Omaha daily bee., 1889-10-05
DUN'S WEEKLY TRADE REVIEW
Operators Checked Somewhat BY
a CLOSE Money Market
BUSINESS OVER THE COUNTRY.
Reports IRON All Parts Show In
creased Activity on the whole
Iron bordering on n Boom
Failures on the Increase.
The Weekly Resume.

NHW YORK, OCbs 4s-lSpeclai IeleBTdm
TO The BEE. -R. @. Dunn & Co.'s weekly
review OF trade SAYS; A close money mar
ket as was anticipated last week, has
checked operations TO some extent Tho
shipment of s, ,00O 600 in gold TO Europe by
firm engaged iu placing two large loans for
foreign governments, and therefore anxious
to prevent further advance IN Bank of Eng
land rates, was all the clearer evidence Of
the actual demand abroad because made at
small loss If reckoned at the current rate Of
exchange. A sudden fall in the rate from
s4.sS to SAs69l was followed by an upward
movement again, and ii seems not improba-
BILE that the exigencies of the Argentine Re-
public aud the placing of the Russian loan
may affect the money market here. October
disbursements and moderate purchases of
bonds have made the market easier for the
present, but the rate on call, after rising
81 to per cent and even to 80 per cent for
a short time, is yet about per cent, with no
improvement 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 year ago, with heavy
country orders, showing large demand and
an easy financial condition throughout the
west.
The years recelpts of cereals fall off
little, but of provisions are nearly doubled.
Cleveland finds all branches improving
and the factories full of orders.
Pittsburg notes higher prices for iron and
steel, glass business active with the works
all operating. and the coal trade dull.
Throughout the west excellent crops are
the basis of large buying by the farming
districts and confident hopes as to the trade
for the rest OF the year.
The bank exchanges for September show
an increase over last year of only per cent
at New York. 2l4 per cent at Boston, Phila-
delphia and Chicago, and ~ per cent at all
other cities taken together. 4..t
The iron business is in some danger of
running into an unhealthy "boom," so great
is the anxiety of many to stimulate the de-
mand. Several large furnaces are about
going into blast, and southern No is
still sold here at $500. but higher
prices than SIS are paid for desired brands,
which are scarce, and structural plate and
wrought pipe are strong, but of bar there is
not much selling and some mills are inviting
| orders at $3.50. Rails have actually sold for
| $29 in considerable quantity at eastern
WORKS, but Philadelphia quoted s31, and the
west correspondingly higher prices.
Only $500 miles of railroad have been
| built IN nine months of this yeai, and it is
| still an open question how long the demand
| for iron and steel products in tue aggregate
| will equal the increasing supply.
The wool market shows a better tone be-
cause concessions in price nave induced
| larger transactions, but the high
| to take great deal of cheap
! foreign wool instead of American.
| The sugar trust seems not unlikely to fol-
| low the copper syndicate and the cotton
corner, at least as far as prices are concerned.
| Raw sugar is lower. the demand for con-
| sumption being slack, and meanwhile heavy
sales of sugar have depressed the price about
| 80 cents.
The cotton oil trust is also heavily sold and
| declined sharply.
Tin is lower at 2o1i cents, and lead quiet at
| 39 cents.
The coal market improves but slightly in
the amount of sales aud not at all in prices,
! so that attacks upon the coal carrying stocks
| have been encouraged. ...n..
Speculation in wheat has weakened and
the price is ~ cents lower, with sales of
5000, 600 bushels here.
Corn is cent and oats x cent lower, and
| pork steady. The general level of prices is,
| nevertheless q shade higher than on October
| l, and has advanced ~ per cent since Sep.
tember l. a result due rather to the partial
| failure OF some crops than to the increase of
| the onetary supply.
The volume of money in circulation is
900 larger than on September 1, and
the increase in three months has been
| S?S,6OO,000, but the aggregate Is scarcely
| larger now than it was last December.
The business failures IN the United States
for the quarter ending with September were
2,276, showing a decrease of So CT 81 per
cent from last year. but for nine months the
number has been 1899, showing an increase
of 329, or per cent. The liabilities for the
past quarter have been swelled by few
large failures to 40 per cent more than for
the same quarter last year, but for nine
months the aggregate has been an increase
of 1873 per cent
The failures in Canada show decrease OF
| 6 per cent in number and 40 per cent in liza
bllites for the past quarter; for the niue
months there have been only three less than
last year in number, but 16 per cent less ir
liabilities.
For the past week the failures reported
numberl2 for the United States and thirty.
four for Canada, against 1872 last week and
22l for the corresponding week last year
1874 in the United States and thirty seven in