Evening capital. (Annapolis, Md.) 1884-1910, 1889-08-24
TICHTENS IT'S GRIP.
A Slight Monetary Pressure I'M
pairs Business Prospects.
A RESULT OF OVER SPECULATION.

&aNA0hAt9 GhtoEpEAs0s~Ah@ @A@hS AAM
portant 8Imi Failures Have Depressed
BTanufactures-N Nevertheless the Ex-
celIent Crops in Prospect are Expected
to Tide over the Financial stress.
NEW York, Aug. PAR. g. DUN &
Co. weekly review of trade, says; The
monetary pressure Of which SO man.
warnings have been given, has operateN
this week to modify an improvement in
general trade due to the excellent crop
prospects. It is quite the fashion in
Stock Exchange circles to represent the
rise in lending rates as artificial and in
tended to affect prices of stocks.
But the truth is that speculation of
various sorts had previously withdrawn
too much money from the support Of
legitimate business and productive in-
dustry and the tendency of apprehen-
sion as to the future has been to cut
down time loans still further while many
of the lenders have preferred to place
their money on call with readily nego-
table collaterals.
Little Relief from the Treasury.
Thus supplies for carrying securities
and floating trusts have been increased,
even while lack of commercial accom-
modations has caused failures Of inn
portance. The treasury meanwhile has
been collecting its surplus revenue from
the people at large. but disbursing it to
holders of bonds and so to lenders at
monetary centers. The treasury has no
other means Of disbursing a surplus
which failure TO reduce revenue has
caused, but the result has tended for
months to cause faulty distribution Of
the monetary supply.
The Mil Suspensions.
The suspension of important mills re-
sulting from recent failures of commits
sion houses comes just when there were
brighter prospects for manufacturers
than at any previous time since the
mild weather and over production last
winter. With orders in sight, if the
mills could 60 on it is said all liabilities
could soon be met. But if this be the
fact, it shows the extent of the pressure
in commercial markets. The immediate
consequences are greater caution as to
loans and quick arrest of purchases of
materials for wool and cotton manufac-
tureTs.
The Wool Market Completely Unsettled.
Thus at Boston the wool market has
been completely unsettled again, sales
for the week amounting to only 1,1O0,-
600 pounds, all in small lots, and con-
ce5siOns of to 2 cents would be neceS-
sary in order to move large lots. It is
observed also that while rates for the
best strictly commercial loans are not
materially advanced, the demand for
single name paper has almost ceased,
and many who have practiced relying
upon that method finds loans impossi-
BILE.
Philadelphia Banks Cautious.
At Philadelphia the money market is
tight and the banks scrutinize closely
and the prevalent caution retards the
movement of paper seriously. Here the
demand for commercial paper is very
light, and four months paper ranges
from to u per cent.
The money markets OF interior cities
are far better supplied. At Chicago lib
eral receipts from the country and at
most other points because the denomi@s
nation has as yet been only moderate, but
some clQseuess il noted at st. Paul, with
slbwScoke kections.
Fine Prospects for Fan Trade.
From all quarters improvement in
business Is reported, with fine prospects
for fall trade consequent upon large
crops. AT Chicago the actual transac-
tions are about equal to last years in
clothing, little larger in boots and
shoes, and Is per cent. larger in dry
goods. The grocery trade improves at
most points excepting as to sugar, for
which the demand has been affected by
the operations of the trust, and raw Ii
one-quarter cent lower.
Coffee is in better demand and one
eighth higher, and the serious injury to
the eastern potato crop by bad weather
has caused a sharp advance.
Butter and eggs are also higher and
cotton three -sixteenths for spool, not
withstanding decline of One-eighth for
imprint cloths.
Commodities Declining.
The splendid crop prospects begin to
have their legitimate effect upon prices
of breadstuffs and provisions. Hogs
have declined this week 20 cents per 100
pounds, lard 12 cents and pork 80 cents
per barrel, oats and corn I cent each,
the latter with sales Of 50, ,000, 900 bush
els, and wheat has declined II cents,
with sales Of only Z 500, 900 bushels here.
The speculative movement in wheat
has been defeated By liberal receipts
from the farmers, and when the farm
ers market freely early in the season the
prospect for fall trade is excellent and
monetary pressure is not usually Of long
duration.
Iron and Steel Encouraging.
The iron and steel business appears
still more encouraging 70 most producers
and dealers, and soma furnaces have this
week been added to the producing
force But the rsDid increase IN EliDn1v