Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-27
Showing in Which Direction Com
mercial Winds Are Blowing.
BUSINESS CRAFT SAIL SMOOTH
In Spite of the Big Eastern Failure, With
Fair Prospects Ahead.
IRON AND STEEL MAKEBETTERsHOwIN

phia, Baltimore, Cincinnati, Cleveland, st.
Louis and San Francisco are included in
this Characterization. The exception, II
any, is in the iron and steel industries al
leading points of production. Kansas City
reports decline in the volume of trade,
and rains have damaged wheat and
corn in the shock in the region
tributary thereto, as in the region
near Omaha and St. Joe. There is only q
fair volume of trade at Detroit, Galveston
and Savannah. Crops at the South are
promising and for some days the like has
been true in the Northwest, where a wheat
crop is now expected equal to that of 1888.
Excessive heat has decreased the volume OF
general business at New Orleans. San
Francisco's -four and bullion exports to
China are growing rapidly. Aside from
the movement in iron and steel there is no
unusual or notable general distribution of
staple products. Crop prospects and indi-
cations of heavy railroad traffic cause de-
eidedly better tone and recovering of prices
in stock speculation at New York, though
without much increase of activity.
MONEY AND BREADsTUFFs.
Bonds are dull. Money at New York is
easier, and less apprehension is felt about
the anticipated drain to the West. Call
loans are per cent and time money 8 per
cent Foreign exchange is weak and lower
on decreasing demand and better supply
of commercial and stock bills Demand
sterling is S4.S@4SK.
Breadstuffs prices have been higher and
the demand for speculation and export gen.
orally more active. Russian and German
wheat crop reports are no more favorable,
but those from Dakota and Minnesota now
promise about as much wheat as last year.
The decrease of invisible wheat, both coasts,
July l, against like date 1888, is calculated
at 5000 900 bushels, about 25 per cent,
and of visible wheat 12,000, 600 bushels,
or 3S per cent. Stocks at about 20
points OF accumulation promise to touch the
minimum to-day, probably about l., ,000, 900
bushels. Grain room is being engaged
freely, largely for corn. Wheat closes 40
11sc and corn 11c higher on the week. Ex-
ports wheat (and flour as wheat) both
coasts this week equal /, 1,385, $50 bushels
against l, AGO, ,202 bushels last week and
2,273, 271 bushels in the fourth week Of July,
1888 English and French crop reports
will, to large extent, determine the near
by exports. The United States probably
carries over into the new crop year the
smallest wheat stocks within the decade.
SUGAR, COFFEE AND METALS.
With free arrivals of raw sugar and freer
offerings, partly to arrive, prices have given
wav &c when sellers withdrew from the
market The demand for refined continues
checked, and refiners are still storing their
product to await an expected more active
request. Sales of coffee in speculative
markets, based on weaker cables and more
promising crop reports, depressed prices
about 2-5c per pound.
Favorable conditions in the iron and
steel industries continue, and a very large
amount of crude and finished iron and steel
is being bought and used in all directions.
In some quarters a further upward tendency
is predicted with as much confidence as it
was declared improbable two months ago.
But it should be kept in mind that all of
the producing capacity is not employed.
Considering the fact that the Lake Superior
copper companies are supposed to be operat-
ing each one for itself without regard to the
agreement of May 15, the market holds un-
expectedly firm on the 12-cent basis. Sales
of casting brands at IL cents are quoted,
Buyers are still operating cautiously.
THE DRYGooDs TRADE.
Drygoods commission men at New York
report a steady but moderate demand for
cotton and woolen goods. Some disappoint-
ment is expressed at the slowness of fall
trade. Jobbers are preparing for fall open
ings and report a quiet but steady demand
Prices are uniformly firm, with an advance
of 1-16c in print cloths and more strength
in low grade worsteds. Foreign silks and
woolens are in better demand. Drygoods
exports are light. Raw wool is steady on
moderate inquiry from manufacturers
Higher prices of finished goods check sales
and induce light recorders by the mills
Raw cotton is in good demand at New York
at 1-16c advance. Speculation is more
active.
Business failures reported to BrddstYeet's
number 221 in the United States this week,
against 40 last week. and 217 this week
last year. Canada had % this week, against
16 last week. The total OF failures in the
United States January to date is 6,646,
against 5,911 in 1888.
DUN's GOOD SHOWING.
r. G. Dun & Co.'S weekly review of
trade says: The business outlook had on
the whole improved during the week, but
on Thursday the assignment of an i'm
portant drygoods commission house, with
liabilities OF over 81, ,00o 600. occasioned
some disquietude. But the general tenor of
adviees is encouraging; crop prospects i'm
prove and the probability OF large foreign
demand; the apprehended financial difficult
ties did not vet arrive;, the great industries
seem to be getting stronger position, and
the railway situation is, at the least, no
worse. All the cities except nine report
larger bank clearings than year age.
ENCOURAGEMENT FOR FARMERS.
Latest accounts indicate dec1ded improve
ment In the wheat prospect in Dakota and
Minnesota, the yield being estimated at 30
0OO, 600 bushels against &C, ,000, 900 last year.
The foreign reports are eminently two-faced,
but appear on the whole to promise a larger
demand than last years. New wheat is
moving freely and beginning to affect for
eign exchanges, and in confirmation of past
estimates old wheat in large quantities con-
tinues TO come forward from Northwestern
firms, where spectators have represented
the supply as exhausted. The price has ad-
vanced only quarter, corn and oats three
eighths each, and hog products have de-
cllned fraction. Cotton reports are on the
whole favorable. Sugar has declined a
quarter. Famine" is imminent; the con-
sumption has been sharply reduced BY high |
prices. Oil has risen 20 cents per barrel for
refined and 52s cents for crude The gen.
eral average OF prices is a shade higher than
q week ago. There seems to be real and
steady Improvement in the condition of the
great branches of industry.
THE IRON TRADE BETTER.
The demand for iron has so far increased
as to cause general stifenlng of prices
during the past week. Bar iron is a tenth
of cent higher, rails are firm at S2S, and
nails stronger; the business in structural
and sheet iron is very satisfactory, but the
demand for plate is shade less urgent
The official report shows that the produc-
tion of pig, 1861. .767 gross tons, was the
largest in any half year in the conntrv's his