St. Paul daily globe., 1889-10-05

shipment Of SIS, ZOO, 900 gold to Europe by
firm engaged in placing two large loans for
foreign governments, and therefore anxious
to prevent further advance in Bank of Eng
land rates, was all the clearer evidence of
the actual demand abroad. because made at
small loss II reckoned at the current rate OF
exchange. A sudden fall in the rate from
S4Ss to 81 S6s4 was followed by an upward
Improbable that the exigepeies of
the Argentine Republic and the
placing of the Russian loan may for some
time to come affect the money market here.
October disbursements aud moderate pur-
chases of bonds have made the market easier,
for the present, but the rate on call, after
rising from 5l2 TO per cent and even TO 30
per cent for short time, is yet about7 per
cent, with no improvement in the commercial
loan market. The reports Of business from
all parts Of the country show increased ac-
tivity on the whole, thoughin some branches
trade is not up to the September level. Chi
cago finds business larger than year ago,
with heavy country orders, showing large
throughout the west The year IS receipts Of
cereals fall off a little, but of pro-
visions are nearly doubled. Cleveland
finds all branches improving, and
higher prices for iron and steeI. glass busi.
ness active, with works all operating, and
the coal trade dull, wanting water for the
river movement. Throughout the West ex-
cellent 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
bank exchanges for September show an in
crease over last year of only 2 per cent at
New York. 2I2 per cent at Boston, Philadei.
phia and Chicago and 7I2 per cent at all
ness is in some danger Of running into an
unhealthy "boom," SO great is the anxiety Of
many to stimulate the demand. Several large
furnaces are about going into blast.
and Southern No. / is still sold here
at S16.15, but higher prices than S1S are
paid for desirable brands. which are scarce;
and structural. plate and wrought pipe are
strong. But of bar there is not much buy
ing. and some mills are inviting orders at
Sl.S5. Rails have actually sold for S29 in
considerable quantity at Eastern works, but
Philadelphia quotes S31 and the West cor
respondingly higher prices. Only $500
miles Of railroad have been built IN nine
months of this year, and it is still an open
question how long the demand for iron and
steel products in the aggregate Will equal the
constantly increasing supply. The wool
market shows better tone, because conces-
sions in price have induced larger trans
actions, but the high prices asked still push
consumers to take great deal OF
cheap foreign wool instead of American.
The sugar trust seems not unlikely TO follow
the copper syndicate and the cotton corner,
at least as far as prices are concerned. Raw
sugar is lower, the demand for consumption
being slack. and meanwhile heavy sales of
sugar trust stock have depressed the price to
about 80. Cotton oil trust is also heavily
sold and declined sharply. Tin is lower at
2OAc, and lead quiet at S.9c. The coal
market improves but slightly in amount of
sales, and not at all in prices, SO that attacks
upon the ceal-carrying stocks have been
encouraged. Spe calation in wheat has
weakened and the price is lac lower, with
sales of $4,000, 600 bu here. Corn is 1c
and oats 1lSc lower; and pork
steady. The general level of prices is
nevertheless shade higher than
Oct. 1, and has advanced 1l2 per cent since
Sept. l, result due rather to partial failure
of some crops than to increase of monetary
supply. The volume of money in circulation
is SIS 10000 larger than Sept. l, and the
increase in three months has been S28,6OO,
600, but the aggregate is scarcely larger now
than it was last December. The business
failures in the United States for the quarter
ending with September were 2,276, showing
last year, but for nine months the num-
Der has been 1879 showing an in
crease of 329. or 4 per cent. The liabilities
for the past quarter have been sWelled by a
few large failures to S39. Dot, ,045, or 40 per
cent more than for the same quarter last
year. but for nine months the aggregate
has been $1O5, ,055. $50, an increase of 10l2
per cent. The failures i'll Canada show
decrease of D per cent in number, and 40 per
cent in liabilities 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 the fail
ures reported number 172 for the United
States and "a for Canada, against 1872 last
week and 22l for the corresponding week
last year-lS4 in the United States and 81 inl
Canada.