Evening capital. (Annapolis, Md.) 1884-1910, 1889-09-14
MONEY AND TRADE.
Too Much Cash Absorbed in
Speculative Enterprises.
THE STORM DIsTURBs BUSINESS


Iron Market strong-Fatile Efforts 20
Force the Coal ATarket-The London
strike Advances TIN.
NEW York. Sept. 14.-R G.. Dun a.
Co.'S weekly review of trade says:
Scarcely week has passed since gov
ernment purchases Of bonds and heavy
payments made the street certain that
there could be no monetary pressure
this fall. Now people are talking about
yossiblc exports of gold, foreign ex.
change is higher and rates for money
advance, the best commercial double
named paper selling at ) to 8 per cent
and prime single named at Q to per
cent. Over $50, 900, 900 has been alb
sorbed. of which none has gone abroad
and scarcely any to the west or south.
The question is again Just what 1T was
some weeks ago, ''Will the treasury be
able to get bonds enough to prevent
monetary PRESSURE Then there was
known to be more than $4,000, 600
locked in bonds held on speculation.
That resource has gone, but the addi-
tiOnal money has been absorbed by
speculation in stocks.
AS was said before, it is to be said
nowhere is money enough for all
Legitimate business when speculation
does not absorb it.
Exports and Imports.
The exports OF products are remarka-
bly, large for the season, for two weeks
40 per cent. above last years, but the
imports of merchandise are also very
heavy, and the unrecorded imports of
securities returned from abroad tend to
turn the scale. At every southern and
western center money is in fair supply,
with demand generally good, but brisk
at Milwaukee and such at Chicago that
an advance in rates is expected. At
Boston financial weather is still called
cloudy, and caution in exchanging pa
per makes the rates of less consequence,
for selected corporation paper sells at 4
to Al per cent, while most commercial
loans are at 6 per cent.
The violent storm has disturbed busi-
ness not little along the sea coast and
affected purchases for the interior, but
in all other respects the week has been
one of satisfactory business.
Inland Activity and Improvement.
Nearly all interior cities report trade
as active or improving, and the clear
ings through banks outside of New York
10
Though the government crop report was
thought slightly unfavorable, other ac-
counts concur in very satisfactory views
and the course of trade at interior points
manifestS the confidence of local dealers.
But in some other branches, notably in
dry goods and clothing, evidence con-
tinually comes to light that past pur-
chases in excess of actual consumption
have left stocks on their hands which
hinder new operations. The trade in cot
tons has been fair, though much affected
by the storm. while the market for
woolens is inactive, as it has been for
several weeks.
The Iron Output.
The weekly output of iron furnaces in
blast Sept. 1 was IA, ,06S tons, against
las, 500 Aug. 1, and 125, 1866 year ago.
In spite of the increase of IA per cent
in production for the year, the tone of
the market is strong for the best well
known grades, but while such iron sells
at $1S for No. new makers are selling
other iron claimed to be equally good at
SIT, and failure to sell No. 2 southern
at SIS is noticed A significant fact is
the agreement of stockholders in the
Thomas Iron company to sell their
works to English parties. Rails do not
rise; 10000 tons were sold during the
week at $2S. The American copper syn
dicate appears to have collapsed and
lake is quoted at S10.25 for September
Secret sales here by the Rothschilds are
rumored.
A Corner in Tin.
The London strike. preventing ship
ments, permitted q corner in tin here,
but the price has reacted to % cents,
while lead is strong at cents.
Coal is dull. Orders from consumers
are still auxiously awaited and the
threat of higher prices, like the cry Of
s'wolf, has lost its power. A year ago
buyers overloaded and now they wait.
The wool market is nominally firm,
but if manufacturers refuse to buy the
expected lower prices viii come.
Groceries and Commodities.
The grocery trade has been much af-
fected by the weather and sugar is also
weakened by the conviction that q fall
impends. Breadstuffs have been COM
paratively Inactive Wheat is one-half
cent higher, with.saIes for the week of
only 10, 1000, 900 bushels, and corn one
quarter cent lower, with sales Of
$1,000
Coffee has advanced another half cent
and oil cents. but hogs and lard are
lower. On the whole speculation In
products is making unusually. little dis
tuTbance this year and the large crops
are therefore all the more likely to 20
into consumption promptly and at mod
crate prices.
business Failures.
The business failures occurring
throughout the country during tie last
seven days asreported By telegraph num-
Der for the United States 10, for Canada
23l, total 19S. as compared with 2O1
last week and 211 the week previous
TO the last. For the corresponding
week Of last year, the figures were 217.
made pp of 100 failures in the United
States and ~ ii Canada.
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