Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-21
SPECIAL rrLreRAM TO THE DIsPAToH.I

crease In the volume OF general merenanolse
distributed, largely on account OF the un-
seasonably mild or wet weather. Through
out the west. the scarcity of freight cars,
low prices for produce and the fact that
many merchants have on. hand large por-
tions of last winters stock, in addition to
the weather, have contributed to check
trade, and complaints are heard from Chi
cago, St. Paul, st. Joseph, Omaha, Kansas
City, St. Louis as well as at the larger
eastern cities.
The declaration of 2 per cent regular and
l per cent extra dividends by Lake Shore
and by Micigan Central, and one of per
cent by Omaha yesterday, aided by contin-
ued heavy railway earnings, the settlement
of the Iowa railway troubles, the termina-
tion of the Missouri Pacific and Missouri,
Kansas and Texas controversy, and the IN
creased earnings report of the New York
Central quite overcame the depressing ef-
fects of irregular money markets and the
uniavorable condition of the coal trade yes
terday, and the Wall street stock market
was enlivened by bull movemelt, in which
the Gould and Vanderbilt shares showed the
greatest strength, even the Coalers and the
trusts shared.
COTTON AND WHEAT.
Bradstreet's 2,2S9 cotton correspondents
report a crop this year 4 per cent larger they
did last wear. If the actual yield this year
increases correspondingly as compared with
last, the indicated yield for 1889-90 is ,211,-
900 bales. Exports of wheat (and -four as
wheat) are increasing rapidly, the total for
both coasts being 2,S72 521 bushels this
week. against 2,471, ZIG bushels last week
and l, ,4S7, ,72O bushels in the like week of
1888. The total exports July l to date
amount to 50,195,622 bushels, quantity
about equal to that exported in a like por-
tion oil 1888, and as compared with 73, ,O00,-
900 bushels in 1887.
Special reports of net railway earnings
of lO1 companies for October show a gain
of II per cent as compared with 1888, and
of 50 companies for ten months ended with
October, 1889, an increase of 16 per cent
Recent advances in iron and steel are re-
garded with some apprehension, the trade
showing symptoms of croWding into the
market for supplies for season delivery. In
stead of crossing into 1890 at $40 for No. 1
pig iron. it may thus become price in ex-
cess Of that figure
A FINE PROSPECT AHEAD.
A general advance through January and
February is not unlikely. Cleveland prices
of superior ores are at Sc, Bessemer pig is at
$25, and Southern pig, Chicago delivery for
1890. is announced at S19 1920 %. Heavy
contracts of Bessemer iron have been placed.
Merchant bars is now at cents Steel rails
are frmer at $50; with 1889 shipments ag-
gregatiQg ], ,116, OH tons, about equal to those
in 1888. Gross rail production 1or 1889 will
equal !. 500, 600 tons.
Wheat and oats have been higher in
price, the former 1870 and the latter 14(9
145se. Deliveries of wheat at interior cities
have declined, and cables have been
stronger. Offerings of oats have been re-
strieted. Indian corn on freer interior
movement and favorable weather conditions
is down 1s(95se. Pork is more active at
concessions in price and lard is little
easier. Offerings of raw sugars have been
beyond current needs and prices have ruled
easy Refined is quiet and 5sc lower. The
result of speculative transactions in coffee is
a net decline of 80 points on the week. In
trade cham IS coffee is dull or depressed
and about PC lower.
DRY GOODS LOWER.
The movement Of staple drygoods is mod
crate al. New York and Boston, and leading
makes of brown and bleached eottons are
= to Il cent higher, while print cloths
have declined 1-16. Cold weather is needed
to enllven heavy weight woolens; raw wool
isjn iair request at steady prices,
Business failures reported to BrddStreet's
number $50 in the United States this week,
against $40 last week and 1856 this week last
year. Canada had "a this week, against %
last week. The total of failures in the
United States January to date is II, 1853,
against 10,OS2 in 1888.
r. G. Dun & Co.'S review saws: Mild
weather causes increasing trouble. Perhaps
the coal trade suffers most; many collieries
in Pennsylvania have stopped, throwing
over 4, 900 men out OF employment and great
suffering results The drygoods and boot
and shoe trades are much affected. Cottons
are ''only fair" at many Western points;
hardly satisfactory" at Cleveland, and un-
pleasantly slow at Milwaukee, where much
excitement is caused by heavy failure at
Fon du Lac, and small failures have be-
come alarmingly frequent
ANOTHER FEATURE.
In some Southern States trade is seriously
affected for the time by the operation of the
Farmers Alliance, which enlists farmers in
cooperative trading and absorbs money
which might otherwise 90 to settle indebted
ness with merchants The results, in some
localities, almost paralyze trade But the
general tenor of reports is by no means un-
favorable. The volume of trade continues
larger than year ago. ClearIngs outside
OF New York are still about 10 per cent
larger than last year. Railroad earnings
show handsome increase.
The iron business seems a shade less
promising. Recent sales of 10000 tons of |
Bessemer pig at S21 so, are supposed to have |
supplied needs of large concerns, and with |
additional furnaces turned to production of |
this kind Of iron, the future of prices is less |
clear Rails are quiet, and it is believed |
that orders have been booked already for |
zoo, 600 tons delivery, but next year; the |
actual output this year, including light |
rails. it believed to be 1, ,45O, 600 tons,
against 1864, Az last year. Bar iron. hes |
been advanced to 2 cents by the association,
but is quiet; plate and structural iron are /
firm.
ENGLAND A PURCHASER.
As surprising reversal of the usual order /
OF things, it is noted that an English order /
for IL, 900 tons of pig iron has been received /
with a margin of q per ton deposited, and 4
an English house has asked prices on 81, 900 /
feet Of wrought iron pipe, which is said to
be selling at IL cents net, against S.63 cents
net in this country.
The exports in November appear to have
exceeded those of last year by nearly or
quite $50, 600 900; but since December i the
export trade has been a little smaller.
Money is still close here at 6 per cent on
call; comparatively easy at Cleveland; uR-
changed, but with liberal demand, at Chi
cago; close at Kansas City, but in sufficient
supply for legitimate business at Western
and Southern points generally. The Treas
ury has made heavy disbursements, so that
it holds s, ,200, 900 less cash than week ago.
and foreign exchange has advanced an
eighth during the week. The general level
Of prices has scarcely changed.
SPECULATIVE MARKETS.
The speculative markets have been, com-