Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-26
WHY GOLD IS GOING.
The Demand for Mere Luxuries
From Europe So Great That
THE TREASURE is SLIPPING AWAY
There Are Some, Though, Who Hint That
1t Is Cnly q Eearish Eove.
TEE EXPORTS NOT AFFECTING TRADE

NEW YORK, Nov. 25-while the ex-
ports of the products of the United States
to other countries are at present satisfactory
as to bulk, the prices realized, 1t is claimed,
are so far below normal that gold coming
this way Is not SO great in amount as has
been, in some years past, the rule at this
season of the year. Meanwhile, Ameri-
cans hsve indulged in luxuries from abroad
to an extent that has made and is making
necessary heavy shipments of the yellow
metal The opponents of the silver agita-
tion hold, however, that foreign interests,
rendered uneasy by the silver agitation
here, have been and are lessening the bulk
OF their values in the United States and
that, too, upon gold basis.
1t now appears that Lazard Freres is the
customer for whom the Fourth National
Bank withdrew the $500, 900 gold Wednes-
day. In this connection the status of ster-
ling exchange has q barometric interest.
Sterling exchange was very strong again
to-day, and the offerings of cotton and other
bills were quickly absorbed.
Something New in Financial Operations.
This is an entirely new departure. Here
tofore shippers have acted for themselves,
but, owing to the unfavorable criticisms
made from time 10 time, it being frequently
asserted that private bankers were friendly
to bear operators Of gold, they have deter
mined to employ banks in their exporting
operations hereafter. Up to noon to-day
the gold ordered W wednesday was still in the
vaults OF the Fourth National Bank. 1t is
understood Though official Information IS
refused, that this shows a loss of about 81
per 1Yooc for light weight and additional
abrasion from shipments, which, together
with other expenses makes cables cost
S4 IS GlU. Cables sell at 81 IS, so that there Is
no money in shipping to-day.
tances to make to Europe tomorrow said to-
day that the supply OF bills is not large
enough to supply their needs but that they
could not tell whether they would ship gold
or not until later in the day. Some of the
largest Wall street houses were inQuirers
for large blocks OF bills. and before noon
81 s73< was bid for sight bills.
Touching the big gold order of last
Wednesday the Evening Post says: at will
not be doing injustice TO anybody to say
that the incident of last Wednesdays gold
withdrawal is looked upon with general
suspicion. However plausible on their face
may be the reasons assigned Tor it to-day,
the fact remains that it was u very unusual
procedure conducted through very unus-
ual channels and so timed as to give very
peculiar advantage to spectators short of
have been the purpose Of Wednesdays
transactions to create this advantage, but
the advantage was created and it was done
in precisely such way as q bear operator
would have chosen"
Bradstreets Opinion of the Situation.
Unsettling. and, to some extent, depress-
Ing, factors have influenced the share mar
ket for the past week. The advance of ex-
change rates and the threatened renewal of
gold exports naturally occasion hesitation
and tend to restrict the already limited and
professional speculation to still narrower
limits. At the opening of the week Europe
showed the continuance of the tendency to
buy our stocks, which has already been
noted. Favorable expressions in regard to
the prospects of American railroad proper
ties are common in London speculative
circles, the influence of the Worlds Fair
traffic on the revenues of the trunk lines
and Granger lines being duly appreciated.
1t would seem, moreover that large
short interest in the American market has
existed in the London Stock Exchange, and
that covering for tho account was the proX-
innate reason for the renewed foreign buy
ing which appeared last week. This pro. |
cess, however, has been interrupted by the
advance of exchange and the increasing
possibility of the withdrawal of gold from
this country to Europe, well as by the en-
tire absence of any speculative response on
this side OF the ocean to the renewed for
eign participation in our market. At the
close OF the week, in fact, London appeared
q seller, rather than a buyer, of stocks,
thereby occasioning fears of further hard
ening OF exchange and Of larger Withdraw
500 00O pounds taken from the SuD-Treasury
Wednesday for shipment to-day.
Dun Says 1t Doesn't Mean Much.
r. G. Dun & Co.'S weekly review says: The
announcement that gold would be exported
to-day, though not in large amounts, has
not necessarily as much meaning as many
suppose. Foreign exchange does not yet
justify exports, and movements not war
taH 1nrrt tln ctafn nf nlNop
be due to temporary and trifiing influences
The condition of business throughout the
country appears excellent, with the volume
OF trade greater than in any previous year.
In speculative markets, cotton has ab-
sorbed interest because of enormous trans
actions, amounting to about 6000, 900 bales, |
or nearly the entire crop, in two broken and |
one full week. The sales this week have been
/ 800 GOO bales. and the price has advanced
five-sixteenths, with small signs of reaction.
Wheat is comparatively inactive, with |
three-eighthS OF q cent decline, and corn and |
oats are unchanged. with small transac- |
ticns. Pork products are higher, pork 81 % |
per barrel and lard three-eights OF cent.
Ce1fee is also stronger by half q cent.
The condition of the great industries is |
decidedly favorable. In general. the manu. |
1actures promise to have no between seal
sons" Woolen mills are still busy, and l
BALES OF wool greater than year ago, with
smaller stocks. The cotton industry is
thriving everywhere. In iron the market
remains firm, with large orders for
structural products
Money has been steady at 4 per cent, the
Treasury having added slightly to circula-
tion by issuing S300. eco more notes. Exports |
here Tor three weeks fall IL per cent below
last years and imports are much larger
but last years excess of exports in Novem-
Der was so vast that some excess is probable
this year. Business failures during the past
seven days number 209 compared with |
240 last week. For the corresponding week
of last year the figures We're 295
Brddstrec;'S weekly review says: Features
OF the business week, aside from q curtaied |
total o: transactions due to the holiday are
the Improvement in distribution of season.
able fabrics, owing to colder weather West
and Northwest, and notably the encourage
ment given interior mercha nts at the South
by the advance of &c in cotton.
Pittsburg Goes Up Again. I
The following table gives the Clearing
House returns for leading cities for the week
ending November %:
(Ifies- Clearinna Inn nnn |