Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-13
BUSINESS IS SLACK.
The Stringency in the Money Market
Felt in Many More Cities
That Last Week.
LARGE NUMBER OF LABOR STRIKES
The Worst in the Iron Trade at Pittsburg
Supposed to be Over Despite a
Large Production.
LARGE NUMBER OF LABOR STRIKES
DECREASED PRODUCTION DOWN SOUTH.
Bank Cearings at New York City Are Falling CT but
Are Increasing Elsewhere.
ESPECIAL TELEGRAM TO THE DIsPArcu.I

ESPECIAL TELEGRAM TO THE DIsPATcH.I
New YORK, Dec. 12.-Special kilograms
to BrddStreet'S record quite general re-
striction OF the volume of trade throughout
the country, in large part due, of course, to
the season of the year. The fact, however,
remains that the prolonged stringency in
the Eastern money markets is begin ming to
have an effect elsewhere, and at points
where no scarcity of funds had previously
been noted money IS now quoted close, and
discount rates in some cases have advanced
from to per cent
At Boston and New York funds on call
have been easier since the shipment of gold
from abroad to this country, but not much
change is noted at Philadelphia, except that
the banks charge 1@2 per cent less when
loaning to regular customers than in other
cases. Low rates for sterling exchange have
been feature, but they came at a time
when there was little demand ior CONNER
cIal bills.
The cotton trade at Memphis and New
Orleans has been checked. Trade is now
SAID 10 be smaller in volume at Chicago, st.
Louis, New Orleans, San Francisco. Omaha
and Duluth, owing to arrangement in the
money market
= Large Number of Strikes.
The general industrial situation is less
quiet. owing to number of large strikes
notably among coal miners, thread mill
hands and leather workers. There are is
strikes, involving 1926 persons, reported
Sc far il December, more than double the
number in December, 1889.
Iron is still dull, but no lower, despite an
increased output during November.
Worsted factories at Philadelphia are ac-
lively engaged, but wool and hides are duller
and in slow demand.
The products and live stock have very
generally declined in price. Wheat has
been irregular and is 1IIc higher. 1t is
officially reported that there were 20, 600, 900
bushels OF wheat in and on. of producers
hands in California on December 1.
Bank clearings at 81 cities for the week
ended December II are s., ,1S6, ,283, ,O5S a
fractional decrease from this week last year.
New York City's clearings. which consti-
tute 60.7 per cent of the grand total, are less
than those for the same period last year by
81 per cent, while at IS other cities the
gain Is 81 per cent.
Drygoods are in between-seasons' demand.
Tight money neutralizes to some extent the
effect of the steady cool weather on recorders
for seasonable goods. The holiday trade is
good. Cotton fabrics are quiet. Brown
cottons and print cloths are the principal
exceptions to general price steadiness
Manufacturers are slow to sell at present
rates, which are fve-sixteeIths of cent
lower than three weeks ago.
Wool Market is Slow.
Wool is quiet but firm on small stocks in
spite of NJ, ney stringencY and weak de-
mand. Australian woods are more active.
Carpet sorts are duller Cotton is one-six-
teent Of a cent lower on tight money and in
creased offerings at this and primary points.
Business failures reported to BrddStreet'S
number 341 in the United States this week.
against 321 last week, and $40 this week last
year. Canada had 40 this week, against q
last week. The total number of failures in
the United States from January 1 to date is
9 $40, against II ,023 III q like portion of
1889.
i. G. Dun & Co.'s weekly review saws:
The business outlook is more hopeful, but
the past disturbance and continuing uncer-
tainty are felt in reduced volume of bust
ness throughout the country, which, though
slightly larger than year ago, no longer
shows the material increase until recently
maintained.
The South reports fair business in spite of
the continuing decline in cotton. Spirits
move freely at Savannah oranges at Jack
sonville and sugar, molasses and rice at
New Orleans, all at good prices.
Reports From Various Cities.
The supply Of money is ample for necessi-
ties at New Orleans, but at other points
money is light. though banks help their
customers as far as they can in legitimate
business only.
At the West colder weather has helped
trade at Cincinnati, Detroit and some other
points, and business is only fair at Denver
good Tor 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. Chi
cago business continues much larger than
last year, being little affected BY Eastern
troubles, and the receipts OF most products
show increases.
Al Pittsburg the worst is thought to be
over, and money and collections are easier,
though iron has declined, and there is less
demand Tor manufactured products. Phila-
oelphia notes little Improvement. The shoe
trade notes sharp falling off, especially IN
Southern demand. Boston observes im-
proved demand for leather at the lower
prices and wholesale trades are generally
quiet.
Iron production increased in November,
reaching 1S3, SIG tons, December 1st, a gain
Of nearly 5000 for the month anG over
1900 compared with last wear. Several
new and large furnaces have gone into blast
but Later dispatches show that within TWO
weeks a number have stopped production,
and one Southern establishment has failed.
Quotations are lower, SIS for Northern and
SlI % for Southern No. 1, with rails lifeless
and decidedly less demand for bar iron and
plates. 1t seems clear also that stocks of
unsold iron at furnaces are increasing so
that eurtailment of production seems to be
unavoidable.