St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-02
SIGNS OF A REACTION.
Money Is Tight and the Volume
of Business Is Decreasing.

NEW YORK, Nov. 1.-R. G.. Dun Il Co.'S
weekly review of trade says: Money has
been working closer during the past week.
falling TO per cent last Saturday. but then
rising steadily to 8 per cent, even more being
paid in some cases. II does not appear that
the change has any other cause than the de-
mand from The Interior which continues
later this year than usual, and on account Of
great business activity is unusually large
The foreign situation has not essentially
changed, the Bank of England having gained
$780, 90 for the week, while the Bank of
France lost $3.50, 600 There is scarcely
any evidence of important movement
Of securities either wav but the
sale of Minneapolis -four mills and North
western elevators to an English syndicate for
5000, 900 is sample of many industrial
operations in progress which in the aggre-
gate bring vast amount of foreign capital
into The country The volume Of business
continues very large, through signs Of re-
action begin to appear at some of the larger
centers OF distribution. Thus the gain of 9I5
per cent in exchanges at New York last week
was due 10 stock operations. and the clear
ines at Boston fell below last years again.
and at Boston, Philadelphia and Chicago to-
Cether the increase was but 2. per cent. but
at all other points together it was over 10
per cent Prices are stiffening, though the
General level advanced scarcely a quarter
OF l per cent in two weeks: in the
speculative markets there has been morer
activity, and, except in pork products and
coffee. show an advance. These changes
call for more money in the movement of
products and building operations are also
unusually active at many cities Liquida-
ton in trust stocks continues Dartic1larIv
in Cotton OIL which has been heavily sold at
severe decline. But railroad stocks have
been very stubbor My held. and average in
price almost exactly as they did week ago.
Arrangements between the Chicago & North
western and the L Mon Pacific, and q rumored
sale of the Chicago & Alton look toward con-
solicitations of great systems and in
the end projected railway trust of
g geD1Iac R Proportions, but meanwhile
Iuptions by congress or state legisla.
lures. For the present, at all events the Wis
ible tendency toward consolidation encour-
ages holding of securities, and the traffic in
progress is large and profitable Speculation
IN breadstufs advanced wheat 1ssc. and
corn 2Ac. on sales of 100000 and 10000.
600 bu, respectively, but exports do not in
crease. Oil has advanced 3sSc, oats &c and
cotton Isc, notwithstanding port receipts
continue larger than last year, both receipts
and exports showing gains of 10000 bales
for the week. Coffee has declined q Quarter
upon larger crop estimates from Brazil. The
sugar market is only nominal, and prices Of
refined are not well maintained but the trust
rubber is stronger, 71c for Para fine and
another corner in tin is feared, the price
being 2l5Be. Coal has been stiffened BY
cooler weather, but still sells about 4Oc be-
low circular prices. Iron and steel In all
forms are in great demand, aud firmly held,
with a shade of advance in bar iron and
nails, but the feeling is expressed that the
improvement has been too rapid to be main
tanned, and some reaction seems possible.
The accounts from other cities are unusually
encouraging. Chicago reports money being
tighter, because Of country demands, but no
apprehensions regarding the immediate fut-
ure. An active trade in dry goods. wool and
hides, dullnesS in clothing and boots and
shoes, is reported. At PittsDurg window glass
has been advanced 10 per cent, and q
rise In coal is expected; iron pro-
ducts firm. At other points trade is duh and
active for the season with scarcely an excep-
FeQs though Milwaukee Qotes nnfaYorable