The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-10-05
DUN & CO.'S WEEKLY REVIEW.

The Foreign Demand for Gold - General
Trade-Gloomy Prospects of the Trusts.
NEW YORK, Oct. Ar. G. Dun & Co.'s
weekly review of trade says: A closer
money market, as was anticipated last
week, has checked operations to some ex-
tent. The shipment of 81. 200, 600 gold to
Europe by a firm engaged in placing two
large loans for foreign governments, and
therefore anxious to prevent a further ad-
vance in Bank of England rates, was all
the clearer evidence of the actual demand
abroad. because made at a small loss if
reckoned at the current rate of exchange.
A sudden fall in the rate from S4. SO to S4.S634
was followed by an upward movement
again, and 1T seems not improbable that
the exigencies of the Argentine Republic
and the placing of the Russian loan may
for some time to come affect the money
market here. October disbursements and
moderate purchases of bonds AVE made
the market easier for the present, but the
rate on call. after rising from sig to s per
cent. and even to 80 per cent. for a short
time, Is yet about z per cent, with no i'm
provement In the commercial loan market.
The reports of business from all parts Of
the country show increased activity on the
whole, though in some branches trade is
not up to the September level. Chicago
finds business larger than a year ago. with
heavy country orders, showing a large de-
mand and easy financial condition through
out the West. The years receipts of cere-
ais fall of a little. but provisions are near
ly doubled. Cleveland finds all branches
improving and factories full of orders.
Pittsburg notes higher prices for iron and
steel, glass business active, with works all
operating, and the coal trade dull, waiting
water for the river movement. Through
ont the West excellent crops are the basis
of large buying by the farming districts
rest of the year. The bank exchanges for
September show an increase over last year
of only 2 per cent. at New York; 2l2 per
cent. at Boston, Philadelphia and Chicago;
and 7l2 per cent. at all other cities taken
together.
The iron business is in some danger of
running into an unhealthy Doom SO great
is the anxiety of many TO stimulate the de-
mand. Several large furnaces are about
going into blast and Southern No. l is still
sold here at S16.50. but higher prices han
SIS are paid for desired brands. which are
scarce, and structural plate and wrought
pipe are strong. But of bar there is not
much buying and some mills are inviting
orders at S1.S. Rails have actually sold
for SO in considerable quantity at Eastern
works, but Philadelphia quotes s31 and the
West co~rrespondingly higher prices. Only
$500 miles of railroad have been built in
open question how long the demand for
iron and steel products IN the aggregate
will equal the constantly increasing supply.
The wool market shows a better tone, be-
cause concessions in price have induced
larger transactions. but the high prices
asked still push consumers to take a great
deal of cheap foreign wool instead of Amer
lean.
The Sugar Trust seems not unlikely to
follow the copper syndicate and the cotton
corner. at least as far as prices are con-
cerned. Raw sugar is lower, the demand
for consumption being slack, and mean
while heavy sales of Sugar Trust stock have
depressed the price TO about 90 cents. Cot
ton Oil Trust is also heavily sold and
declined sharply. Tin is lower at 20l4c.
and lead quiet at 3.9 cents. The coal mar
ket improves but slightly in amount of
sales, and not at all in prices, SO that at
tacks on the coal carrying stocks have been