St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-08-24
MONEY IS SCARCE.
The Financial Pressure Has Re-
tarded Trade.

CHICAGO, Aug. 23.-R. G. Dun & Co.'s
weekly review of trade says: The monetary
pressure, of which SO many warnings have
been given, has operated this week to modify
an improvement in general trade, due to ex-
cellent crop prospects. 1t is quite the fash
ion in stock exchange circles to represent the
rise in lending rates as artificial, and intended
to affect prices of stocks. But the truth is
that speculation OF various sorts had previ-
ously Withdrawn too much money from the
support of legitimate business and pro-
ductive industry, and the tendency OF
apprehension as to the future has
been to cut down time loans sui
preferred to place their money on call with
readily negotiable collaterals. The treasury,
meanwhile has been collecting its surplus
revenue from the people at large, but Gis-
bursting it to holders of bonds, and not to
tended for months to cause faulty dlstr1bu-
ton of the monetary supply. The suspen-
sion of important mills results in greater
caution as to loans and quick arrest OF
Thus at Boston the wool market has been
completely unsettled again, sales for the
week amounting to only 100000 lbs, ali
in small lots, and concessions of l to-
cents would be phi n 9 5Gdga
the money market is tight and the
banks scrutinize closely because they have
little to spare. At Boston banks supply Gus
toners, but discriminate very closely. Here
the demand for commercial paper is very
light, and four months ranges from to
per cent. The money markets of interior
cities are far better supplied, at Chicago by
liberal receipts from the country, and at
other points because the demand has as yet
been only moderate, but some closeness is
noted at st. Paul, with slow collections.
From all quarters improvement in business
is reported, with fine prospects for fall trade,
consequent upon large crops. AT Chicago the
actual transactions are about equal to last
years in clothing, little larger i'll boots and
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 Nc lower.
Coffee is in better demand, and 1sc higher.
and the serious injury TO the Eastern potato
crop by wet weather has caused sharp ad-
vance. Butter and eggs are also higher; and
cotton 3-16c for spool, Notwithstanding de-
cline of 1sc in print cloths. The splendid
crop prospects begin to have their legitimate
effect upon prices of breadstuffs and pro-
visions. Hogs have declined this week zoe
per 100 lbs; lard 12c, and pork half a dollar
per barrel; oats and corn half a cent each,
the latter with sales Of 5000, 600 blu; and
900 blu. The speculative movement
in wheat has been defeated by lib
eral receipts from the farms, and when the
farmers market freely early in the season,
the prospect for fall trade is excellent, and
monetary pressure is not usually of long du-
ration. The iron and steel business appears
still more encouraging, but the rapid increase
in supply renders consumers more confident
as to lower prices. Secretary WINDOWS con-
fdence that bonds would be offered freely in
case of an advance in the rates for money
appears to have been justified thus far. The
offerings and purchases this week have been
quite liberal. But the treasury nevertheless
holds $27, OOO, 900 more cash than it held
last Saturday, and, as has been explained,
bond purchases do not put much money at
the right spot to meet commercial needs.
Happily, foreign trade at present threatens
no drain The business failures number 2O6
as compared with total of 2l3 last week,
and 20l the week previous. For the cor
responding week of last year the figures were