Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-15
TRADE IMPEDED BY TIGHT MONEY.
Business Still Feels the Bad Effect of the
Election, With Number Of
Declines in Prices.
STEEL RAILS AND IRON ARE WEAKER.
Bank Clssrngs Still Increasing and Railroad Earnings
Show Gratifying Growth
ESPECIAL TELEGRAM TO THE DISPATCH. 4

movement OF general trade throughout the
ountry has been somewhat affected by the
stringeucy in money. Though no serious
check to distribution has resulted, it is plain
that demands from the interior on jobbers,
agents and manufacturers have fallen away.
The second feature of the general trade situ-
alton is found in a quite general reaction in
prices. Since the interruption noted dur
ing election week, general trade has not
fully resumed its previous activity, except
at a few points-Chicago, Kansas City,
Omaha, New Orleans and Memphis.
At New York extreme call loan rates and
little money available with which to dis
count trade paper, together with the tenn
porary embarrassment OF a large bank and
the failure of a small bank, did not fail to
have an effect on business. The S2S1, 900, 600
increase in the weeks clearings comes from
an excessive trading on the Stock Exchange.
STEEL AND IRON MARKETS.
at Philadelphia, Baltimore, St. Louis
and Duluth, while fair volume of busi-
ness is going, the aggreg ates are smaller
than within recent dates. Leather, hides,
cotton, provisions, wheat, corn, toba eco,
hogs and sugar have declined in price.
Steel rails are weak, at figures shaded
from S29; pig iron is doubtful as to whether
it will 60 lower or not; coal is dull and
barely steady; canned goods arc expected to
react in price; wool is not SO firm as a week
ago; boots and shoes are in lighter request,
and cottons are not SO active as a fortnight
since.
Wheat has been depressed by free ship
ments to markets in the Northwest and by
evidences that the Pacific coast crop has
been somewhat underestimated. San Fran
cisco, Portland, Ore, and Tacoma are all
free exporters of wheat and -four. Total
exports from both coasts this week equal
:. 1923, 321 bushels, against 2,209, 919 bushels
last week. Total shipments July 1 to date
equal 81, ,2S7, 158 bushels, against IS, ,957, 800
bushels in like share OF 1889.
BANK CLEARINGs INCREASE.
Bank clearings at So cities for the week
ended November Is, are 81, sos, ,656, ,S67, an
increase over this week last year of 22.7
per cent. New York City's clearings,
which constitute 64 4 per cent of the grand
total, are more than those for the same
period last year by 24.6 per cent, while at
80 other cities the gain is 10 per cent East
ern and interior money markets sympathize
with New York and higher rates or extreme
conservatism among bill brokers are re-
ported. Interior supplies of money are fair.
Collections are reported fair only. Remit
tances to New York have been large.
The share market has practically recov-
cred from the panic which existed in the
earlier days OF the week. The financial
disturbance and failures incident thereto
have, however, continued to influence spec
ulation, which is uncertain and sensitive in
character in spite of the general recovery of
values, even in the stocks which were the
chief subjects of liquidation.
MONEY CLOSE.
The New York money market, too, con-
tinues TO be close and very firm, although
the rates for call loans have declined. 1t
would seem, however, that the stock and
money markets are gradually working back
to normal conditions, though such process
is naturally slow.
Total earnings of 146 railroads for October
aggregate S4S, 534, $50. an increase of Al per
cent on October 1889. which in turn gained
u per cent over 1888. The total mileage re-
ported is SS, ,994, an increase OF 2.6 per cent
The trunk lines are the only group showing
a decrease from a wear ago, 3 per cent. The
Eastern railroads make the best showing,
with gain OF "a per cent Scarcity of cars
is a general subject of complaint. More than
one-!ourth of all the roads reported show de-
creases. The gross earnings af 13S roads for
ten months aggregate 1898, 251, ,12S gain of
91S per cent over 1889, which in turn gained
10 per cent over 1883.
DRYGooDs DULL.
Weather conditions do not favor the
Eastern drygoods trade, and jobbers report
a decreased demand. Agents also report
q less active call for spring wear dress
goods. Woolens are In light demand for
mems wear. The aggregate volume of busi-
ness is, however, up to the average. Cotton
and woolen mills throughout New England
are well employed. Export cottons are in
fair demand. Print cloth is weaker. Raw
wool is quieter. Fine grades are not active.
Low grades are less active but firm.
Cotton is active and higher toward the
close on short covering and some buying.
Prices were weak early on depression in the
financial situation and the issuance of the
Government crop report pointing to yield
of 5000 900 bales of the American crop.
Spots are unchanged at New York, and 1-16
(d1sc lower at the South and in Europe.
Business failures reported to BradStreet'S
number 200 in the United States this week,
against 151 last week and 217 this week
last year. Canada had 46 this week against
81 last week. The total number of failures
in the United States from January l to
date is S,7O2 against 6. .84S in like portion
of 1889.
r. c. DUN's REPORT.
R. G. Dun & Co. IS weekly review Of trade
saws: Those who have long expected severe
reaction in the stock market have now seen
the average of prices thrown back to a
lower point than has been touched at any
other time for more than four years. 1t
remains the fact that the legitimate business
throughout the country is the largest ever
known, not much inflated or endangered by
speculation and so far so osoundthatcomplaints
IN regard to collections have been much
fewer than usual. The check now sustained
NAV not improbably produce some shrink
age in transactions and dIminutlon of profits,
but the industrial and commercial con-
ditions lave been so favorable that specula-
tive disturbances are the less likely to
affect general business seriously. Reports
from other cities show that at most points
the events in Wall street have had little OF
no effect as yet
TRADE OF THE CITIES.
At Boston transactions have been some.
what limited, and money is firm at high
rates. Wool sales are smaller, but more
activity is expected with the opening of the
heavy goods season In December. Leather
is quiet and easier, and hides dull and
lower, but because bark and other materials
are strong. 1t is thought neither can re.
cede much. Boot and shoe manufacturer
are getting the recent advance in prices
with shipments exceeding last years. Lum.
Der is quiet.
At Philadelphia money is tight, and
little commercial paper offered or selling
Wool manufacturers are buying more liber-