Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-24
IRON Is ALL RIGHT,
but Business in Other Lines Shows
no Great Improvement.
A SCARCITY OF READY MONEY
Has Caused Greater Caution in the Spec
ulative Fields.
THE TREASURY SURPLUS INCREASING
ESPECIAL rnLxeRAM TO THE DISPATCH,

NEW 1Ohh, august Io.-opeclal tele-
grams to Bradstreet's indicate no note
worthy change in the volume Of general
merchandise being distributed, except that
moderate increases are reported at Phila-
delphia, St. Louis, New Orleans, st. Jo-
seph and Omaha. There is an average
movement at most other points, and at al
most all the general belief favors an active
fall trade. The unfavorable feature of the
week is found in fears of stringent money,
more particularly at New York City, where
the bank reserves have run low.
Demands from the West, customary at
this season, coupled with the absorption of
funds by the National Treasury in excess of
its payments, are responsible for this. AT
Chicago. where funds have begun to flow to
the country more freely, lenders are tirmer.
Boston, too, reports q closer scanning of
commercial paper, owing to recent textile
mill failures, and at Providence, r. L, from
the same causes, there has been considerable
uneasiness in financial circles.
COLLECTIONS EASIER.
On the other hand, mercantile collecti ons.
South West, and Northwest, are easier, and
interior merchants feel encouraged by the
generally favorable crop prospects. The
Louisville leaf tobacco market offerings
and sales are the heaviest on record, with
strong and advancing prices. Fine burleys
bring the highest prices ever realized.
Stock speculation is disturbed and prices
are irregular, under the fear of financial
stringency and the possibility of western
rate troubles. The underlying tone of the
market is hopeful on the crop situation, but
the tendency is to await developments in
connection with money, Bonds are dull
and little lower. Call loans at New York
are firm at 6 per cent. Foreign exchange is
dull but less firm. Demand sterling 81 S7@
S4.S7H.
Raw wool is duller and weaker. with
price concessions to cash buyers. Demand
is slow and prospects for manufacturers are
less favorable. A special meeting of wool
manufacturers has been called for Septem-
Der IL to discuss the situation and such tariff
changes as may be recommended. Raw
cotton is active and 3-16c higher at New
York on good spinning and export demand,
slow crop movement and small stocks. Crop
prospects are only marred by reports of
damage from worms.
DRYGooDs LINES.
Domestic cotton and wool dress fabrics
and foreign dress goods are generally more
active with jobbers at the East, owing to a
larger Southern and Western demand. A
heavy distribution of ginghams has been
made at New York at concessions.
Agents report moderate demand, the most
activity being in recorders of cotton goods.
Prices are rather more irregular. Some
makes of wooden dress fabrics have been
marked up by agents. Print cloths, on the
contrary, are weaker and 1-16c lower at
New York. Southern brown cottons are in
buyers favor owing to large supplies. Some
leading makes of prints are slightly re-
6naa6 Wnolan men, O00ds nr1iaf
Importers of foreign goods report the autumn
trade several weeks late.
Pig iron is firm. as the very heavy pro-
luct is readily absorbed. Southern makers
'ecline to sell at concessions. Rails are
arce and 81 higher on the month. All
domestic iron and steel markets are expand
ing. Steel blooms, billets and slabs are in
urgent demand. 1t is announced, semi
officially, that the agreement between the
American copper mine owners and foreign
operators that the large amount of copper
now held her under foreign ownership shall
not be sold here, while exports of 80, 900 tons
per annum will be allowed as against last
years expectation of about 80, 900 tons.
BREADsTUFFs DEPRESSED.
The breadstuff markets have been de-
pressed and prices lower all around. This
is caused by decreased demand for -four,
wheat and corn, both for home use and for
export. Western deliveries of wheat are
restricted, but Eastern offerings are freer.
The latter is true of corn East and West,
and of oats. Wheat leaves off 1%c lower.
Exports of wheat (and flour as wheat) ag-
gregate 2,703, 145 bushels (both coasts).
against ], ,914, 412 bushels last week and q
1886, ,620 bushels in the week one year ago.
The aggregate exported July to date is 49,
593, 296 bushels, against Is, 990, 500 bushels
in a like portion of 1888. Dealings in hog
products have been of fair proportions, but
prices are lower in sympathy with the West.
Cattle and hogs are off 10000 at the West.
Importers of raw sugars after somewhat
protracted resistance reduced prices one
fourth cent and refners bought with COM
parative freedom. European cables are de-
pressed. Refined went off more freely at
the modified prices, some grades advancing
one-eighth cent on the improved demand.
Speculation in coffee has been tame and
prices are one-sixteenth to one-half cent
lower. News of rains in the Rio Janeiro
district, which helped depress prices, it is
said was received by some operators here
some days before the public learned of it.
Business failures reported to Brddstreet's
number 215 in the United States this week
against III last week and LOT this week last
year. Canada had 13 this week against "a
last week. The total of failures in the
United States, January i to date, is z, ,427,
aSoAAst ObOcO III 1000
DUN's REVIEW.
r. G. Dun & Co. 'sweekly review of trade
says: The monetary pressure, of which so
many warnings have been given, has oper-
ated this week to modify an improvement
in general trade due to excellent crop pros
pects 1t is quite the fashion in stock ex-
change circles to represent the rise in lead
ing rates as artificial and intended to effect
prices of stocks, but the truth that specula-
tion of various sorts had previously with
drawn too much money from the support of
dustry, and the tendency of apprehension as
loans still farther, while many of the lend
ers have preferred to place their money on
call with readily negotiable collaterals.
The treasury meanwhile has been collect
ing its surplus revenues from the people at |
large, but disbursing 1t TO the holders OF |
bonds and lenders at monetary centers. The |
result has tended for months to cause a |
faulty distribution of the monetary supply. |
GREATER CAUTION.
The suspension of important mills results |
in greater caution as to loans, and a Quick |
arrest of purchases of materials for wool and |
cotton manufacturers. Thus at Boston the |
wool market has been completely unsettled |
again, sales for the week amounting to only |
cessions of 1 to cents would be necessary
in order to move large lots.
At Philadelphia the money market is
tight and the banks scrutinize closely be- |
cause they have little to spare. At Boston
Il Il II