Omaha daily bee., 1889-05-19
WEEKLY BUSINESS REVIEW.
Financial Matters Quiet at the
Leading Centers. va sa
A DULL FUTURE PREDICTED
New York Exchange Exhibits Dull
ness - Favorable Crop Reports
From all Sections or the
wcst-Produce Easier. ss

CuIcAGo, May 49, Especial Telegram to
TnE BEE. l-Busiuess in nearly all lines
shows increasing dsquietudo and no change
of Importance can be looked for in the ensu-
g ninety days. The consequence is that in
the absence of employment for funds COM
mensurate TO the supply IL is seeking invest
ment in choice paper or collateral loans The
market for money is easy to describe. Bor-
rowors are accommodated at 40o5 per cent
for large sums on call TO sixty days aud 5is
al per cent for good mercantile and other
paper. Tho outlook for better rates
is unfavorablo until the new crop
movement reaches sufficient volume
to cause large flow of funds from financial
centers to the interior to produce severe
shrinkage in bank reserves. In brief, the
indications point to the most quiet summer
money market that has been witnessed
among Chicago banks for years. Advices
from Atlantic cities indicate like condition
of affairs there, aud within week leading
business houses here have received letters
from New York banks Offering money at
very low rates. Capitalists evidently deem
it more desirable to place their funds
for the summer at the extreme inside
figures, provided tho security 10
satisfactory, than to keeping them
idle. Money on the street has been
offered at per cent on choice collateral, and
in a few instances as low as 9 per cent was
accepted. New York exchange was dull.
There was plenty of money here, and al
though the rates keep close TO q shipping
basis, there Is no Incentive to order cur
rency shipped from the east. Sales ranged
at 500o60 cents premium per 81, 900 and closed
steady. Foreign exchange remained slow
at s4.s6G1hS61s for shippers sixty day
documentary bills on London. There are
few bills making except against corn and
provision shipments, and not enough to cause
any variation in rates. There was fair
activity among mercantile houses. Dry
goods were distributed literally and an IN
crease was noted in the sales of staple gro
ceries. Iron remained quiet and steady.
This has been a bull week in Wall street and
prices, on about every active stock
moved upward. The chief feature
in in tadi,.. trading was the, the bull , movement
nearly all sections of the west were very
favorable, indicating u large business for
western roads in the future. Chicago oper-
ators who have been on the "short" side for
some time past changed their ideas and
bought heavily 20 cover their shorts and
went "long." Foreigners also bought
freely, and, as is usually the case with spec
ulation in Wall street, they anticipated the
prices Iesulted. Chicago, Burlington &
Quincy, Rock Island, ST. Paul and Atchison
were the favorites. Burlington advanced
over points, and the appreciation on
funding scheme of the st. Paul helped that
property somewhat, but the advance was not
as great as on Burlington There was good
realizing by professionals" on advances and
slight recessions resulted, but they were re-
gained. There was good buying of Oregon
Transcontlnental and it advanced over 2
points. There is a sharp fight going on be-
tween the Oregon Navigation and
the Oregon Transcontinental at the coming
election, and it was bought freely, the
trading in it being larger than in any other
stock on the list, but prices closed lower
than the preceding week. Oregon Naviga-
tion was sold freely towards the close, and
it declined points. The sale of the Wabash
road to committee of bondhoders for Sl5,-
1000 brought that property to the front
and the trading became quite heavy in it, and
prices advanced points. Chicago Gas
trusts were bought heavily ard advanced
points, but the free selling of "long' stock
caused a fair reaction. Bonds were fairly
active and firm. The aggregate sales on the
New York stock exchange for the week were
1,1l4S26 shares. |t
Considerable interest was manifested in
the produce market during the week Just
closed, and the undertone to the market in
dicated an easier feeling. The prospects for
the growing crops are now regarded as unu-
sually favorable, the recent rains and snow
storms in most sections of the west and
northwest greatly benefitting small
grains. The drouth scare has disappeared
and reports from all quarters are very en-
couraging. The movement of gram to smaller
stations has been somewhat enlarged, espec-
tally of corn and oats, and supplies In the
country elevators are beng gradually re-
duced The movement of grain from central
western markets has been quite liberal and
distributed to seaboard markets and
throughout the interior. The export
movement was moderately free of corn
and provisions and comparatively light of
flour and wheat. The grain markets abroad
are somewhat unsettled, with prices inclin-
ing in favor of buyers. Crop prospects
abroad are generally favorable and mcr-
chants are not disposed to enlarge their sup
plies beyond present wants. Supplies of all
kinds Of grain are gradually diminishing and
will probably continue TO decline until the
new crops begin to move, The farmers are
through with their spring work and
are inclined TO sell their sur
plus grain and live stock in
view of encouraging prospects. The move
ment of the latter has been quite free, es.
pecially of cattle and hogs, and shippers
were compelled TO accept lower prices.
In provisions the feeling was weak, and
prices declined materially ON all speculative
articles. The packing of the west shows a
further substantial enlargement, and the
aggregate since the opening of the simmer
season Is abo ut 800 900 hogs more than were
reno rte0 last SEASON uD to date.