The daily citizen. [volume] (Asheville, N.C.) 1889-1890, 1889-10-05
TRADE REVIEW.
DUN K CO.'S REPORT OF THE
CONDITION OF BUSINESS,


The Money Market is Closer, but
business in all Portions of the
Country GOOd-The Cotton Cor
ner In London is OFF.
NEW YORK, October 4.-R. G. Dun &
Cos review of trade for the week says:
A closer money market, as was antici-
pated last week, has checked operations
to some extent. The shipment of ST.
900, 900 in gold to Europe by firm en-
gagged in placing two large loans Tor for
eign governments, and therefore anxious
to prevent q further advance in Bank Of
England rates was all clearer evidence Of
the actual demand abroad, because made
at a small loss if reckoned at the current
rate OF exchange The sudden fall in the
rate from $4 SO to 81. S634 was followed
by an upward movement again; nd it
seems not improbable that the eXigcncies
of the Argentine Republic and the placing
of the Russian loan may for some time to
come affect the parket here. October
disbursements and moderate purchases
of bonds have made the market easier for
the present, but the rate on call after ris-
ing from 52 to 8 per ccnt.-and even to
80 per cent. for some timc-iS yet about
7 per cent, with no improvement i'll the
commercial loan market, while the treas
ury paid So, ,SOO,0 600 more than it took
in. The interior demand is everywhere
increasing, with some Stringency at
Cleveland, an easier feeling at Boston,
and tight money market at Philadel-
phia. 1t is an encouraging fact that all
reports represent collections at least as
fairly satisfactory and at most points the
situation in that respect is good.
Reports Of business from all parts Of
the country show an increased activity
on the whole, though in some branches
trade is not up to the September level.
Pittsburg notes higher prices for iron
and steel, glass business active with
works all operating, and the coal trade
dull, waiting water for river movement.
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 iron
business is in danger of running into an
unhealthy boom" 80 great is the anX-
icty of many to stimulate the demand.
Several large furnaces are about going
into blast, and Southern No. is still
sold here at $l6.75; but higher prices
than SIS aIe paid for desired brands,
which are scarce, and structural plate
and wrought pipe are strong. But Of bar
there is not much buying, and some mills |
are inviting orders at S1S.O5. Rails have
actually sold for 500 in considerable |
quantity at eastern works, but Philadel- |
phia quotes $31 and the west cores
higher prices.
Cotton manufacture has reason to re-
joice at the collapse of the Livcrpoolcor-
ner, and the price Of raw cotton has de-
clined here 2sc., with sales Of $4,000
bales.
The sugar trust seems not unlikely to
follow the copper syndicate and the cot |
ton corner, at least so far as prices are
Raw sugar is lower. the de-
mand for consumption being slack, and |
meanwhile heavy sales of the sugar trust |
stock depressed the price to about 90c.
The cotton oil trust is also heavily |
sold and declined shardly.
The coal market improves but slightly |
in the amount of sales and not at all in
prices, SO that attacks upon coal carry
ing stock have been encouraged.
Speculation in wheat has weakened |
and the price is lac. lower, with sales of
+6, 900, 900 bushels here.
Corn is 1c. and oats lsc. lower, and |
pork steady. The general level of prices
is nevertheless shade higher than Sep
tembcr and,has advanced percent. since
/, result due rather to par
tial failure of some crops than to an i'll
crease Of the monetary supply.
The volume of money i'll circulation is
$15, 100000 larger than September /,
and the increase in three months has been
sos, 100000, but the aggregate is
scarcely larger now than it was last De
cembCr.
Business failures in the United States
for the quarter ending with September
were 2,276, showing a decrease of 50 or
81 per cent. from last year, but for the
nine months the number is S,S79, show
ing an increase of 800 or 4 per cent. Liza
bilities for the past quarter have been
swclled by few large failures to $139,-
227 OF, or 40 per cent. more than for the
same quarter last year, but for the nine
months the aggregate has been SlO5,-
055, 800, an increase of 1612 per cent
Failures in Canada show a decrease of 5 |
per cent. i'll number and 40 per cent. in
liability for the past quarter For the |
nine months there have been only three |
less than last year in number but l6 per
cent. less in liabilities.
For the past week, failures reported |
number l 70 for the United States and "a |
for Canada; 206 i'll ALL against 1O2 last
week.
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