Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-29
BUSINESS Is BETTER.
An Encouraging Feeling Prevails in
Nearly Every Quarter.
TIE LITTLE RISE IN PETROLEUM.
Iron is Now in Better Shape Than for a
Considerable Period.
A IULL IN GENERAL SPECULATION
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special kilograms to Bradstreet's, now that
halfyearly stock-takings are showing the
actual results, there has been rather more
encouraging view taken of the state of gen.
eral trade, particularly at Philadelphia,
Baltimore, Boston, Kansas City and
Chicago. Merchants are now looking ahead
to the autumn's business with rather more
confidence. particularly at the West, where
crop reports continue quite favorable, and
where there is reported the largest demand
for agricultural implements in Missouri,
Kansas and Nebraska for three years.
Trade has been quiet in Louisiana, owing
to its being the end of the month and to the
backward, though improving, cane and rice
crops There is too much rain in Texas.
Hogs have advanced 10 to 10 cents at leading
Western centers with receipts not up TO de-
mand. Cleveland expects the seasons lake
iron ore shipments to amount to {, 10000
tons. the largest on record.
Exhausted by the speculative excitement
in trust stocks, the New York stock market
has succumbed to the influence of higher
money and the approach of the July holi-
day, prices being lower and trading stag
nant Bonds are firm and prime issues
scarce. Money at New York is sensitive,
aud the loan market disturbed by prepara-
rations for the July disbursements. Call
loans 4(05 per cent. At all important
money centers throughout the country funds
are frmer, and at some there are moderate
advances in rates. Foreign exchange is
weak, with frmer money market. Demand
sterling is 81 SS@4 SSL, but francs are still
high, and s2,OOO,OOO gold was shipped to
Paris.
OILS SUDDEN ACTIVITY.
Petroleum certificates have startled old
traders by suddenly displaying remarkable
activity after years stagnation. The ad-
vance is variously attributed to squeeze"
by opponents of the newly started trading
in petroleum options and to the Producers
Association in order to get the best possible
figures for their 100000 barrels contract
with the Standard.
Anthracite coal is to be advanced 5@15c
July /, which puts the nominal quotations
15c above the quotation one year ago. Last
year trade was much more active, while this
year tidewater stocks are heavy, nearly
], ,O00, 900 tons, and trade is not brisk.
The iron trade continues to improve. One
or two pig iron companies have announced
an advance of soc for summer deliveries to
small buyers. Two-thirds of the larger
concerns of the country, east and west, have
contracted for supplies ranging from 60 to
90 DAYS.. Much of this business was taken |
the demand has been hardening and up
ward tendency of prices, which small buy
ers will be obliged to pay.
DRYGooDs LINES.
Semi-annual stock-taking sales by New
York drygoods jobbers at reductions of so |
80 per cent from regular rates induced a |
heavy movement in seasonable cotton and
wooden goods. Staple fabrics showed the /
smallest and fancy dress goods the largest |
reductions With agents there is more |
strength. Dark prints and ginghams, and |
woolen and worsted dress goods, are most |
sctive. Print cloths are in good demand |
with manufacturers slow to sell at the ad-
vance of Lice. Some makes of cassimeres |
have been opened at an advance of 5per
cent over last season.
Wool rs active at interior markets, and |
prices are strong. Arrivals at the seaboard
are increasing. Most of the Ohio clip is re-
ported out of first hands. Raw cotton is
active at New York. Old crop futures |
prices have strengthened. Raw sugar un-
DER restricted offerings and freer inquiry ad-
vanced X@1<c. Licht's latest estimate of
the beet crop is reduced $4,000 to 2, $40 900
tons The prediction is made that "inade-
quate supplies of sugar will result in high
prices through the coming year"
Sugar Trust certificates have touched 126
and reacted to 115 this week. Heavy re-
ceipts of coffee at primary Brazilian mar
kets and adverse cable advices from Euro
pean markets resulted in large sales and
liquidating orders and a decline of 1.95
cents on the week.
AGRICULTURAL PRODUCTS,
Wheat -four is more active and prices are
stronger, A very few Northwestern millers
are said to control all of the old spring
wheat on hand. Reports of damage to
wheat aboard and at home and frmer for
eign markets induced speculative trading
and an advance in wheat of ~ cents.
Indian corn is up and oats are down u
cent. Exports of wheat and Of -four as
wheat from the United States this last week
of the cereal year aggregate !, ,555, s51 bush
els, against !, ,105, 80 bushels last week, and
1,653, 1877 bushels for the week ending June
80, 1883.
Business failures reported to Bradstreet's
number 211 in the United States this week,
against 234 last week and 204 this week last
year. Canada had 80 this week against %
last week. The total of failures in the
United States January 1 to date is 5,sS5,
against 5,252 in 1888.
r. G. Dun & Co. IS weekly review of trade
SAYS: 1t has been a week of considerable ex-
citement in speculative circles, andof heavy
general trade, without material change in
conditions. As all depends in large meas
ure at this season upon crop prospects, it is
most encouraging to find the reports in this
particular
UNUSUALLY FAVORABLE,
the only noteworthy exception being that
some damage to cotton and grain from fire.
guent rains is reported at Galveston. In the
Northwest the grain outlook is particularly
hne, great Improvement being reported IN
quarters where there had been some appre-
hension. With crops of unusual magnitude
highly probable, and with the general vol
nme of business SO maintained that an in
crease of 30 per cent over last year appears
in Clearing House returns, the prospect is
not gloomy.
Detroit notes quiet business and Kansas
City and Omaha report fair activity; at
Milwaukee improvement is seen, with
greater activity, and at Cleveland and Pitts
burg the iron and other trades continue to
mend. The glass factories have about all
closed for the summer. Coal mining on the |
is dull. Collections are still
slow az Milwaukee, but at Detroit there is
visible improvement. The money markets
continue amply supplied. Wheat has ad-
vanced &c, with sales of "a, 600, 600 bushels
on Wednesday and %, ZOO, 600 bushels for |
the week, but all accounts of harvesting |
thus far are satisfactory.
Corn and oats have declined each frac-
ion, and coffee is still sold heavily, trans
actions for the week reaching 740, 600 bags,
md has declined half q cent. Pork and !
pork products are all little stronger. The
general average of prices has fallen.
TRUST STOCKS.