St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-08-31
BUSINESSES IMPROVING.
Free Sales Of Bonds Relieve the
Financial Stringency.

NEW YORK Aug. 3O-R. G. Dun & Co. IS
weekly review of trade says: Last weeks
suggestions in regard to the monetary situa-
ton have been entirely sustained by the
events of the past week Those who held
large amounts of government bonds were in
duced to sell freely at prices formerly paid
by the treasury, which has thus been enabled
to pay out S2O,00O,000 for bonds But these
heavy disbursements have scarcely changed
at all the market for commercial paper here,
at Boston or at Philadelphia, though specu-
lation has been rendered more active.
and sharp advances i'll stocks and wheat
have resulted. The secretary's belief
that bonds to a large amount could be
obtained at the prices offered has been justi-
fed. and he has done what he could under
the law to prevent monetary pressure. But
the money disbursed seems likely to relieve
speculative rather than commercial needs, at
least until other operations besides the one
in government bonds have been liQuidated.
Stocks have advanced just $3.50 per share in
a week. and 200, 600 shares have been sold
already at the rising prices. AS yet the
money for bonds has not actually gone out of
the treasury and its cash holdings are q little
larger than week ago, but its deposits in
banks $500, 900 less. Business in all parts
of the country continues to improve
with the stimulus of large crops. Chi
cage reports immense increase in
with considerable gain in sales of dry goods
and clothing. Milwaukee finds trade i'm
proving; at Detroit and ST. Paul previous
improvement is maintained; at Omaha bust
ness is very good and though trade at Kan
sas City is rather quiet, the demand for
money is enlarging. at Cleveland and Pitts
burg the iron business is expanding, and at
Philadelphia improvement is noted in wool,
groceries, iron and steel, and their products,
and in coal, with good trade in drugs and
chemicals and tobacco. At Boston sales of
wool are larger, reaching 100000 pounds
for the week, and the goods trade is LARGE
with prices well maintained. A heavy de-
mand for export is observed in leather, and
large building operations make the lum-
Der trade more active. The situation
in the iron industry is surprisingly
encouraging, for weekly production hardly
ever surpassed appears to be met by Won
derful demand, although deliveries of rails
continue below last years. The Tennessee
Coal anu Iron company gives notice of an
advance of % cents in its prices for pig iron,
and the rise in the price of coke at Pittsburg
1nSureS some advance IN pig Iron there, while
bar, plate and structural iron are in strong
demand ana the works better employed than
they have been before for several years.
Wool is not yet freely taken by manufacture
ers at current prices. The high price and in
sferior quality of cotton embarrasses manu-
facturers. but large new supply is now at
hand. The interior money markets are SO
well supplied that the lack of supply for
commercial purposes at the chief East
ern cities is the more noticeable. AT Mil
Waukee there Is more activity and q
strong demand, and at Chicago the demand
is good, but in general the supply is ample at
the usual rates. Collections are improving
at Omaha, and rather better at Philadelp hia,
but at most points the absence of complaint
is noteworthy. The moyem ent of money
through the treasury to the interior contin-
.ues, and would doubtless have caused some
pressure here but for the liberal sales of
bonds. While the Bank of England ha
raised its rate of discount thus eVincing a
disposition to prevent any outflow of gold to
this country, the sales of commercial bills
against cotton and other crops have been
large, and the exports from New York for
four weeks exceed last years by nearly % per
cent; the increase on imports being a1ittle
larger In the speculative markets the gen.
eral tendency has been toward lower prices,
though wheat advanced on extravagant re-
ports of shortness in European crops. But
the average Of prices for all commodities is
about per cent lower than week ago, and
even in wheat the later sales indicate de-
Ginning tendency, as in other grain and pro-
visions. The business failures number I'll,
as compared with total of FOG last week.
and 2l3 the week previous. For the cor
responding week Of last year the figures
were 226.