The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-08-24
ToyFy A TRIFLE TIGHT.
.,arHELEss TRADE IS BOUND
NN' TO BOOM.

ODeratiOnS NOb uOOAAs
Grsos s Money in CiTculation-A Little
A''- -,,,cb Cash Turned from Trade
1oo speculative Channels = Fine
Nv Prospects Reported from
rvery Quarter
Ir, YORK. Aug, 28.-The following is
NEW ~ oS e COS review of trade for the
= ending Aug. a.
W. Tbs monetary pressure OF which SO many
- have been given has operated TINS
No va, 10 modify the improvementin general
"'ga 5ra to the excellent crop prospects.
~" = onite the fashion in stock exchange
= - ranresent the rise in lending rates
cH'-. .ss,;al and intended to affect prices OF
Rut the truth is that specula-
So - various sorts had previously
uo 4.,rawr too much money from the
Mort of legitimate business and
'uf sS,otiva industry, aud the tendency
p.O1roborsion as to the future has cut
Of app +iT1a loans still further, while many
cow W., lenders have preferred to place their
Vi ~ On call with readily negotiable col
HON. Liongi Tbus supplies for carrying securi-
ilaSoa,d floating trust stocks have been In
.roosai even while the lack OF commercial
CCl,C,1,,rr0dations has caused failures OF I'M
portance' -
r,o treasury. meanwhile, has been collecting
-: ~ s,,rnlus revenue from the people at
isr,s Int disbursing it to holders OF bonds,
20 n lenders at monetary centers. The
s ano M has no other means of disbursing
w. sTrnlus which the failure to reduce the
ravsnne has caused, but the result has
rondad for m onths to cause faulty dlstrl-
bntion of the money supply. The suspen-
si1n of important mills, resulting from the
rocant failures of commission houses, comes
inst when there were brighter prospects for
fbe manufacturers than at previous
times in the mild weather and over pro-
dnction last winter. With the orders in
sigbt if the mills would go on, it is said all
theliabilties could soon be met, but II this
be the fact, it shows the extent OF the pres
snre in the commercial money markets.
The immediate consequences are a greater
canton as to loans and quick arrest Of
purchases of materia Is for wool a1d cotton
manufactures.
WOOL COMPLETELY UNSETTLED.
Thus at Boston the wool market has been
completely unsettled. Again, the sales for
the week, amounting to only l, 100000
mounds, ali in small lots, and at concessions
Of to cents. would have been necessary
in order to move the large lots. 1t is OBJ
served that, although rates for the best
strictly commercial loans are not mate
rally advanced, the demand for single name
paper has almost ceased, aud many who have
practiced relying upon that method find
loans impossible At Philadelphia the
money market is light and the banks scru-
tinize closely because they have little to
spare. At Boston the banks supply Gus
toners, but discriminate very closely, aud
the prevalent caution retards the move
ment Of paper seriously. Here the demand
for commercial paper is very light, and
four months paper ranges from 6 to y per
cent. The money market Of the interior
cities is far better supplied; at Chicago, by
the liberal receipts from the country and at
most other points because the demand has
as yet been only moderate, but some close
ness is noted at ST. Paul. with slow col
lecUlOns.
IMPROVEMENT IN BUSINESS.
From all quarters Improvement in bust
ness is reported, with fine prospects for fall
trade consequent upon the large crops AT
Chicago the actual transactions are about
equal to last years in clothing, little
larger 10 boots and shoes and Is per cent.
larger IN dry goods. The grocery trade
improves at most points, excepting as to
sugar for which the demand has been much
affected by the operations of the trust, and
raw IS one-quarter of a cent lower. Coffee
IS in better demand and serious iniury to
the eastern potato crop by wet weather has
caused sharp advance. Butter and eggs
are also higher, and cotton threa-sixteentbs
for SPIT, Notwithstanding the decline of
one-el6hth OF cent in print cloths.
/. me plendld crop prospects begin to have
thelr legitimate effect upon the prices of
nreadsIuifs and provisions Hogs have de-
CIAed Inns week 20 cents per 100 pounds,
lard Il cents, pork so cents per barrel.
cats and corn one-haf cent each, the latter
with sales Of 9,O0O,0 600 bushels and wheat
4 rs declined u cents, vita sales of only
"oJO,00O bushels. Here the speculative
movement in wheat has been defeated bv
Voe liberal receipts from the farmers. and
, "hen the farmers market freely early ia
Ihe season the prospect for the fall trade is
excellent, and the monetary pressure is not
usually OF long duration.
IRON AND STEEL.
$3.50 NAttet otCGl DuSlUeSS aDDeaTS Sill
moro encouraging to most producers and
4eaierS, and some furnaces have this wee
neen ADDED to the producing force. But the
rapid increase in the supply renders con
sypmors moro confident as 70 iower prices in
Inc near future, and for the moment Their
~ hrmness Of tone in the mar.
4 3!a. rather than activity. Secretary
~ lha9as confidence that bonds would be
gnefe9 freely in case of an an advance in
4 ta'eS Tor money appears to have been JUS
~ t,ii9Q mus far the offerings and purchases
t ms week having been quite liberal. BtTt
C Sllo treasury nevertheless holds $4,000
81 more casa than it held last
t saturday, and as has been explained
, slie oono purchases do not nut much
money at the right spot to meet CONNER.
ttIl needs. Happily foreign trade at present
lure Tnrea'sn5 no decline, and while the imports
nave nave been Is per cent. larger than in Au-
g. 10 laSt year. there has also been an increase
Eork. 'Ai0 eApolIS IRON ne"
b bar me country during the week NUN.
IL IL 1or the United States 100 and for Canada
W, 4 TOTAL OF 206 as compared with 2i3 las