Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-07
A SCARCITY OF IRON,
Although Sales Have Not Been Large
at the Prices Demanded.
MONEY is NOW A TRIFLE EASIER.
Speculative Markets Are Showing Some
Signs Of Activity.
CEREALS HAVE BEEN VERY IRREGULAR

aside from holiday specialties. Unsettled
weather has affected trade some at the West.
Hogs continue plentiful with prices weak.
The movement of grain from the interior is
checked by scarcity of cars, higher freight
rates and low prices. Money was higher
early in the week, but has been much easier,
ranging from 10 to 6 per cent on call.
Silver has suffered a sharp decline, both
here and in London, with partial recovery
owing to the publication of the report of the
Secretary of the Treasury. Sterling ex-
change has been depressed, approaching
close to the gold importing point.
Doubt is expressed that silver Legislation
will be effected by the present Congress
Speculation in Wall street early in the
week was mainly among professionals, the
large crops and heavy railroad earnings
which should prove controlling factors in
determining prices of corporate securities
not having any more influence than the
African slave trade does.
THE SUGAR TRUST STOCK.
On Friday qusrterly dividend of "
per cent was declared by the Sugar Trust,
which, with the report that 81, 600, 900 bonds
yg b
complete change of temper and an advance
in most of the active stocks on the list, the
trusts, coal shares and New England shares
feeling it most.
Bank clearing at 81 cities for II months
equal $50, GA, ,997, 900, or more than the u
months total in 1888, indicating probably
$55, ,000, 900, 900 as a grand total for 1889. The
increase for II months this year over last is
IA per cent over 1887. Stocks of wheat in
sight out of farmers hands, in the United
States and Canada, November 80, as re-
ported to Brddstreet'S, aggregated 81, 455, 900
bushels, an increase of 1901, 900 bushels
during November, or 16 per cent.
During October, 1889, stocks increased
(for five weeks) beyond all precedent, about
%, ,213, 900 bushels. In November, 1888, the
increase was less than in 1889, amounting to
only 6,S76, 900 bushels. Aggregate visible
wheat stocks are now the largest since
April 1, 1888. The total of wheat stocks,
both coasts, November 80, was 81, 575, 900
bushels, against 81, 81 900 bushels one year
ago. East of the Rocky Mountains, the
total November 80, was 5000, 900 bushels
larger than it was year ago.
IRREGULAR MARKETS.
The cereal markets have been quite irreg-
ular. Flour in fair demand, remains un-
per barrel on winter wheat varieties. Un-
settled home wheat markets, large stocks
here, growing stocks in Europe, and low
limits to exporters orders depressed late
options u to Is cent. Spot has sold up a
cent, and near options are firm. Indian
corn options are up u cent. The movement
is freer at the East and the demand quite
fair Barley is in light sale and weak.
Oats and rye are each higher, the former on
good demand being ups II to IL cent, and
the latter on urgent export calls and meager
offerings 81 to 81 cents higher per bushel.
Exports of wheat (and -four as wheat),
both coasts, for the current week equal
2,327, 342 bushels, as compared with 1,708,-
732 bushels last week and ], ,637, 455 bushels
for the first week in December, 1888. From
july to date total exports (wheat and -four
as wheat) have been 44,S51, ,S55 bushels,
against Al 200, 900 bushels in like portion
of 1888 and 68, 600, 900 bushels in 1887.
Unusually urgent demands for raw sugar,
largely from Philadelphia, resulted in an
active market with advances of from "A to
%c. Stocks at the four distributing ports
are down to 28, ,248 tons, against 141, ,407 tons
four months ago and 81 OLA tons one year
ago. In sympathy with the buoyncy here
foreign sugar markets hardened perceptibly.
Refined is firm and In some grades up Ic.
Coffee has declined speculativeIy about 40
points. Brazilian deliveries have been
heavy. The regular distributive trade has
been on a moderate scale at irregular prices.
AMONG THE METALS.
Domestic copper markets are more active
and higher than at any time since the break
up of the French syndicate, with spot at 14c.
Iron and steel quotations are firm in all mar
kets, with consumers waiting new year
prices. Bessemer pig has advanced. Struc-
tural and plate requirements are heavy and
there is an active demand for steel bloom
billets and slabs.
Dry goods are in moderate demand at
New York and Boston. Prices are firm and
changes foreshadowed are toward higher
range. Holiday specialties are most active
with iobbers. Raw wool is improved, owing
to fair domestic demand and strength OF
prices at London. Raw cotton is dull, but
firm on good demand and renewed small
crop estimates.
Business failures reported to BrddStreet's
number 2S1 in the United States this week
against 265 last week and 273 this week last
year. Canada had 35 this week against 36
last week. The total Of failures in the
United States January to date is 10, ,653,
against 6, ,439 in 1888.
DUN's WEEKLY REVIEW.
R. G. Dun & Co. s weekly review of trade
saws: No disturbance appears to have
resulted as yet from the Lynn and
Boston fires, and the free offerings
Of bonds to the Treasury makes the
monetary prospect clearer. In all other
respects the events of the past week have but
added prevailing confidence in the future of
business, and the opening of Congress with
the annual message and reports nave de-
cidedlv encouraging influence.
The volume of money in circulation out
side the Treasury is now s., All, 200, 900, is
about 81, ,000, 600 larger than year ago, but
far more actively employed. In the in
terror, however, there are some signs of
abating demand, and money is plenty at
Chicago, with rates unchanged. compare
tivelv. easy at St. Paul, in good supply
at New Orleans, fairly active at Mil
waukee, the demand being moderate at
Z per cent; in good demand at to De-
troit. and to at Pittsburg; in brisk de-
mand at Cleveland, where some banks are
close. but others well supplied, still tight at
PhiladeIphia with 6 per cent stiff and in
sharper demand at Boston since the fire, the
supply being small at to per cent. The
Treasury has taken in during the week
81, 300, ,O10 more than it has disbursed.
LITTLE DEPRESSION.
Reports of business indicate some falling
off at the West, which is considered tenn
porary at Chicago. and attributed to open
and unreasonable weather at Milwaukee,
where dealers appear apprehensive, and col
leetions are only fair. The same difficulty
affects the clothing trade at Cleveland, and
is called the cause of depression in the coal
trade. But nearly all reports indicate that
business is satisfactory.
Pittsburg notes improved demand and