Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-21
NO CLOUDS VISIBLE.
Prosperity Still Hovers Over the
Commerce of the Country,
THOUGH OUR EXPORTS DWINDLED.
The New York Stock Earket Strong but
somewhat Irregular.
MONEY MARKETS EASY EVERYWHERE

NEW YORK, Oct. 20.-R. G. Dunn &
CO.. s weekly review of trade says: There
is still no cloud in the business sky, unless
the state of foreign trade be one. All home
trade is of enormous volume, making an
aggregate of bank exchanges outside New
York thus far in October never equaled in
the same month of any previous year.
Prices are low, but merchants are pressing
for more business at the same rates.
All domestic industries are crowded with
orders, and works, as q rule, are fully en-
ployed, many being pushed to overtime by
the urgent demands resulting from an un-
precedeuted distribution of goods. Money
markets are fairly supplied, and there is
reason to hope that some return of gold
from Europe is not far distant
Exports in September were but S62, 949,-
526 in vulue, a great decline. due mainly
to the fact that last years movement was
far beyond precedent. Shipments of wheat
were little more than half as large as last
years, and the average price, $3.50 Cotton
exports were 21.000,00 pounds less, and
the average price. 7.23 cents. Oil exports
were IS, ,000, 900 gallons, but the price was 1
cent lower.
Minor Exports Nearly Hold Their Own.
A good sign is that exports of minor
products are, on the whole, nearly as large
this year in September as they ever have
been. Imports last month were S72, ,993, 023
in value. Exports of specie last month
were 81, 1924, LII gold and 81, 100, COG silver,
which would have been increased had
money not been so cheap abroad.
The money markets are nowhere strin-
gent, notwithstanding the usual delay of re-
turns from the West or from Europe. In
this market money has risen from 511 to 6
per cent on call, and there is a more active
and firmer market at Chicago, but nothing
like monetary pressure is reported from
any quarter. Foreign exchange has de-
clined from 81 S6T to 81 Sc, and indica-
tions favor further decline, as the e1-
ports of products increase.
BrddStreet's says: A further gain in the
distribution of general merchandise is re-
ported this week. Dispatches from Cen
tral, Western, Southern and Eastern cities
show further gains in the volume of distri-
button, aid, in some respects, a more favor
able report comes from the Northwest,
which has heretofore Jagged in this respect.
The situation in iron remains one of re-
markable strength, and consensus of fav-
orable returns comes regarding the great
staple. Cotton, too, is stronger, and the
situation at the South becomes therefore
more encouraging. Collections are very
generally reported satisfactory, and the
tendency is toward further Improvement
Grain Exports and Railroad Earnings.
Exports of wheat this week (flour in
cluded) equal 3.270,272 bushels from sea-
ports, both coasts, as compared with $685.
600 bushels last week, and 5, 500, 271 bushels
in the third week of October, 1891.
Net Aarpinpe of roiluuve durin0
aggregated S1s973,06s, gain of
per cent. Large increases in operating ex-
penses more than counterbalance gains in
gross receipts. This is particularly true of
the trunk lines
While the underlying tone of the New
York share market continues strong, its
action, owing to the interposition OF dis
turbing factors, has been somewhat irregu-
lar In the early days of the week specula-
tion assumed q decidedly bullish tendency,
reports Of heavy railroad traffic and earn |
ings supplementing the influence of ars- |
newed foreign demand for American securi- |
ties Later on q reactionary disposition |
was displayed, the two day=' Stock Ex-
change holiday discouragins trading while |
the interruption of business from the cele- /
bratiop in Chicago kept one OF the most i'm |
portant speculative elements practically
out of the market. The action of the money
market was another unsettling factor. AL
though the surplus reserve of the New
York banks is now down to nearly $500, 900,
there is little real apprehension of strin-
gency, and banking authorities are inclined |
to believe that the drain of funds to the
South and West, in connection with the |
crop movement, has reached its limits and |
will soon be succeeded by return flow.