Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-17
CONGRESS CUTS A SMALL FIGURE.
The Iron Market Continues to Be Quiet,
Despite the Failure of the Great
Strike in Alabama.
THE MONEY MARKET is MUCH EASIER.
Exports Continue to Largely Pred1minate Over the
Country's Imports.
:srEcIAL TELEGRAM TO THE DISPATCH;

ulated the demand for staple articles n orth
and West, and at Philadelphia. Memphis,
Chicago, Duluth, MINNEAPOLIS and St. Louis
fair movement is reported. Increased de-
mand for supplies for logging camps in the
Northwest has resulted IN some activity
among dealers in groceries, clothing and
provisions. Trade in Nebraska and por-
tions of Kansas, is quiet, with obbers not
extending lines ofcredit, preferring to await
payments now past due. Omaha and st.
Joseph refer to this state of affairs, with
drygoods, clothing, bo OTIS and shoes slow OF
sale.
Higher prices for grain and lower prices
for hogs have caused Missouri, Kansas and
Nebraska farmers to sell freely. At St.
Louis there is greater freedom in general
distributive lines, but, with pig iron, prices
are shaded. Manufacturers of textiles re-
port trade quiet, excepting those making
upholstery.
Quiet State of the Pig Iron Market.
Pig iron is quiet The strike of Ala
bama miners has failed, but this will not
tend TO strengthen the market Stocks of
pig increased 25O, 600 tons in December. 1t
is announced that steel rail makers have
settled their differences, have allotted ship
ments for the year and will not contract for
less than $50 per ton. Anthracite coal is in
better demand ana frmer in price except at
Chicago, where it is off % cents per ton.
Leather is frmer on the strong market for
hides, while crude rubber is reaching up
toward so cents. Raw sugar is quite firm
with holders not offering to sell. Coffee is
One-eighth cent higher on -an improved de-
mand.
Money markets generally throughout the
country are easier, and rates have dropped
noticeably at Memphis. AT Duluth and st.
Joseph money is closely held and not in
abundant supply. Funds have been re-
ceived at Omaha from the East, but the
tendency of money continues Eastward
Mercantile collections are quite irregular,
and, on the whole only fair.
Stock speculation is undergoing a re-
action from the recent builish tendencies,
the advance having apparently been too
rapid.
Free Coinage Is Not Anticipated.
1t cannot be said that the Congressional
action on silver has thus far affected the
market appreciably. as doubt is felt of the
ultimate passage of the free coinage bill
Western sentiment as to the success OF tine
new railroad association is not encouraging.
Bank clearings at 55 cities for the week
ended January Is are 81, 190, 2SS, 398. an in
crease over this week last year of 19 per
cent. New York City's clearings, which
constitute COG per cent of the grand total,
are fraction less than those for the same
period last year, while at "a other cities the
gain is Sc per cent
Wheat is weaker and bearish sentiment
appears to dominate at the moment. Dry
goods are in fair demand, but some lines
are rather backward. Brown and bleached
cottons are slow and weak. Woolens are
In steady movement. Print cloths are more
active and slightly higher. Territory and
pulled woods are active, but heeces and car
pet woods are in slow sale. Prices gener-
ally are firm and tend upward Cotton
speculation is less active. Futures are
steady and only slightly changed.
The Key to the Cotton Situation.
Good grades are scarce and 1sc higher.
The crop movement is the KEY to the price
situation. The lighter than anticipated
port movement is said to be due to bad
roads.
Business failures reported to BrddStreet's
number 500 IN the United States this week,
against 391 last week, and 355 this week
last year. Canada had 81 this week against
s6 last week. The total number of failures
In the United States from January to date
is 903, against ], ,01e last year.
r. G. Dun & Co. s weekly review saws:
How far the situation and prospect may be
changed by the passage of a free-coinage
bill by the Senate, as yet is mainly matter
OF conjecture. Reports OF the state of trade
at different points reflect mainly situation
prior to that vote, and show general i'm
provement in the volume OF business, easier
money markets and a more cheering out
look. The exports Of merchandise heavily
exceed imports in value.
Exports Much Larger Than Imports.
AT New York for January thus far the
increase in exports over those of last year
has been 81, 40O, 900, or about II per cent
while the imports here show decline OF
8, 900, or about 15 per cent.
the preliminary reports of exports of cot
ton, breadstutis, provisions, cattle and
petroleum in December were almost unprece-
dented. Hence it appears that the excess of
exports In December was very large in spite
OF the decline in movement OF breadstuffs,
which higher prices tend to prolong. For
the past week, with wheat one cent higher,
corn and oats practically unchanged, and
cotton three-sixteenths higher exports of
wheat have been only half of last years; of
Hour, less than a quarter, and of corn only
one-eighth, while tine exports of cotton show
n decrease for the week in spite of a con-
siderable increase in receipts. Pork has not
changed, but lard and hogs are lower, oil is
! u cents lower, and the speculative markets
nre generally rather weak outside of those
above mentioned.
Reports From Other Cities,
The reports from other cities show that
until Friday the situation and outlook had
been improving and a feeling OF greater con-
fidence prevailed. Boston notes greater ac-
tivity in wool, goods selling well. aud more
buyers appearing for boots and shoes, with
leather firm, but lumber depressed. Phila-
delphia reports easier money, better trade
in canned goods and in wool, fair trade in
groceries generally. Chicago sees increas-
ing sales of drygoods and clothing, with
better collections; some decrease in the re-
ceipts of grain, dressed beef and butter, but
m increase in lard, cheese, hides and wool.
AT Cincinnati there is an average trade, and
there is a favorable outlook at st. Louis; in
activity in retail clothing, owing to mild
weather, at Kansas City, and depression in
the lumber inter. State business at Milwau-
kee, owing to lack of trade, and at st. Paul
and Cleveland. Trade is improving at
Louisville, Memphis and Jacksonville; only
fair at New Orleans, but increasingly active
at Baltimore.
The State of the Money Market.
The money markets have grown easier.
md banks are able to help customers more
literally, but at the East the difficulty of
making commercial loans has not en-
tirely ceased, though money on call
is very abundant. In other words,
those who have money want their funds at
immediate command In case OF any emer-
gency. The Treasury has put out of cash.
including 81. 800 600 more new silver notes,
about $500, 900 more than it has taken in
during the week. At the West and South