Wichita eagle., 1889-10-05
4 SMALL SQUEEZE IN MONEY.
Large Exports Of Gold for Foreign Use
Business Generally Good.

New YORK, Oct Ar G. Dun & Co. s
Weekly Review of Trade says: "a closer
| money market, as was anticipated last
week, has checked operations to some eX-
tent. The shipment of Sl,000,000 gold to
Europe by firm engaged in placing two
large loans for foreign governments and
therefore anxious to prevent further adj
vance in bank OF England rates, was all
the clearer evidence of the actual demand
abroad, because made a. small loss if
reckoned at the current rate of exchange.
A sudden fall in rate from s4SS to 1886
was followed by an upward movement
again and it seems not improbable that
the exegencies of the Argentine Republic
and the placing of the Russian loan may
for some time to come affect the money
market here. October disbursements and
moderate purchases of bonds have made
the market easier for the present, but the
rate on call after rising from So to s per
cent. and even to 30 per cent. for short
time, is yet about z per cent. with no i'm
provement in-the commercial loan market.
Improvement in business throughout
the country is reported, although in some
branches it is not up to the September
record. Chicago finds business better
than a year ago with heavy country orders.
showing demand and easy financial condi-
ton throughout the west; the years re-
ceipts of cereals fall off a little, but of pro-
visions are nearly doubled. Cleveland
finds all branches improving and factories
full of orders. Pittsburg notes higher
prices for iron and steel. glass business &C
tive, with works all operating and the
coal trade dull. Throughout the west
excellent crops are the basis of large buy
ing by the farming districts and confident
hopes as to trade for the rest of the year.
hon Hor CHI
an increase over last year of only 2 per
cent at New York, 211a per cent at Boston,
Philadelphia and Chicago, and ~ per
cent at all other cities taken together.
The iron business is in some danger of
running into an unhealthy boom so great
is the anxiety of many to stimulate the
demand. Several large furnances are
about going into blast and southern No. 1
is still sold here at SIG rs, but higher prices
than SIS are 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 $3.50. Rails have actually sold
for S,S in considerable quantity at eastern
works, but Philadelphia quotes $31 and
the west correspondingly higher prices
Only $500 miles of railroad have been built
in the nine months of this year and it is
still an open question how long the de-
mand for iron and steel products in the
aggregate will equal the constantly in
creasing supply.
The wool market shows better tone,
because concessions in price have induced
larger transactions, but the high prices
asked still push consumers to take a great
deal of cheap foreign wool instead of Amer
lean The sugar trust seems most
unlikely to follow the copper syndicate
and the cotton corner at least as far as
low
the demand for consumption being slack
and meanwhile heavy sales of sugar trust
stock have depressed the price to about
9Gc. Cotton Oil is also heavily sold and de-
ciined sharply. Tin is lower and quiet at
s. 95. The coal market improves some in
prices. Speculation in wheat has weakened
and the price is lac lower: corn is 1c and
oats sc lower and pork steady. The gen
eral level of prices is, nevertheless, shade
higher that October and has advanced
Ia per cent since Septembe r-a result due
rather to partial failure of some crops
than to increase of monetary supply.
The volume Of money IN circulation is
S15, 800, 000 larger than September l, and
the increase in three months has been
SIS, 100000, but the aggregate is scarcely
lower now than it was last December.
The business failures in the United
States for the quarter ending with Septem-
Der We're 2,2l6. showing Il decrease of
eighty-five or 81 per cent from last year;
for nine months the number has been
S.S19, showing an increase of a,?S Or 4 per
cent. The liabilities for the past quarter
have been swollen by few large failures
to S37, 81, 045, or 40 per cent more than for
the same quarter last year, but for nine
months the aggregate has been sos, 055,-
0S9. an increase of 1611 per cent.
The failures il Canada show adecrease of
per cent. in number and per cent. in
liza bilities for the past quarter. For the
nine months there have been only three
less than last year in number, but 16 per
cent less in liabilities.
For the past week the failures reported
number 172 for the United States and 81
for Canada, against 1872 last week and 23l
for the corresponding week last year--1S4
IN the United States and 81 in Canada.