St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-12
RULED BY OPPOSING FORCES
Trade Is Good. but Money Is
Scarce.

NEW York, Oct. 11.-R. G. Dun & Co.'S
weekly review Of trade says: The govern
ment Crop report was very encouraging, but
the loss Of gold by the great foreign banks
over 81, 100, 900 by England, 81 900, 600 by
Germany and S4,20O,000 by Franee-was
large enough to increase apprehensions of
monetary pressure. Large shipments went
from London 10 Brazil and Egypt. These
two opposing influences ruled the market
during the week. Crops are large and bust
ness heavy, and the commercial outlook most
favorable, but money is comparatively close,
aud there is possibility that 1t may be
closer yet. At New York thus far
there has been no increase, but rather a re-
Taxation of pressure and foreign exchange is
unaltcrcd since last week. The outward
movement of products is large, exports from
New York for two weeks exceeding last
years by l6.7 per cent. while the increase in
imports is but 8 per cent. Large foreign in
vestments of capital IN American industrial
enterprises are reported and of late. no con-
siderable foreign selling of securities. But the
movement of money to the interior continues
large, the treasury alone forwarding 1928, 600
on Thursday. Reports do not indicate in
creasing pressure in the interior money mar
kets. and the demand is active at all cities re-
porting the supply at nearly allis ample and
the anticipated rise in rates at Chicago does
not vet occur. The volume OF trade is in
creasing at nearly all interior points report
ing. and this involves larger demand for
money. Z he bank clearings last week were
pig per cent larger than last year at New
York, 2 per cent smaller in Boston, Philadel-
phia and Chicago, the decrease being large
at Chicago but IL per cent larger at all the
cities taken together. This increase at all
points where speculative trade has lost IN
fiuence indicates a greater volume of legltl-
mate business than has ever been recorded
at this season in any previous year, and the
railroad earnings. 10 per cent above last year
for September, tell the same story. The great
ind ustries are aking progress. Several
more furnaces OF the largest 81 Re have gone
into blast since Oct. /. and the weekly out
put on that date was over 0,O0O, against
10000 tons year ago, an increase of AZ
per cent in September, and 15la per cent for
the year. In spite Of this enormous produc-
ton, prices are not only sustained by con-
sumption. but are slightly advanced, though
Southern iron Is still sold here below S17 for
No. 1, while ST.. IS to $3.50 is quoted for
Northern. Bar iron is in better demand;
structural and plate works are crowded and
sales of rails within ten days have reached
100000 tons, many large companies having
made their annual contracts for re
newals of track. Sales of wool at
Boston have been 2. 900 pounds, and
more demand is seen here, but less at Phlla-
delphia, where concessions in price are still
thought necessary. The government crop
report was rather a surprise to many, as it
shifted wheat estimates from "a fraction
over To- TO 1873 bushels per acre, making
the probable yield not much below 500, 0OO,-
OUV pu. Inc corn report 1llulcateS the iarS-
est crop ever raised, and the same may be
said of cotton, with the proper reservation
that early frosts may yet greatly reduce the
outcome. With heavy crops business in all
departments will be stimulated and at the
same time the demand for money will
be increased. Pork products are not much
changed. Coffee and sugar little weaker;
oil and minor metals substantially
unchanged. Another indication OF
the general prosperity is seen
in the large sales of boots and shoes. though
prices were never so low at any previous
time, and leather, just now quoted firm, is as
low as at any time in thirty-fve years. The
coal trade is disappointing, and actual
prices are much under the schedule, while
wages are said to be 10 per cent lower than
year ago. At Pittsburg, however, the trade is
improving and the glass trade good, and fac
tories Of all kinds better employed than
year ago. In the stock market there was
decline until the 9TH, then some recOv
cry, and on Friday another sharp
depression, partly due to continued
weakness in trust stocks. but more largely TO
monetary pressure and to the more threaten
ing state of controversies at the West upon
rates. The comparatively slow movement. Of
grain at present prices also has an influence,
but the market for railroad stocks is so far
free from public interference, and in such
strong hands that serious depression has not
been generally apprehended. The business
failures during the last seven days number
PA as compared with 206 last week and 1872
the week previous TO the last. For the cor
responding week last year the figures were
OPT