Review Of Trade

BUSINESS AND FINANCE. New Yokk, Sept 3O.-Secretary Fairchild held an important conference Wednesday at the sub-Treasury vith sorae of the leading b&nkers and representativos of the stronkeet tinancial institutions of the city. The latter unaniinously approved the Secretary'B course. On the subject of using ftinds for bond purchases other than those reqiüred for the sinking fund there was a differenee of opiniou, many taking tbe positiou that under the statute ofMaieh 3, 1881, the Secretary had the yower to use the money over and above the amount necessary for the expenses of the Government in buyinw bonds. Wasbxnuton, Sept. 30.- The Government kought $405,1)50 in bonds for the sinking fund yesterday. The purchases to date, nder the Treasury circular of the 22d inst., asking for $14,000,000, have amounted to $9,772,700. Washington, Oct 1. - The amount of bonds off red to the Treasury Department yesterday was less than any day since the pnrchase began. This fact is regarded at toe department as indieating that the Goyernment has practically seeured all the floating bonds that can be obtained at the rates nxed by the department's circular, and that the stringency oí the money market has been sufliciently relieved for the present The $4,000,000 etill required for the sinking fund can be pplied at any time before July 1 next, so no trouble will result, eren if the entire $14,000,000 called for in the recent circular be not seeured within the period prescribed, which will expire on the 8th of October. Yesterday's offerings aggregated t 57,100, of which $46,950 were 4's and 10,150 were 4ys. New Yokk, Oet 2.- R. G. Dun & Co., in their weekly review of trade, say: Treasury purchases of bonds have greatly hanged the feelmg in the money market, but without griving much relief as yet to legitinate business. There are two money Karketa just now - money on cali for apeculation on pood collaterals is in ampie Supply; but money on time for commerce r industry. on commercial paper, Is almost as aoaroe as it was a fortnigtat ago. As long as kankers teel uucertain regarding the financial tature they prefer to keep their resources withfn reach. Meanwhile trade is at allpoints active and large in volume, with a hopeful feeling prevalent, and the lack of availaUle tunds is by many attr.buted ratber to the swelling volume f business than to the absorption of capital in Bew enterprises or speculation. "Theone feature of ill-omen ie that the average liabilities of firms failing for the last quarter amount to 187,879, asainst only tH.OOO for the same quarter last year, indieating an unholesome expansión of credits in soma 4irections. The failures for the third quarter of 1887 number 1,938 in the United States and 308 in Canada, against l.'.Uti in the United States for the third quarter of 1888 and fc 8 in Canada. The increase in number is trilling, but the reported liabilities of firms failflng in the United States for the quarter were 173,022,556, against 837,227,630 for the ame quarter last year, and in Canada $2,596,C09, against $1,921,913 last year. While the Toiume of liabilities was much swelled by a few keavy speculative disasters, the fact that a large tncrease appears in every section of the ountry indicates marked expansión of comMieroial obligations."