Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-02
ASCARCITY OF MONEY
Is the Only UnfavOrable Feature
Affecting General Trade.
THE DEMAND FROM THE INTERIOR
Continues to be Excessive, Thereby Forcing
Up the Rates.
STEEL FAR MORE ACTIVE THAN IRON.

crate checks IN the movement OF genera
merchandise from first and second hands
but the bulk of interior jobbers' needs art
thought to have been filed. Even now
the volume of general trade is in excess Of
that one year ago, the total of October
bank clearings at 80 cities being the largest
on record for one month. Chicago, Kansas
City, st. Louis, Boston, Philadelphia and
New York each report moderate declines IN
the distribution in some lines.
The drouth in Louisiana has hurt The
sugar, and unfavorable weather in Ne
braska, Iowa, Kansas and Missouri has had
some effect upon the interior trade. The
mild fluctuations in the Chicago hog pro-
ducts market did not prevail here, pork
leaving of steady and lard only ~ points
down. At Western centers hogs close
lower, but cattle are steady for better grades.
FOREIGN COMMERCE.
Reduced calls for steam tonnage for Black
Sea and Mediterranean trade, especially for
iron ore, as cabled from London, resulted
in weakness in tonnage rates which shows
itself here. Sail rates, too, are unsettled.
Out of 80 cities with close money markets
or slow mercantile collections on October
25. additional ease was reported to-day at
New Orleans, and improving collections at
Toledo only. Those which showed ten
dency to tighter money to-day are San
Francisco Milwaukee, Cincinnati and Bos-
ton. At Omaha, Kansas City, Chicago,
Baltimore, Philadelphia and New York
money was actually closer, with call loans q
poiut higher at Baltimore and Philadelphia
and up 10 6@12 per cent at New York,
against per cent at the close week ago.
The Drain on Chicago banks to the coun-
try has increased and receipts are not show
ing like gains. At New York funds are in
short supply, and the call loan market is
feverish. This is in part due to November
disbursements and is regarded as temporary.
Railroad share speculation is quiescent in
spite OF supposed pending deals. The mar
ket at the close of the week was unsettled
by an advance in money rates and vigorous
bear attacks on the trust securities, which
are exceedingly weak on unfavorable dis
closures regarding the Cotton Oil Trust.
Bonds are active and generally strong.
Foreign exchange is weak and declining.
Demand sterling, 81 $500 s..
IRON AND STEEL.
Steel is relatively more active and has
advanced more in price than iron, foundry
pig having gained about s. this year from
about S5. Steel rails are up fully S5(96 per
ton from prices reached earlier this year.
None OF the steel mills are fully supplied
with raw material There is an apparent
lull in foundry pig iron, with best grades
firm at S1SG1S so, gain of about SOC.
Copper Is firm at lie for lake, and in more
active demand. Higher rail rates for coal
and iron tend to stiffen prices asked.
Prices of leading cereals have advanced,
wheat being up 1@15sc, Indian corn "a
21Sc and oats 1z95sc. Wheat receipts at
primary markets are freer, but holders are
firmer and ocean steam freights weaker.
The gain in price is in the face of decreased
exports and renewed buying by London of
Russian futures. Lighter interior and for
ward movement of corn, but better home
and foreign demand stimulated prices. while
oats sympathized. What -four did not
change mr. n in price.
AGRICULTURAL EXPORTS.
The exports of wheat (and -four as wheat)
this week (six days ending today aggre-
gate !, 1,593, ,352 bushels against 2,197, ,469
bushels last week and !, 342, ,S14 bushels ior
the like week last year. Total exports July
/ to date, one-third of the current cereal
wear, are 81, 294, ,455 bushels, against 40, ,240,-
600 bushels in the like four months of 1888,
and 81 COS, 900 bushels in 1887. Foreign
shipments are declining sharply as they did
one year ago at this time.
Raw sugar shows signs Of weakness again
on pressure to sell and refined has gone off
1s@H cent easily. European crop advices
favor holders. Others do not. Coffee op-
tions have declined about 35(940 points on
improved Brazilian crop reports. In dis
tributing channels the movement is light at
irregular prices. Teas, for good qualities
70 dxr in Tnfa
have sold of some. Movement of Louisi-
ana.rice is sluggish and prices are weak.
Trade with dry goods jobbers at New
York and Boston is quiet, but compares
well with last year. Cotton goods are in
active demand at agents hands for spring
delivery and prices generally nrm. Wool
ems are in light demand. Heavy weight
goods have begun to move at slight ad-
vance.
THE WOOL MARKET.
Interior wool markets are active and
higher. At the sesboard manufacturers
are showing a slightly renewed interest.
Outlook for wooden goods is unchanged.
Cotton is 3gc lower at New York on equal
ization of spot prices with November
quotations. Deliveries on October con-
tracts at New York larger than expected.
Business failures reported to BrddStreet'S s
number 251 in the United States this week
against 100 last week and 22O this week last
wear Canada had 35 this week against 26
last week. The total of failures in the
United States since January 1 TO date is
1888 against s, 294 in 1888.
r. G. Dun & Co. s weekly review of trade
saws: Money has been working closer during
the past week, falling to 4 per cent last Sat
urday, but then rising steadily to per
cent, even more being asked in some cases
1t does not appear that the change has any
other cause than the demand from the in
terror, which continues later this year than
usual, and on account of great business
activity is unusually large. The foreign
situation has not essentially changed, the
Bank of England having gained s., ,64O, 900
for the week, while the Bank of France lost
$3.50, 900. There is no serious evidence of an
IMPORTANT MOVEMENT
of securities either way, but the sale of the
Minneapolis flour mill to an English syn
dicate FOR Sc, $50, 900 is a sample of many in
dustrial operations in progress, which in the
aggregate bring vast amount of foreign
capital into the country. The volume of
business continues very large, though signs
of a reaction begin to appear at some Of the
larger centers of distribution. Thus the
gain of 81 per cent in exchanges at New
York last week was due to stock operations,
and the clearings at Boston fell below last
years again, and at Boston, Philadelphia
and Chicago together the increase was but
24per cent, but at all other points together
it was over 10 per cent.
Prices are stiffening, though the general
level has advanced scarcely a quarter of 1
per cent IN two weeks. In the speculative
market there has been more activity, sDd, ,ex-
cept in pork products and coffee, an advance.
ahon noll fOr in he
movement of products. Liquidation in
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