Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-25
VERY LITTLE CHANGE
General Business Remains in About
the Same Quiet Condition.
A BETTER FEELING AS TO IRON,
But Not Yet Sufficient to Cause an Ad-
vance in Prices.
BRADSTRgaTSAND DUN& CO.'sREPORTs
ESPECIAL TELEGRAM TO THE prsrArcH /,

Iemdlns Oh mOoeFaVe prOpoIblOnS. Az most
OF the cities reporting, it is unchanged since
last week. At Cincinnati there is a mod.
crate improvement reported, but at st.
Louis, Cleveland and other points there has
been a visible check in several lines The
country movement at interior towns is
lighter in many cases owing to farmers
being too busy to trade. The spring trade
as whole has not equaled expectations.
The drought is broken in New York and
in Texas, but is doing damage from Georgia
to Louisiana. In the latter State cane and
rice are reported to be seriously damaged.
Cotton there has not been hurt yet, but
without rain soon must suffer Unconfrmed
rumors have had wide circulation that
English or other foreign capitalists have
been negotiating for American -four mills
and distilleries, as well as breweries.
The advance of anthracite coal prices at
New York is generally criticised as unwar-
ranted. Pig iron is quiet. Southern brands
are selling at low figures East and West.
SPECULATION ACTIVE.
Stock speculation shows increasing ac-
tivity and strength. Notable advances are
recorded in the Granger shares, based on
the encouraging crop prospects and increas-
ing railroad earnings in the West. Bonds
are strong and investments in active de-
mand. Money. at New York has been easy
at 1921 per cent on call. On Friday
about SS,6OO,O0O in gold was engaged for
shipment to Europe, but without much
oerao% aifbar 4ba c+ool- -aTc
Foreign exchange is firm and high. De-
mand sterling, 81 1904 8914.
Gross earnings of 79 railroad companies
for the second week Of May are reported at
81, ,364, ,221, against 81, LOG, ,142 last year, an
increase of 6.3 per cent. In -four, the de-
mand has been light and production and Of
feriRgs quite free, resulting in lower range
ofprices. Wheat is off S9Sc, notwith-
standing fairly active trading and increased
export buying, mostly for France and Port
ugal. Indian corn prices have not changed
much, but have fuctuated considerably on
active trading in near deliveries. May is
sc of on the week. The interior movement
is heavy. Oats are off 134c. Trading in
hog products is lighter. Lard is weaker, as
are shoulders and picked bellies.
Raw sugar leaves off Is cent higher than
last week, on stronger cables and increased
frmness of holders who prefer to wait until
refners need their stocks at the higher quo
tation rather than sell at prices offered
Cuban stocks of raw are held 1s@N cent
above those at New York by speculative
operators who are not eager to realize.
SUGAR Is STRONG.
The statistical position of sugar is strong
as continental authorities estimate the beet
crop at only SOLO per cent over last years.
Refined closes steady with better demand.
Trade in coffee, both speculative and for
distribution, has been quite light at home
and abroad. Brazilian markets are easier.
Teas have about held their own, except
oolongs, which are depressed.
The drygoods trade at New York is season.
ably quiet and Boston jobbers are less active,
partly owing to unfavorable weather.
Prices as a whole are frmer and unchanged
Slight price concessions in bleached goods
have been recovered by agents. The posi-
tion OF colored cottons has been strengthened
by the sale at auction of TO- 600 cases of these
goods at New York at prices X per cent on
an average lower than agents prices. The
result OF this sale is regarded as satisfactory,
as is also a large trade sale of clothing.
Additional heavy trade or auction sales of
hannels and clothing at New York will soon
be held. Interior wool buyers are reported
actively engaged and prices advancing.
Raw cotton is 1-16c higher on good demand
and small supplies
Business failures reported to Brddstreet's
number 14O in the United States this week,
against 199 last week and 139 this week last
year. Canada had 19 this week, against 81
last week. The total of failures in the
United States January 1 to date is 4,909,
against q, 3SS in 1888.
DUN's WEEKLY REVIEW.
r. G. Dun & Co. s weekly review of trade
SAYS: The reports this week are more en-
eouraging. There are decidedly better crop
prospects, and a better feeling in the
branches of industry and trade which have
been most depressed. Iron, coal and wool
look better, and better trade in cotton is
expected to follow the large auction here on
Thursday. Greater activity and better
prices in the stock market reflect feeling of
increased confidence in the business out
look
Wool is shade stronger because prices
asked by growers are much above the mar
kets, but there is little if any change as yet
in the attitude of manufacturers. The aver
age price of 104 grades of wool on the 18th
was Ito OF cent higher than May l. The
auction of about 81, 800, 900 worth of cottons
brought prices ~ per cent below those of
agents, and is expected to form basis for
more confident trading hereafter. Cotton is
1-16 stronger, and exports as well as receipts
now fall far behind last years, but the crop
reports from the South are generally favor
able, especially from Texas.
BETTER FEELING IN IRON.
There is better feeling, but as yet with
out improvement of prices, in the iron and
steel trade. While Southern No. foundry
is still freely offered here at SIG, the higher
olac aF N,1r
freely at S1S at Philadelphia, and it is hoped
that the decline has been arrested. Bar iron
is in better demand; plate and tank are
wanted to the full capacity of works; struc-
tural iron is fairly active, and there is good
business in wrought pipe at the late ad-
vance. But in rafis no change appears, and
the run of small orders is at about S26 75 at
mill.
In anthracite coal an advance in prices
June is announced. Lead is weaker. Tin
has advanced abroad and sells here at 20sS.
The agreement to hold lake copper at II
cents is not expected by consumers to pre-
vent further decline, and the buying is
therefore restricted. Accounts from in
terror cities are without important change
anywhere. At Milwaukee trade is larger
than last year, but is considered disappoint-
ing because it falls short of expectations.
and that is probably the fact at many other
points. Collectioas, however, are rather
slow and mot over good" at Kansas City.
PLENTY OF MONEY.
Money is everywhere in sufficient supply.
The Western distributing centers are all en-
couraged by exceptionally favorable crop
prospects, which are also felt in speculative
markets. Wheat has declined ic to .81K.
aud was even lower during the week; oats
have declined i &c and corn xc, with but
moderate sales. Pork products are a shade
weaker and -four 10c to soc per barrel lower