St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-15
MONEY rs PLENTIFUL.
A Slight improvement in the
Volume OfTrade.

New YORK, March AR. G. Dun &
Co.'s weekly review OF trade says: The
money market has been relieved by
treasury disbursements, by another re-
ductiOn in rate by the Bank of England,
and by fall of three-quarters of AGENT
in the rate of sterling exchange. The
volume of business continues extra
large, at New York cleanngs exceeding
last years by per cent, at Boston by q
per cent, at Philadelphia by IL per cent,
at Chicago by II per cent, and at all
other points by ID per cent. The
increase in railroad earnings for
February was about 1919 per cent.
The weekly output of iron furnaces in
blast March was 1S0.99l tons, against
174,03S Jan. l, and 1875 q year ago.
To many this further increase OF over 4
per cent for the month will seem sur
prising, but it was announced month
ago that several large furnaces were
about to go into blast. With produc-
ton exceeding that of year ago more
than 20 per cent, and already at the rate
of 9.4U0,0 900 tons yearly. the tone of the
market has been weaker and prices
have again declined. A reduction of
S1.5O in the price of Birmingham iron,
SO that it is now offered in Eastern mar
kets SC cents below similar iron from
Pennsylvania. compels sellers to make
concessions and causes nervous and
disappointed feeling. Rails are quoted,
Xxx half dollar lower, and one lot is
said to be for sale at $34. The demand
for bar iron Is better, but on the whole
there is as yet lack of evidence that
the country can consume at the rate it
is now producing pig iron, and lower
prices are apprehended. There is no
setback as vet in the cotton manufact-
ure, although raw cotton has again adj
vanced a sixteenth, exports being al
most up to last years for the week, and
for six months, ending with February,
2,010,000,000 against 1,722.000,0 600 for the
same months OF the previous year. More
sales are noted of rubber goods, and the
demand for building materials of all
sorts continues large, with prices tend
ing upward. Reports from other cities
indicate some Improvement in the vol
noticed. At Chicago receipts of
grain equal. and of meats and pro-
visions largely exceed last years, while
wool and hides fall short, though a bet
ter demand for wool appears of late.
Dry goods sales are below last year. but
collections are average, and the cloth
ing trade fair. At st. Louis trade has
been improved by the weather, but
Southern distribution is impeded by the
floods below. At Milwaukee and Cleve-
land trade has improved somewhat; at
Omaha it is larger than last year, and
at other Western points fair, though at
Denver and some other points unset
tied freight rates make some difficulty.
At Pittsburg the general business
is good, but weakness is felt i'll
iron. and flint glass works are
restricting output because of dizziness.
At all points reporting any change III
collections they are more satisfactory.
and the western money markets are all
fairly supplied, though the demand is
strong at Denver, while money is tight
at Philadelphia, but easier at Boston.
No change OF consequence in rates has
occurred in the New York money
market, though the treasury has paid
out S. Zoo, 900 more than il has taken in.
Exports of cotton. breadstuffs and oil
for February were in value S39,217, S6S.
against $50, 6l0,3 1896 last year, a gain of II
per cent, largely due to doubled exports
of wheat and flour. But for two weeks
of March the exports from New York
have fallen below last years nearly Q
per cent, while imports increase. Rail-
road stocks are at Is cents per share
higher than a week ago, but trust stocks
are weaker. and Tennessee Coal and
Iron 1O1lc lower. The speculative mar
ket for products have been a little
stronger, excepting oil, which has
dropped cents. Wheat and corn are
15c higher. coffee a nc higher and pork
products little stronger. But specula-
ton is not rampant, and is likely to be
restrained for month by fear of tight
money. The business failures through
out the country during the last seven
days number 252, as compared with
total of 260 last week. For the cores
bonding week Of last year the figures
wrrn 061