and that professionals are boom
ing 1t to get in q fresh supply Of lambs to
shear them is more conclusive than at
any previous time IN weeks. Strong
efforts have been made TO
advance "coalers' by reports of "a hardening
tendency aud a 5@l0c advance in rates for
coal and the large demand and steadily grow
ing tonnage of coal roads. But despite all
these alluring features the market showed a
tendency to drag, and although there were
frequently small spurts they proved only
temporary. SIOD IlcWS lIbll lHe WtSu WAS
not of a character to inspire confidence in
higher prices in granger" stocks, and they
were the weakest on the list, and by their
persistent dragging caused frequent slumps
in general market. The Longs who had
previously loaded up in expectation of a de-
cided boom, became suspicious and unloaded,
and during the closing days the market was
well filed with stock bought, in some
instances at higher prices, and 1t was easier
to buy than to sell all leading securities. The
Il stGranppl.SN recorded thp larpast 6ppliDn and
were led by Chicago, Burlington & Quincy,
which decreased its dividend to l per cent.
This is a heavy come down for q company
that has stood at the head of the western
roads for years as the largest grain carrier
and one Of the best dividend payer. The
earnings are fair but a great army of invest
ors want to see them materially increased be-
fore they take hold for permanent invest.
ment. The market closed comparatively
easy. TheSaggregate sales for the week on
the New York stock exchange were 955, 81
shares.
Trading in speculative circles was more in
teresting the past week, and although the
volume failed to show a perceptibie increase
it was slightly larger than the proceeding
week. Outside orders, while not so abundant
as the commission houses would like to see,
were on a fairly liberal scale and were us
| good as can be expected under the present
unsettled circumstances as this is a period of
the year when spectators generally rest pre-
paratory to beginning the active fall and
winter campaign. The movement Of grain at
all the leading western points has
been larger and shipments on an equally lib.
eral scale. Continued wet, unreasonable
weather in many sections has not been favor.
able for harvesting and the reports of dam.
age to small grain have been numerous, aud
the quality of new grain beng marketed
shows no improvements. The reports from
abroad are highly encouraging to the ''bulls, .
crops in the United Kingdom and the leading
consuming countries on the continent beine
sadly deficient. This means that they will
want more of our surplus. Export purchases
were on a larger scale and shipments from
this city and the leading seaboard ports
show n good increase. Early in the weci
prices were slightly depressed, but later
sharp rally occurred that carried prices VI
more rapidly than they had declined. Re
ports of an increased number of cases of vel
low fever in the south materially depressed
the market for provisions by causing a gen
eral realizing and also checked the consump
tion demand from those sections. The ar
rivals of hogs ut all western points wer,
small and the quality poor, causing a decided
decrease in packing in the west compare,
with the same time last year.