| Show FRAUD I THE EAST The Situation as Viewed by E G Dunn Co The past week has fully justified thos who gave warning that tho monetary ease caused by treasury disbursements could be but temporary The market here has been tight with extreme rates paid in some cases At Boston and Philadelphia monetory also affects pressure afects business at Chicago the market i somewhat firmer and demand active at St Louis it is stiff j I at 7 to 8 per cent at Kansas City more J Inn at Omaha V a trifle close but fairly supplied at Milwaukee very active and to some extent disturbed by a large lumber failure in the interior Detroit the demand is strong at 7 percent per-cent at Cleveland the tightness is rightly ascribed to tho volume of business at Pittsburgh tho demand is fair at 6 5 to 7 percent per-cent and only at New Orleans of all the cities reported is the market easier These details show that the rising tide of business busi-ness all over the country Is closely employing em-ploying all the money available and yet within three weeks more than 15000000 has been added to the circulation by tho treasury and sent to tim interior no part of it being retained in this city The immediate fright at New York was about supposed enormous demands for payment of duties if the new tariff should go into effect October 1 The fact as of ficially reported is that less than nine million dollars would pay full duties on all goods in warehouse ou which the rates have been increased but no one supposes that the entire quantity would be taken out and meanwhile the treasury isV now I offering to pay out 20000000 for 4 > < percents per-cents and 23000000 more in prepay I 200 ment of interest on the 4M per f pOl cents If there Were no specula latlve tendency interfering with tree 1 V movement of crops commercial bills would f soon draw money from abroad but an un I favorablo crop report causes higher prices prces for staples and prior to that the exports had been very lignt prices here being too high for foreign markets The pressure has caused considerable decline in stocks the average having fallen about 2 50 per share since August 2 but there is money used for a particularly active speculation in grain and cotton which is wanted in legitimate business Breadstuffs had not been strong until Thursday the latest Information as to yield being generally more favorable But the government report as to condition Septem her 1st enabled speculators to make 1 bear panic and the net advance for the week j I has been 4 cents in wheat on sales of I 20000000 bushels 5 cents in corn on sales of 10000000 bushels and 4 cents moats I I Lard and hogs were also stronger and the report that cotton was in condition a shade lower than last year caused a rise of a sixteenth with I i sales of 530030 bales for the week The exports of wheat fall far behind last years ant the decrease in corn is also heavy I I Other products have not changed much in price thpi ga oil is 23 cents lower But he rise in prices since a year ago is even now sufficient to add 8100000000 to the payments required each month at clearing I Souse cities alone exclusive of stock oper ntions i quantities moved were tho same Tae rise in prices and the great volume of business done maIm monetary pressure by no means surprising The reports from other cities indicate no slackening of activity on acaount of mono I ary difficulty at any point M est orsouth of Philadelphia The reports as to collections are almost uniformly satisfactory The crops are moving fast prices encouraging farmers but do not go forward to consumers cn sumers as rapidly Distribution of Distibution merchandise mer-chandise in nearly all lines continues much in excess ot last years at every point reporting re-porting and at Philadelphia and Boston the leather and boot and shoe trades are exceptionally ex-ceptionally good at Boston the whole trade is much more active 4500000 pounds being sold with prices in buyers favor and at Cnicago there is n steady increase over last year in movement of dry goods boots goos and shoes clothing and meats 81 Louis reports strong trade in nearly all lines and from other points the accounts are of siml lar tenor The grea i dustrles are doing well The weekly output of iron rises again 171770 tons against G47iS August 1 and 14J0 3 a year ago JLhe market for pig iron i weaker though no recorded change in prices js seen and the railmakers are clearly disappointed about recent orders and a cut in prices on considerable contracts con-tracts is expected but the bar plate structural struc-tural sheet and wrought pipe mills are all crowded with work at full and occasionally advancing prices Greater activity In the wcolen manufacture i shown by the rapid rise in sales and the speedy passage of the tariff bill is anticipated as a basis fcr larger operations The activity in dry goods is everywhere increased importers being quick to dispose of many kinds while the demand is large and general The coal trade has done nothing to speak of at August Aug-ust circular prices and tho demand here Is below expectations The minor metals are strong though for copper the present demand de-mand is light In short there is every reason to look for a large and prosperous business i the pressure In money markets is met and that pressnre tends to cure itself it-self quickly by repressing speculation 1t the treasury has ample funds availableand laiableand commercial needsjbecome such that bonds go forward or prepayment of interest is accepted the disbursements should quickly bo largo enough to meet all necessities The business failures occurring through out tile country during ihe Inst seven days as reported to R Q Dun Co number for the United States lt > 7 and for Canada 20 or a total of 193 as compared with a total of 203 last week and isJ the week nrevious t the last For the correspond ing l week of last year the figures were 193 representing ITO failures in the United States and 23 in Canada Unied |
