St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-09-14
BANK OF MINNESOTA.
THE PULSE OF TRADE.
Despite Heavy Purchases of Bonds
Money Is Close.

NEW YORK, Sept l3.-R. G. Dun & Co.'S
weekly review of trade says: Scarcely
week has passed since government purchases
of bonds and heavy payments made the
tary pressure this fall. Now people are
talking again about possible exports of gold,
foreign exchange is higher. and rates for
money advance, the best commercial double
named paper selling at 5Gl6 per cent and
prime single-named at co. per cent. Over
S20,Uu0,000 has been absorbed, of which
none has gone abroad scarcely any to the
West or South, and the question is again just
what it was some weeks ago, Will the treas
ury be able to get bonds enough to pre-
vent monetary1pressure? Then there was
known TO be more than $4,000, 600 locked
up in bonds held on speculation. That re-
source has gone, but the additional money
has been absorbed by speculation in stocks.
Heavy sales of stocks on foreign account
have caused little reaction and raggedness,
but the general average OF prices is still
nearly half a dollar per share higher than a
week ago. The wars of railways do not
cease, but on the contrary are increasing in
number and importance. The exports of
products are remarkably large for the sea-
son, for two weeks 40 per cent above last
years, but the imports of merchandise are
also very heavy, and the -unreeorded i'm
ports of securities returned from abroad
Tend to turn the scale. AT every Western and
Southern center money is in fair supply,
with demand generally good, but brisk at
Milwaukee, and such at Chicago that an adj
vance in rates is expected The violent
storm has disturbed business 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.
Nearly ell interior cities report trade as
active or improving, and the clearings
through all banks outside of New York still
exceed last years by 81 per cent Though
the government crop report was thought
slightly unfavorable, other accounts all con-
cur in very satisfactory views and the
course of trade at Interior points mani
tests the confidence of local dealers.
The weekly output of iron furnaces in blast
Sept. l was l44, 06S tons against 145, 500
Aug. l, and 120, 500 year ago. In spite of
the increase of LA 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 SIS for No. 1, new makers
are selling other iron claimed to be equally
good at Sl7; aud failure to sell No. 2
Southern at Sl5 is noticed. Rails do not
rise; 10000 tons were sold during the week
at S2S. The American copper syndicate ap-
pears to have collapsed, and lake is quoted
at Sl0.25 for September: secret sales here
by the ROthschilds are rGmOred. The Lon
don strike, preventing shipments per-
mitted a corner in tin here, but the
price has reacted to 2ll2e. while lead is
strong at cents. Coal is dull. The wool
market is nominally firm, but if manufact-
urers refuse to buy the expected lower prices
will come. The grocery trade has been much
affected by the weather, and sugar is also
weakened by the conviction that fall i'm
pends. Breadstuffs have been comparatively
inactive; wheat is half q cent higher. with
sales for the week of only 10000. 900 Blu,
and corn quarter lower, with sales of 6. 5o0,-
600 bu. Coffee has advanced another half
cent and oil = cents. but hogs and lard arc
lower On the whole, speculation in prod
ucts is making unusually little disturbance
This year. and the large crops are therefore
all the more likely to go into consumption
promptly. and at moderate prices. The bust
ness fixtures during the last seven days num-
Der for the United States 10, and for Cam
ada "a. For the corresponding week of last
year the figures were 100 in the United States
and 81 in Canada