Evening capital. (Annapolis, Md.) 1884-1910, 1889-09-21
THE STATE OF TRADE
Railroad Wars Discourage Stock
Speculation.
LEa INNATE BUSINESS PROsPERa

supply Trade Continues M0N9 AC&AW0
Than Last Year-rhs Great Industries
Gradually Inprosing-Ir0n ia Brisk
Demand with Confusion In Prices.
NEW YORK, Sept. 2I.-R @. Dun &
Co.'S weekly review Of trade says:
Throughout the country the state Of
business il encouraging and the only
disheartening features are in connection
with speculative. operations. Stocks
have not quite maintained the recent
advance and have rsIapsed into duIlness,
with sales Of less than 0O0, 900 shares for
the week, the chief cause being the
western railroad wars. Speculation in
breadstuffs and cotton has been at q
slightly lower range of prices, with but
moderate transactions. and slackness OF
the consumptive demand causes q
weaker tone in coffee and sugar mar
kets without material change in prices.
Oil speculation Is q shade stronger and
provisions steady.
business Better Than Last Year.
The reports from other cities this
week corresponded fairly with the clear
lngs outside Of New York, which show
an increase over last year Of about 4
per cent. IN the aggregate, but an in
crease OF two-thirds of cities. At Pos-
ton q conservative feeling still rules the
money market and business has not
wholly recovered from recent set backs.
but It Is improving in wool and steady
in leather and lumber.
At Philadelphia money is active and
the jobbing dry goods trade continues
good. the grocery trade improves. ex-
napnfmU fAaf he A.. l.
active and drugs and chemicals moder-
ately active, but in wool there is very
little movement. At Chicago there Is
q decline IN receipts of wool and grain,
higher prices for wheat, leading farm
ers held back, but a large increase in
provisions. Trade in dry goods and
other merchandise is quiet after the ex-
ceptional activity of August For the
year thus far trade exceeds last years.
AT Plttsburg further improvements is
seen IN Bessemer iron and steel, in coke.
and in coal, with resumption Of qlass
works at 81 per cent. higher wages.
Southern reports are also encouraging
a. 70 crop prospects and present trade.
No Financial stringency.
These specimens illustrate the general
tenor Of reports, and it may be added
that there is nowhere any stringency In
money, the supply being ample for Ie-
gitimate needs. At New York the rate
has been higher, but the demand for
loans on collateral is amply supplied,
On the other hand commercial paper q
of slow sale and few banks are buvinp.
Foreign exchange has dropped half d
cent, however, and possibilities Of gold
exports appear more remote, while mer.
chandise exports for three weeks exceed
last year by ~ per cent, the increase in
44kNr1 - H. - Il
cent. The treasury. also, notwithstand-
ing the scanty offers Of bonds. has been
so managed that its actual holdings Of
cash are $500, 900 lower than last Satur-
day. Thus far the New York banks
have been able to meet all demands for
the interior without disturbance, but II
Is not forgotten that the demands are
not yet over. The reserves are low and
there IS no present prospect Of supplies
from abroad.
The Situation in Wool.
The great industries appear to be
gradually improving in condition.
While the improvement is slow in wool
manufacture, there is clearly a more &C.
tive demand at Boston and sales Of wool
there this week art 3,a5S, 100 pounds.
including some former sales just made
public. But the larger movement.
mainly IN tine washed fleece, has been
secured by concessions in price The
goods market is still uncertain. JobheYw
hold considerable stocks made from !
cheaper wool, which have to lie cleared
of before adjustment of the market I'd
the present price of material is possible
ana, meanwhile, pressure to sell NAV
prevent an advance.
Confusion in Iron.
In the iron business ronftas;o,, a.,