Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-06
THE STATE OF TRADE.
Dullness of Last Week Still Con-
tinues, Says Bradstreet's.
BANK OF ENGLAND GIVES RELIEF.
Trade in Holiday Speclalties Only for the
Time the Year.
DUN'S REGULAR REVIEW OF THE WEEK

NEW YORK, Dec. 5.-The somewhat re-
stricted volume of business throughout the
country reported to BradStreet's a week ago
continues feature of the commercial and
industrial situation, notwithstanding colder
weather within few days has tended to
stimulate buying. Holiday specialties are
fairly active at retail. St. Paul, Cincinnati
and Memphis report very good trade in
seasonable lines, but at most other promi-
nent distributing centers like announce
ments are qualified by admissions of fall
ing off in the total volume of trade, less
satisfactory interior mercantile collections,
and disposition to take no unnecessary
risks on the part of bankers and traders
alike.
Money is not materially easier at interior
financial centers, and the banks are still
ignoring speculative requests for funds in
their efforts to meet the demands of pro-
ducing and distributing interests.
Unsettled Money and Stock Markets.
Bullish operations In the New York stock
market have been suspended on the delay in
perfecting the Western railroad agreement
and the unsettled condition of the money
market. European buying has been fairly
large, but otherwise the speculation has been
in the hands of traders, and prices have
tended downward on a very dull market
Money was held very stiffiy at New York
until the Bank of England dropped its dis
count rate from to per cent. This had a
good effect, and call rates, which had ranged
from IA to per cent earlier in the week, got
down as low as per cent on bankers bal
ances. Commercial paper is still taken at
to per cent discount for best with little
wanted by bankers, except from regular
customers
The general tendency of prices of staples
has been downward. Iron is no lower, but
weaker. No large orders are being placed
The effort to advance anthracite coal prices
has failed. Prices for lake copper are ex-
pected to go off %c in the near future.
Large stocks and slack demand have shaded
print cloths, and wool is quite as dull as
previously, with reduced volume of sales
at Boston this week.
Metal and Produce Prices Falling.
Cattle and hogs are off cents at the
West, and provisions are little lower on
the week. Wheat has been less unsettled,
with reaction of N cents. Indian corn,
however, is up cent on rapidly vanishing
supplies, and ingram carpets will soon be
marked up. Cotton closes about where it
opened this week.
November bank clearings gained more
heavily over those of November last year
than did those of October over October,
1889, owing to active trade and larger stock
speculation. Total November clearings at
81 cities aggregated S5,441, 712, $50, an in
crease of 7.3 per cent over last year. At
New York the clearings aggregated $3.50, )
769, 159, gain over year ago of 5.4 per
cent, while outside of New York the gain
was nearly 10 per cent. For IL months of
this year the gain at 50 cities is 8.4 per cent.
Steady, cool weather has improved heavy
weight drygoods sales by jobbers. Aside
from this; the general demand is seasonably
light. Worsted goods are in demand, and
manufacturers are behind their orders.
Best grades of wool are firm. Some sales
have been made at concessions. Territory
wools are most active.
Visible Supply of Grain Growing Smaller.
Wheat stocks available in the United
States and Canada, east OF the Rockies, De-
cember 1 were 9,612,000 bushels smaller
than those of one year ago. The aggregate
OF domestic stocks, both coasts, at European
storage points and afoat for Europe on the
1st inst, is also nearly 10 600, 900 bushels less
than on December 1, 1889.
Exports of wheat on the Pacific coast
continue very heavy, and would be heavier
did available tonnage permit. Wheat and
flour exports from San Francisco, Tacoma
and Portland, Ore, this week are in excess
OF l, 100, 900 bnshcls of wheat. Total ex-
ports, both coasts, equal 2,4S7, 1873 bushels.
against 1,911, ,633 bushels last week, and
2,32I ,342 bushels in the like week last year.
Total exports July to date, equal 43, $685.
875 bushels against 44,S51, ,S55 bushels in
1889, Al, 900, 600 bushels in 1883, ana 6S. OO0.-
600 bushels in like portion OF 1887.
Business failures reported to Bradstreet's
number 321 in the United States this week.
against 233 last week and 2S1 this week last
year. Canada had q this week, against &c
last week. The total number OF failures in
the United States from January to date is
9,501 against 10, 653 in a like portion of
1889.
The Stringency in Commercial Loans.
Il. G. Dun s. Co., in their weekly review,
say: "Stringency in commercial loans, no.
ticed last week as the chief cause of present
disturbance, is now almost the only remain
Ing cause. In domestic affairs there has
been distinct improvement in the dispo-
sition of banks and money lenders
to give necessary support to legitimate busi-
ness, curtailing speculative advances as far
as possible; but the volume of trade is still
surprisingly heavy, and, as clearing house
exchanges and railroad earnings prove, the
returns from many centers of trade are
larger than ever before at this season. With
time and spirit OF mutual heIpfulness, the
legitimate business of the country should
recover its normal state of health soon,
Very numerous and full reports from ether
cities this week show that the cheapness of
cotton at the South and the delay of winter
weather at the North, have somewhat re-
duced transactions and caused more tardi-
ness in collections than heretofore, but
colder weather and the approach of the holi-
day season already begin to have favor
able effect at many points.
Improved Trade in Many Cities.
Thus at st. Louis, trade is improved in
all seasonable lines; excellent at Baltimore,
and better at Detroit and Boston. At most
Southern points the slower movement OF
cotton, on account OF low prices, is named as
the principal cause of delay in collections
At Dallas, while money is tight, banks have
made advances are urging shipments, and
within radius of 100 miles there are said
to be over 5000, 900 to $40, ,000,0 900 worth of
cotton ready to be forwarded.
Banks are generally taking care of their
customers as far as they are able, and the
movement of sugar at New Orleans is large
at good prices. In the Northwest, while
conservative feeling appears and money is
generally in sharp demand there is noted
greater ease. AT Cincinnati and one or two
other points and at Chicago necessary ad-
vances for legitimate business are made to
the exclusion of long drawn out or specula-