The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-23
WALL STREETS SQUEEZE
HEAVY SPECULATION HAS TIED
UP MILLIONS.

Government Bond Purchases VIII
Help Out Realization on Stocks and
Commodities Necessary to Make
Things Easy-Legitimete Business
Good throughout the Country
Failures Not Increased.
New York. Aug. 22.-The weekly re.
view of trade of r. G. Dun e. Co., issued to-
day, says; "The signs of monetary dis
turbance which were noticed In the pre-
vious review were not misleading. Money
loaned Thursday at one-half per cent per
day premium, or $50 per cent. yearly, and
most OF the loans were at a quarter pre-
MUM. Money for commercial loans was
scarce and rates nominal Though the
Rank of England lowered its rate from
to per cent, and European markets .,
easier. there was no relief for the immedi> o.
demand here. At Philadelphia money was
tight, at Chicago in strong demand, at st.
Louis unusually scarce at to s per cent. atl
New Orleans tightening. at Der.yar and St.
Paul In demand, and at Milwaukee mora
active at per cent, firm at Kansas City
and rather tight at Detroit at per cent
The treasury has announced that it will re-
deem $40, 900, 600 of Al per cent. bonds and
accelerate payments for silver bought, but
some persons doubt whether these measures
will prove adequate.
THE ONLY SURE RELIEF.
"The obvious and only sufficient relief is (
liquidation of the money specuiations i'm
stocks, In wheat, corn, oats, cotton, leather,
hides. coffee. wool and especially In silver
bullion, which have locked up enormous
sums. In silver alone about $40 ,000, 900 has
been locked up to wait for higher prices, in
grain several times as much. and in other
products many millions. while the condi-
tion of the market for securities was indi-
Gated by a fall averaging about SO per
share in a single day on active stocks when
money became tight. In addition enor-.
nous imports, intended to anticipate the
pending tariff bill, have virtually locked up
for an indefinite time many millions paid
for good and in duties on them.
LEGITIMATE BUSINESS LARGE.
1.-THE volume of legitimate business
throughout the country continues large,
exceeding that of last year by 10 per cent.
outside Of New York, and the desire to
market products quickly as prices risa
causes greater demand for currency from
the country than usual.
During the past week the Jreagury has
paid out only 200 more than 1t has
taken In, but the new order Will put several
millions into circulation very quickly, aud
provide an adequate supply for the time IL
speculations are checked.
''The iron industry still shows a strong
demand for finished products, with soma
stiffening in prices, but the supply Of pig
iron is so large that prices are shaded in the
urgency TO SELL
WOOL DULL AND LOWER.
'The market for wool is dull and prices
lower, the supply Of foreign goods offered
being very large.
Reports from other cities, with very few
exceptions, indicate that a larger trade than
ever before Is in progress, with satisfactory
collections and bright outlook.
"Crop reports are less discouraging,
though the yield must fall below early an
ticipations as to grain.
philadelphia notes large business in
leather and boots and shoes, with less com.
plaint of collections.
sin general the condition of business is
encouraging, unless the monetary pressure
or labor controversies interfere. The threat
of great strike on the Vanderbilt roads
has helped to depress stocks and to disturb
shipments.
1.-The business failures number for the
United States 172 and for Canda 20, total
Of 1872, against 1877 last week"