Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-20
A Marked Loss of Confidence q Feat
ure of the Past Week.
THE ACTS OF CONGRESS DREADED.
Collections at Points Growing More Difficult
Every Day.
REVIEWS BY BRADSTREEr AND Dun
ESPECIAL TELEGRAM TO THE DIsPATcH.I

from abroad, to a comparative improvement
in the condition OF the banks, and to wide
spread belief that the underlying tendency
in commercial circles is toward improve
ment, Thus, wool is in more active request,
as are hides and leather and some lines of
drygoods, owing to the holiday season.
The movement of goods in seasonable
lines had been relatively quiet at almost all
points. Recent heavy failures and the
large increase in the total NUMBER of mer-
camille failures have attracted attention, the
South having reported from three to five
times as many each week of late as early in
the autumn, and the far West twice as
manv
Unfavorable Markets for Products.
The course of prices is not stimulating, as
hog products, corn, oats and sugar are
lower, while pig iron is weaker, though un-
changed. Wool, lumber and anthracite
coal are no lower. PROLONGED colder wealth
er is needed West at several points. West
eri banks are still quite conservative in the
matter of loans, but rates, except at Clncln-
natl and San Francisco, are no higher.
Stock speculation is very dull, pending
the ratification of the Western railway
agreement and the development of financial
and currency legislation. The sentiment OF
the street is unfavorable to activity in
stocks until after January 1. The money
market is easier at New York, Philadelphia
and Boston, there being return to time
loans and somewhat more liberal purchases
of commercial paper. The bank failure at
Chicago causes no disturbance there.
Drygoods are in light demand in whole
sale lines, as is usual at this period. The
jobbing trade is particularly dull. A fair
movement of goods on order is reported by
agents. Prices are generally unchanged.
Brown cottons have moved more freely at
concessions. Print cloths are steady. Re-
tail trade is active.
Favorable Wool and Cotton Reports.
Wool is in strong tone, Notwithstanding
the light demand. Holders manifest conf
dence in present rates. Ohio, Michigan
and Texas woods are most active. Cotton is
dull and prices practically unchanged.
The 1890 cotton report to Bradstreet's is
based OH replies from 1,615 correspondents
in 615 cotton counties in 10 States. The
indicated outturn is for large crop, proba-
bly, reaching s. 100, 900 bales, of heavy weight
but lower quality than last year, owing to
less favorable picking weather.
Bank. clearings at 81 cities for the week
ended December IS, are 81, III ,213, SIT, de-
crease from this week last year of 80 per
cent. New York City's clearings, which
constitute 58.8 per cent Of the grand total,
are less than those Tor the same period last
year by 3.2 per cent. while at SO other cities
the gain is 3.S per cent.
Business failures reported to BrddStreets
number $40 in the United States this week,
against BAL last week, and $50 this week last
year. Canada had 35 this week, against 40
last week. The total number of failures in
the United States from January l to date is
1922, against II 1853 in like portion OF
1889.
F. Il. G. Dun Reports Less Confidence.
R. G. Dun's weekly review says: "Busi-
ness continues large for the season, but
there is perceptibe less feeling of conf
dence. The causes appear to be, first, the
prospect of important monetary legislation,
the effects OF which are not clearly foreseen;
second, frequent failures and greater diff
cuties in making collections; and third,
less satisfactory condition in some large
branches of industry. Probably more peo-
pie are affected as to business undertakings,
often unconsciously by uncertainty about
financial legislation and it's efforts than by
any other cause.
Though the rate for money on call is
lower than a week ago, and money is. easier
at Boston and Philadelphia, there is still
stringency at most points throughout the
country. Complaints of slow collections
have rarely been more general, and in many
cases settlements can be made only with
notice OF renewals.
Better Hopes for Next Month Prevail.
But in all quarters there is hope that after
January l things may improve in this re-
spect if legislative prospects do not mean
while cause greater shrinkage of credits
and curtailment of purchases.
Foreign influences are not now disturb
ing. Exports of products for two weeks of
December IRON New York show a gain of 8
per cent over those OF last year, and the
total last December was hardly ever SUR
passed. Though imports continue heavy,
they are greatly exceeded by exports at
present. Exports of cotton thus far this
month exceed those of last year, and also
of provisions, but there is heavy decrease
in grain, caused by speculative prices here.
Trade at the South is fair; healthy at New
Orleans, with larger cotton shipments: dull
at Memphis, but more confident ut Little
Rock; slightly improved at Montgomery
and good at Nashville; less confident at
Jacksonville, and at Atlanta accumulations
of cotton are large.
Condition of Trade in the West.
Money is very close at all points, banks
HelplIS DIS lar DIS LHeY eau, DuL
collections are not average. Across the
Mississippi st. Louis has colder weather,
tavoring all lines of trade, but at Kansas
City holiday trade is below the average.
AT Denver, trade is only fair; at Salt Lake,
improving some; at Omaha, talr; at Mime
apolis, steady for lumber and improving in
prices Tor -four, and at st. Paul, confidence
is returning. Collections in this region are
at most points fair.
At Chicago receipts of wheat are third
below last years; OF hides larger and of
other products about the same. Money is
firm, but regular business is supplied, and
there is confidence in the immediate future.
At Milwaukee and Detroit trade is good; at
Cleveland fair and at Cincinnati very quiet
in wholesale lines. Pittsburg reports more
confidence in trade in manufactured iron,
in glass slower and in Besseper blooms
lower. Banks are less apprehensive, but
cautious.
Collections Are Becoming More Difficult.
Confidence improves at Boston. and sales
of merchandise are increasing. Although
money is easier at Philadelphia, the note
worthy feature is the general difficulty of
collections, especially in iron, paints, oils,
jewelry and glass. Trade is fair IN all these
lines and glass plates are sitter, but lower
prices are expected in wool and the demaud
:or tobacco is light.
The anthracite coal trade is demoralized
aud restrictions OF output do not restrict, a
general breakup of the combination being
apprehended. Iron shows no improvement
at Philadelphia or here. The demand for
finished products generally is Stacker, and
closing of more furnaces is likely to be
forced. Copper is unsettled. but tin is
ch ar laoA lot