Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-22
OPTIMISTIC VIEWS.
Wall Street Troubles Have Small
Effect on the COuntry's Trade.
PRICES GENERALLY YIELDING,
Which Has a Decidedly Good Effect on
Export Business.
TIGHT MONEY MARKET A DRAWBACK.
ESPECIAL TELEGRAM To THE DIsPArcH.,

NEW YORK, November 21.-Special tele
grams to Bradstreet's rom 40 of the more
important cities, indicate that, while the
stringency of money has been pronounced,
there have been no serious results to general
trade. At New York, where money has been
in relatively the greatest demand, bankers
have continued to discount for regular
customers to the extent of actual needs, but
at higher rates. Brokers in commercial
paper have done less than usual.
Among eight leading New England bank
ing centers, at Boston alone is outside paper
reported to be taken by the banks, and then
only to limited extent. Providence, Port
land, Lowell, New Haven, Hartford, Wor-
cester and Springfield banks have been dis
counting for actual wants Of regular
customers for more than week. but have
done nothing with outside paper. The
stringency at Philadelphia has affected
general trade somewhat Few time loans
have been made, and less commercial paper
than usual fioated.
MONEY IN OTHER CITIES.
Other cities have been affected more or
! less. Money has been tight in Denver for
several months, and several failures have
been announced there as due to refusals of
banks to renew notes. Cleveland, Detroit,
Milwaukee and Kansas City report only
moderate closeness in the money market.
The Memphis and New Orleans cotton ex-
port trade suffered from Generalization of
sterling exchange. This has been overcome
since.
At Buffalo, Rochester, Louisville. Indian
apolis, st. Joseph, Grand Rapids, Des
Moines, Galveston and Richmond no special
effects of tight money have been observed.
Call loauing rates outside of New York
have ranged from !! to per cent. higher.
Few time loans are reported.
Leather and wool SAWS, and at some
points real estate, produce and stock specu-
lation, have been checked by tight money,
as have purchases and the movement of
wheat The latter at the Northwest has
checked purchases in other lines some
what
FAIR VOLUME OF TRADE.
The volume of general trade is of fair
proportions, but not equal to that of three
weeks ago. Wheat prices have declined
4@5c per bushel; corn, &c, and oats, 214c.
Pork is SOC per barrel cheaper, and lard is
off points. Pig iron is no stronger, and
steel rails are quoted at S2S 30.
Exports of wheat and -four. both coasts,
Z,LO
same week last year they amounted to
], 1861, ,462 bushels, and last week to ,323, ,321
bushels The aggregate shIpped abroad
from July to date is SO, 569, ,029 bushels,
against 40, ,S18, ,780 bushels i'll like por-
tion OF 1889.
The New York stock market was again
thrown into panic condition by the diff
| culties of Barring Bros. & Co., which was
followed early in the week by renewed
| financial pressure. failures and an extremely
| apprehensve feeling. Under the influence
of liberal measures on the part of the banks
| in New York and other cities to relieve the
| stringency. and the non-appearance of
| flu rther trouble abroad, joined with consid-
erable investment buying of stocks at low
prices, the market showed an irregular i'm
| provement, which at the close of the week
| developed into a considerable advance. This
| action was mainly due to developments
which indicate that the control OF some of
| the disturbing Western railroads has passed
! into the hands of interests committed to
| pacifcation and an advance of rates.
RAILROAD EARNINGS.
| September net railroad earnings are favor
| able when contrasted with the August and
| July statements, in which decreases from
last year were reported. Every section of
| the country reports gains over last year, ex-
gains in gross, while reporting decreases in
net returns. The total net earnings of 113
! companies for September aggregate
| S21, 154. .432, an increase of Al per cent over
September, 1889, gross earnings on the same
| roads gaining 7.8 per cent. The Central,
Western, Pacific and coal roads make the
best showings. OF the roads reported about
| 60 per cent show increases. The total net
earnings of 122 roads for the nine months
aggregate S16O, ,89S,671, a gain of IL per
cent, gross earnings gaining SO per cent in
the same period. This follows a gain in net
in 1889 over 1888 of 13 per cent.
| Drygoods are in light demand, partly
owing to the financial stringency, but
largely to the present being between
seasons. Prices OF staple cottons and wool
ems have shown little change. Print cloths
are easier. Carpets are 5@10c per yard
| higher at first hands. Raw wool is dull, and
| low grades are 12c lower. Raw cotton is
3-16c lower on spots and Nc off on contracts.
| BANK BUSINESS.
| Bank clearings at 50 cities for the week
| ending November 20 are 81, ,423, ,615, ,646, an
increase over this week last year of 14.3 per
cent New York City's clearings, which
constitute 63 per cent of the grand total, are
more than those for the same period last
year by 11.9 per cent, while at 81 other cities
the gain is 10 per cent. Business failures
| reported to Brddstreet's number 245 in the
United States this week, against 200 last
week and 259 this week last year. Canada
has 38 this week, against 46 last week. The
total number OF failures in the United States
from January II to Gate is S.947, against
TO- 10Y in like portion of 1889.
| r. G. Dun & Co. s weekly review of trade
saws: The marvel to-day is that the busi-
ness world has been able to stand, with SO
little disturbance thus far, such shock and
| strain as the past two weeks have brought
With the cases OF the largest commercial
banking house in Great Britain turned over
to the Bank of England, with several large
stock failures here and ore at Philadelphia,
and some savings banks besieged by ignor-
| ant depositors in a panic, the legitimate
business of the country has hardly been af-
| fected tall.
| BUSINESS DIFFICULTIES.
Stringency has checked some buying;
difficulty Of making foreign exchange
threatents to retard movements of cotton
and more conservative temper is seen in
| a souuder condition of legitimate business
than many supposed. The collapse of ma y
great speculations has brought heavy losses,
but the public has not been taking much
part in such operations. 1t may be hoped
that financial institutions, forced at last to
| drop speeulations, which absorbed enor-
nous capital, will have more available
! after the storm has passed for the use OF in
dustry and commerce.
British losses by the shrinkage in South
| American stocks, nitrates, cedulSs and
South American securities are estimated at
S439, 900, 900. The depression in American