Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-24
IRON Is A SOFT SPOT
In a Week Otherwise Strong Owing
to the Big Holiday Trade.
BEARS ON TOP In WALL STREET,
The Monetary Situation Still Makes Specu-
lators Nervous.
BUSINESS IN DRYGOODS is THE BEST

weekly review of trade says: Reports of
the condition of trade are decidedly more
satisfactory in most lines, especially in
noticeably weaker. The holiday trade
throughout the North seems unusually
large, especially at Chicago, St. Louis and
Cleveland, and it is lively at some South
ern points, such as Knoxville, but only fair
at Memphis and Little Rock.
In other goods and products distribution
appears generally larger than usual for the
season, particularly in drygoods, shoes and
furniture of the better grade. On the
other hand, many markets are showing more
sign of pressure, and at Chicago money is
strong, with 6 per cent the minimum at
Cincinnati, Cleveland and Minneapolis;
close at Detroit and Milwaukee; strong at
per cent and active at ST. Paul, while usual
rates prevail at Kansas City, and at New
Orleans there is good supply at very
moderate demand.
Bills Are Harder to Collect.
1t is also worthy of note that collections
are somewhat less satisfactory at the West,
being backward at St. Pauland Minneapolis,
though improving at Milwaukee; but they
are only fair at the South.
The striking feature of the week is the
demand for wooden and cotton goods All
cotton machinery is employed to full
capacity, but is behind the demand, and the
prices are exceedingly firm, with tendency
to advance. The result has been q decided
l. crease in sales of wool, which recently de-
al. t.,
boots and shoes there also appears very
unusual demand for the season.
The iron trade has become decidedly
weaker and holders of pig make concessions
of 25 cents, the pressure to sell being
mainly Northern. For nearly all finished
products the demand is slack, and lower
prices are made wherever much business is
done. A sale of 10, 900 foreign rails to the
Pacific coast is reported, and the meeting
of max ers is supposed to have arranged for
some reduction in price. Pig iron is in less
demand at Pittsburg, and orders for finished
products are not numerous; but the glass
trade is fair.
The Trade in Metals and Products.
Trade in copper drags at Sc Tin is
weaker at 1S4c, but lead is much stronger
at 3 Sc.
Cattle receipts at the West are very large
for the week-132, 900 head, against 1O4, 900
last year and go, 900 the year before.
Wheat declined but &c, the Western re-
ceipts continuing about 100000 bushels
daily, but corn fell 21zc and oats declined
&c Cotton advanced 1-16c. Great stocks
being held for rise, so that settlements of
bankers Southern loans are backward.
Business failures last week numbered 301,
as compared wish 304 previous week. For
the corresponding week of last year the
figures were 292
BradStrest's 8 weekly Estate of Trade'' will
say: Pig iron, Bessemer pig, petroleum
and some grades of finished iron are lower
as well as wheat and oats. Advances in
corn, coffee, tea and Southern sugar are con-
spicuous, as well as for live cattle and hogs.
Tobacco, rubber, leather, lumber, print
cloths, wool and cotton have ruled steady.
The New England boot and shoe trade is
better than for wears and factories are well
supplied with orders
Cotton Mills Expect Big Prices.
Eastern cotton mills are not accepting
large orders for future delivery, as many
manufacturers believe cotton is going still
higher. Woods are only one-third of last
years. Prices of domestic are firm, put
manufacturers will probably buy for wants
only for some time to come, notwithstsnd-
ing a good demand for wooden goods
The stock market shows a disposition to
recover from the effects of the liquidation
aud temporary stringency in money which
marked the beginning of the week Specu-
lation, however, is nervous, and apprehen-
sions of further gold shipments check any
decided improvement, while they give play
to bearish attacks on prices. Reading is
now the weak feature, On rumors of a bond
issue and conflicting opinions about the ex-
tent of interest payments on Junior
securities.
The manipulated industrials have recov-
cred somewhat from the depression, but
seem likely to be less prominent feature.
Foreign interest in the marketi is at a stand
still, financial opinion abroad inclining 10
belief in a United States Government bond
Issue
The Monetary Situation Reviewed.
The silver market was weak on the ad-
iournment of the Brussels Conference and
the price OF bars declined to S3c, little
above the lowest quotations on record
Gold engagements for shipments early next
week were anticipated, but now seem un-
likely in any large amount until alter JAN
uary /.
Speculation has just passed through a
liquidation of considerable severity, The
decline of values, however, was not gen.
eral and the short duration of the move
IueUL llmllGu lnC OlSOrganl-
zatiOn. A rallying tendency. or, to de-
scribe it more accurately, a steadier con-
dition of speculative feeling succeeded as
soon as il was realized that the gold exports
of the week aggregated "a, 400, 900 instead of
$40, 900, 600, as 1t was at one time believed
they would.
The preparations of foreign bankers for
gold shipments resulted in the calling of
loans and set in motion disturbance which
last Monday assumed an acute form. Spec
uiatIOn, however, has been so narrow and
pro essional of late that stocks, as rule,
are poorly distributed, and there was no
extensive public interest in the railroad
share list to hquidate in panic
The Bears Seem to Rule the Daz,
The market is discouraged and nervous.
Support is lacking. and bearish tendencies
goveIn the general action of the traders.
The renewed advance in exchange gives
rise to further appreheusions about gold
shipments.
Unprecedented weekly increases of avail
able stocks of wheat in the United States
and Canada Of late, 4, ,317, 600 bushels last
week, with continued free Northwestern
shipments from first and second hands.
tend to depress prices OF wheat, notWitb-
standing exports each week of late in ex-
cess OF totals for like weeks in all years ex-
cept 1891
Pittsburg Ninth in the Race
The following table gives the Clearing
House returns for the week ending De-
cember %:
Cities. Clearings. Inc Dec.
New York.................S 934, Te ,9O9 Isl =
Bosuoll. 10 foi 9y 80