St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-19
ONE POINT OF ANXIETY.
Money Is Tight and Is Retard-
ing business.

NEW YORK, Oct 1S.-R. G. Dunn & Co.'S
weekly review OF trade says: las before,
the money market IS the one point Of anX
iety Rates are higher, but perhaps appre-
hension has somewhat lessOned, as the sense
less cry that the pressure was only manipu-
lated has given place to a more rational un-
derstanding of the reality and consequent
limitations of the demand. The country still
calls for money largely, but reports from
nearly all interior centers of supply show
that the supply is considered ample for COM
mercial needs. There is firmness and in
creased demand ct Kansas City and
some stringeney at Cleveland, but
with an easier tendency. At Mil
waukee the market is brisk at
z per cent; O. Philadelphia customers are
supplied at 6Q7 per cent. The volume of
trade continues large, bank clearingS exceed
last years. railroad earnings are encouraging
and east-bound shipments from Chicago are
heavy. At Chicago The dry goods trade for
the week falls below that Of the correspond
ing week Inst year, and receipts Of wool and
lard fell OFF one-half, but coal receipts are
larger, and receipts of grain and provisions
show good increase. ST. Paul rejoices in
the movement of 'Minnesota's largest crop"
and railroad reports indicate that Northwest
ern lines are chOked with the enormous re
eeipts from farms. Cleveland notes activity
in all lines. with small sales Of ore be-
cause unsold supplies are scarce. There
is little activity In coal at Pitts
burg, but glass works are busy at old prices;
iron and steel works are all busy, with prices
well held, and the coke output at Councils
vile is reported in excess Of demand by one
days work each week. The iron trade is
shll healthy, Southern furnaces seeming 10
have well sold up, and though an offer of
Lehigh Valley brand No. 1 at $3.50 is re-
ported, the quotation for pig is Sl7Q1S. Bar
iron IS not as firm as other forms, and the
surprisingly heavy demand for plates and
structural forms is for steel rather than iron.
Rails are quoted at $3.50, with sales for the
week of $500 tons. An offer for 5000 tons
American iron to be shipped to Scotland
The shipyards on the lakes are to be
very busy next season, contracts for IS
vessels, with tonnage Of 81, 800 being
quoted. The wool trade is still dull, and
while there is fair movement OF dress goods.
and enlarged discounts have cauhed more
business in knit goods, the demand for mems
woolens is strictly moderate. The cotton
manufacture is thriving, and the trade in
goods satisfactory, print cloths selling at 3l2c
for 64s. Speculation for higher prices in
wheat has not been active since the last gov
eminent report, and heavy Northwestern re-
eeipts, with scanty exports, combine to de-
press prices, which have fallen 2isc for the
week. with sales of 81 100000 bu, against
10000, 600 last week Friday alone. Corn has
declined lac. and Oats11s while pork products,
though still sustained by the clique, are
little lower. Coffee has yielded a Quarter.
and is weak q Rio, traders suspect on better
knowledge OF the yield than has been for
warded. The coal business is better with
cooler weather. but by no means satisfactory:
stock at tidewater increased 81 900 tons in
September. and the Heading company has
temporarily stopped nine of its collieries, in
Guiding two of the largest. The price of raw
sugar has again declined an eighth. and of
refined q quarter, and a circular announces
the approaching opening Of the large
Spreckles refinery, but the fall in the Sugar
Trust stock has been arrested by an upward
reaction. The stock market resists tight
money stubbornly, but has included an
average of 81 per share on active rail-
road stocks, with some recovery, however. on
Friday. 1t is the theory of some Western
managers that an advance in prices, lust be-
fore the meeting of legislatures in granger
states, would be most unfortunate But the
more generally controlling influence is con-
VicJion that the Western competition threat
ems mischief, and is not restrained by the in.
terstate act or by the good sense of managers
while for the present monetary uncertainties
are also felt. The business failures during
the last seven days number Tor the United
States 80, and for Canada Al. For the COR
responding week last year the figures were
202 failures in the United States and % IN
Canada.