Crawford avalanche. (Grayling, Mich.) 1879-19??, 1899-09-28

,hlcago correspo udencs;

Chicago Corresponoence;
The changed condition OF the money
markets has been the principal topic Of
discussion In both commercial and fnan-
nal circles this week. In New York
rates for both call and time loans have
been sharply marked up, and there nat
srnliy have been at least sympathetic adj
vances in all of the large centers. There
Is doubtless a good deal that Is purely
artificial In the money situation at the
moment. but at the same time some le-
climate reasons exist for an advance In
rates over the level prevailing a few
weeks ago. The movement of the crops
and the steady expansion OF general bus
mess are both calling for a much larger
use or money, and as is always the case,
particularly at this season of the year,
New York Is being drawn upon to furnish
a certain proportion Of the necessary
funds. +.f
The-effect of the higher rates for money
have been felt principally, and In fact
|. almost entirely, in speculative circles. In
the stock markets there has been q sharp
decline in values, amounting in some
cases to So and W a share, in consequence
of the liquidation that has accompanied
the calling Of loans by the banks. Legiti-
mate business interests have not as yet
felt the influence of the advance in money
rates to any appreciate extent. There Is
no stringency, in the ordinary sense.of the
term, SO far as they are concerned, COM
mercial borrowers having no difficulty In
getting all the funds they need on time at
rates which, ali things considered, cannot
be called at all burdensome.
In the general business situation no
really disappointing factors have come to
light during the last week. All Of the
leading railroads report shortage Of
cars with which to carry the enormous
volume Of freight pressing for transporta-
ton. Manufacturing plants are still far
behind on their orders and prices are be
ing maintained on their highest level. No
weakening in selling values is anywhere
discernible, and consumption continues on
an extraordinarily large scale.
The bulls in the wheat market had
cause for dissatisfaction this week. With
two important matters in their favor the
prices were a trife lower at the close Of
the market Saturday than at the end Of
the previous week. The Government
crop report, issued Monday, was alto
gether in their favor, and the daily ship
ments Of wheat and -four abroad were
very liberal. A small crop, as less than
SOC, 900, 900 bushels Is now regarded, and
a heavy export business, were insufficient
to sustain prices in face Of large stocks In
commercial channels and weekly addi-
tons to their amount Argentina shipped
to Europe this week over 1000, 900 BUSH
els Of wheat, compared with no shipments
the corresponding week last year, and
thus to that extent compensated for APP
pretended small contributions from Rus
STA and the Danube, which, as regards
the first, at least is by no means assured,
Notwithstanding failure Of the crops In
important districts Of that great empire.
The bulls in wheat have been buoyed by
the hope of greater outside speculation as
q result Of some evidence of waning In
terest in stock investments, but that has
so far failed them.
An abundant corn crop is now assured,
and owing to the recent warm, dry wealth
err will be ready for use and shipment
much earlier than in ordinary seasons.
That state of the weather has also dried
up the pastures and caused an unusual
consumption Of corn, and as the climatic
conditions in Europe have been Of a sim
liar character the demand for export has
maintained its previous activity, so that
there has been no reduction in prices, and
the future is full of promise for good re-
turns to the growers, as well in the mat
ter Of prices as Of yield.