The critic. (Washington, D.C.) 1890-1891, 1890-12-13
FINANCIAL AND COMMERCIAL.

look is more hopeful. There have been
numerous failures and is still much pres
sure, but the supply of money has so inn
proved by Treasury purchases of bonds
and by shipments of gold from Europe
that there is more ground for confidence
and some actual improvement. Unhl
after January | not much relief can he
expected, and fears of unwise legislation
continue to cause much withdrawal of
money from active use, but for the present
there is less pressure here or at Boston.
Stocks again reached the lowest prices TINS
year OH Saturday Of last week, and have
since recovered, yesterday quite sharply,
on account Of better monetary conditions,
and the hope that a meeting of presidents
next week may adopt radical measures OF
improvement. But the past disturbance
and continuing uncertainty are felt in
reduced volume of business throughout
the country, which, though slightly larger
than year ago, no longer shows the ma
terial increase until recently maintained.
The South reports fair business in spite
of the continuing decline in cotton. Spirits
move freely mt Savannah, oranges at jack
sonville, and sugar, moasses, and rice at
New Orleans, all at good prices. The sup
ply Of money is ample for necessities at
New Orleans, but ut other points moneyis
tight, though banks help their customers
only. AT the West colder weather has
helped trade at Cincinnati, Detroit, and
some other points, and business is only
fair at Denver; good for the season, with
large cattle and hog receipts at Kansas
City; strong, with liberal distribution of
goods, at st. Louis; fair for the season at
st. Paul, and more active in holiday lines
at Cincinnati. Chicago business continues
much larger than last year, being little
affected by Eastern troubles, and the re-
cepts Of most products show increase. At
Pittsburg the worst is thought to be over,
and money and collections are easier,
though iron has declined, and there is less
demand for manufactured products.
Philadelphia notes little improvement,
though jewelry Is active at narrow mar
gins Of profit and less complaint than was
expected is heard in the clothing trade,
but wool is extremely dull, us may he in
ferred from the fact that the business IN
shoddy is very large, its use In place Of
high-priced wool increasing. The yiioc
trade notes sharp falling OF, especially IN
Southern demand, attributed to fail n Ia
distribution after the large sales made
when prices were rising. Boston observes
improved demand for leather ut the lower
prices, and retail dry goods active for sea.
sonable products, but wool sales are small
and wholesale trades generally quiet.
Iron production increased in November,
reaching 1S3, $40 tons December /, gain
of nearly COCO for the month, and over
1900 compared with last year. Several
new and large furnaces have gone into
blast, but later dispatches show that
within two weeks number have stopped
production, and one Southern establish
ment has failed. Quotations are lower
S1S for Northern and SIPS for Southern
No. 1, with rails lifeess, and decidedly
less demand for bar iron and plates. II
seems clear, also, that stocks of unsold
iron at furnaces are increasing so that q
curtailment of production seems to be UNI
avoidable. The wooden manufacture is
doing decidedly better than a year or six
months ago, but heavy woolens open at
| last years prices; some overcoatings have
| advanced 3 to 5per cent, but others are
| lower; some grades of union cashmere
| are per cent. higher but the great
| majority realize no advance, and there is
n waiting market for knit goods and a
shrinking demand for dress goods, though
plain soft wool fabrics command to -
| per cent. above the lowest prices of the
| year. The cotton manufacture is less
| satisfactory, and some works are suspend
| ing production, print clothes having fallen
to 3 cents for CHS.
The speculative markets have not been
very active, hut wheat has risen II and
corn q cents and oats cent. Pork pro-
ducts are unchanged, cotton sixteenth
lower oil y cents lower and coffee !
lower The rise i'm breadstuffs is not s,ls-
tanned by foreign demand exports falling
far below those of last year, week by
week, nor by prospects for the next crop,
since State reports generally show, in
creased acreage Of winter wheat and eX-
cellcnt condition. Tin has risen half a
cent during the week, but copper is of I'M
certain price, offers at 10 for Lake being
| unayailing and the market for lead is
thoroughly demoralized by importations
of 6,00O tons at the recent speculative
prices.
Treasury payments for bonds do not yet
appear in statements of cash, which show
| no loss for the week. The most signii-
cant fact is that very large proportion Of
the money was taken in gold by the sellers
of bonds, presumably for withdrawal UNI
til uncertainties about silver legislation
have passed. But the fall in foreign cx-
change and the movement of over So
100000 gold to this side show dis
position of European investors to take
some properties here at current prices.
The commercial troubles outside of none
tary stringency are mainly due to exces-
sivc purchases made in anticipation of a
great rise in prices. Those who made such
| purchases, in the belief that in spite of
the expected higher prices and the short
crops consumption would be rs great as
ever, find themselves embarrassed by a
distinct shrinkage in the distribution OF
products to consumers.
The business failures occurring through
out the country during the last seven days
as reported to r.. G, Dun e Co., the Mer-
camille Agency, by telegraph, number, for
the United States, A7, and for Canada, u
or a total of 3I4, Us compared with total
of 3l2last week, and 249 the week previous
to the last. For the corresponding week
r L. ..,,t
ing 260 failures in the United States, and
DIN the Dominion of Canada,
New York, Dec. l3.-Money on call
was easy to-day, per cent. was the only
rate, and AT the close accommodations
were plcntifully offered at 3,
| Exchange closed steady; posted rates,
479g@4S4; actual rates, AIS fOr sixty days
and 1873 for demand.
| Governments steady; currency 6s, 100
bid; is coupon, l22 6id; i4s DO, lo3 bld:
| The news of the failure of an influential
operator in London, who was largely in
terested in American stocks, especially
Union Pacific and st. Paul, caused weak
opening for stocks in this market.
The first prices were generally lower
while Missouri Pacific was down II,
Union Pacific H. and Louisville and
Nashville per cent. The weakness was
not of long duration. A sharp buying
brought prices up in the early trading e
\ fraction above the closing of yesterday
Missouri Pacific advanced II, Lackawanna
/, Rock Island |, and the remainder OF
the list to 1.
Toward II o'clock prices again began &c
shade OFF, After IL o'clock the market
! was dull and prices continued weak up tc
1880. About that time the bank statement
made its appearance, showing an increase
in the reserves of IS, 036, 325
This was a signal for a heavy buying
and by u o'clock prices We're generally a
tional advance for most stocks.
The sales for the morning amounted t
l02, l07 shares,
|
| GA Fourteenth street northwest is thu
| y1onn thtu al ntn tbn M X al m