Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-17
GOLD SLIPPING AWAY
And Its Expectation Causes Appre-
henSiOn in Trade Circles.
YET BUSINESS IN PROMISING.
The Volume of Exports, Also, Really
Greater Than Ever Before.
BRADsFREETS AND DUYS REvIEwS

NEW YORK, Dec. 1b.-R. u. Dun q 20.
weekly review of trade says: The ship
ment of more than 100000 gold TO Eu-
rope early this week has caused some nat
ural apprehension in speculative markets.
1t is true that the gold is demanded by
Austria under such circumstances that an
exceptional premium is paid for it, but
neither Austria nor any other country
could draw gold from the United States at
present unless there were heavy sales OF
American securities by foreigners
The exports of breadstufs, cotton, pro-
visions, cattle and petroleum in November
amounted to So, 669, ,392, indicating sggre-
gate exports of about S95, 100000 per
month and an excess of merchgSitise ex-
ports over imports of not less tina NO, ,OOO,-
OO0 At the same time silver has been 60
ing abroad in large amounts. 1t is clear
that unless securities had been moved this
wRy in unusual amount gold could not be
taken abroad in the settlement of inter
national exchanges, but the conditions of
domestic trade are decidedly healthy and
the approaching close of the year will ind
larger volume of business, both foreign
aud domestic, than has ever been known
before.
Pittsburg's Great Industries.
AtPittsburg the demand for manufactured
iron is somewhat less urgent, but the out
put Of pig iron increases and trade in glass
is fairly active. Coal is exceedingly quiet
The trust has advanced the price of
whisky again, apparently hoping the Gov
erument will increase the market
The trade in boots and shoes continues re-
markably large, and it is noticed that
orders from the South are unusually free.
In the drygoods business increased strength
is seen in cOttOns, and sales of wool for the
year at the two largest markets have been
2SS, ,O16 679 pounds, against 256, 531, 296 tor
the same weeks last year, an increase OF
more than 81. .OO0, 600 pounds. 1t is noted
that the freight movement both Eastward
and westward, is unusually heavy.
The movement of gold does not, foT the
present, cause especial stringency in the
money market here because currency is
coming this way from the interior. Never
theless ii is felt that any considerable outgo
at this season must affect prices of products,
and wheat is nearly cent lower than
week ago, with but moderate sales, though
corn is about l cent higher and oats sub
stantially unchanged In the cotton mar
ket extraordinary speculation continues,
with sales of more than 100000 bales for
the week and a slight advance in prices.
The Movements of Money.
Money has been little dearer, the rate
on call rising from 4 to 5 per cent, and for
eiCn exchange has advanced from 81 8S to
81 SSlz. The Treasury has made no i'm
portant change in the supply Of money DUR
ing the week, the main difference having
been the result of the exports of gold.
Business failures occurring during the
past seven days number 304, compared with
291 last week For the corresponding week
OF last year the figures were 335.
BradSrest'S to-day will say: The cot
ton crop of 1892 will be shor.. On this
point there Is unanimity of opinion quite
unsurpassed. Our advices as TO decreased
cotton acreage, published last spring, are
fully corrobOrated. That report of
BradStreet'S contains the substance of replies
from 1,gl4 correspondents in 671 cotton
growing counties, an average of nearly
three replies to each county, in all about 95
per cent OF the cotton growing area in the
Jnited States. The crop is moving faster
than usual Late advances in price are said
to be responsible for this.
Trade features OF the week are found in
continued weakness in pig iron, wheat and
WOOL strength in cotton, sugar, Shoes
leather. lumber, rubber, tobacco, whisky,
hog products, sheetings, shirtings and
prints, and higher rates 1or call loans. due
to the outlook for heavier gold exports.
Bradstreet on the Gold Exports.
The actual shipment of 81, go, 600 gold to
Europe this week was apparently less in
fuentiai upon the temper of speculation
than the possibly exaggerated rumors prev
alent in regard TO the shipments next week.
The condition Of the country's foreign trade
renders the export of considerable specie a
natural and unavoidable process. The idea
that SO, O0O, 600 more gold will be taken to
the Continent next week appears to be some
" hat over the market Nevertheless, there
is little doubt that 50, 900, 900 and more will
90 out. As the New York bank surplus is
already down to S5,0OO000, such a drain
would in the best o. times create contrac-
tion in the loan market aud force more or
less speculative liquidation.
At this moment, however, an additional
complication is created by the existence of
the Sherman act and the steady reduction of
the Treasury's available balance of specie
Wall street has not in practice taken pes
sImlstlc view Of the situation. 1t is how
ever, now forced 10 regard the possibility
Of slight premium on gold, or the appear
snce OF the Treasurev as a borrower for the
purpose Of replenishing its gold reserves
and maintaining the silver certificates at a
parity with gold, as directed in the act.
There seems to be little doubt expressed
that the latter course Will be adopted, if
necessary, and the general opinion is that
in such an event the repeal or suspension of
the Sherman act will be facilitated
Pittsburg Still in Tenth Place.
The following table gives the Clearing
House returns for the week ending De-
cember 10: