Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-08
BOTHFLOOD AND FIRE
Have a Decided Effect Upon the Stu
alton of General Trade.
PRODUCTION HAS BEEN CHECKED.
Business is Very Moderate Throughout the
Interior Region.
THE EXPLORATION OF GOLD BULLION
ESPECIAL TELEGRAM TO THE DrspArcH.,

NEW YORK, June line terrible d1sas-
ter in the Conemaugh Valley together with
foods extending from southern New York
south into Maryland and Virginia, have
checked movement of general merchandise
at all supply points for the region referred
to. Pittsburg and Philadelphia lose most
in this way. The loss of property in the ter
ritory outlined will not exceed $45, ,00O, 600.
The estimated amount of capital invested in
the Conemaugh Valley (where the property
loss is placed at $50, ,OOO O0O), was s., 800 600,
of which S., 400, 900 was employed industri-
ally.
Transportation facilities being interrupted
through Central Pennsylvania, Eastern mar
ket supplies of garden product and in New
England of leather, have been eurtailed and
prices are higher, of the latter 1c per pound
The almost total destruction by fire of
Seattle, W. T., has apparently obliterated
more than S15,000,0 900 worth of property.
The estimated commercial capital invested
at Seattle was 81, ,i0O, 900. The most active
general trade throughout the country
relatively is reported at Cincinnati, Louis
isville, Memphis, Chicago and San Fran
cisco.
Crop prospects remain favorable, except
in Georgia, and to a less degree in Louisi-
ana, where drouth has been severe At
most trade centers only a moderate general
business is reported. Under the abnormal
conditions involved in temporary suspen-
sion of ''ticker" quotations the New York
stock market was remarkably steady. Since
the resumption of "ticker" service lower
tendency has developed on realization of
profits, rate troubles and larger gold ship
ments. Bonds are firm. Money at New
York is fairly easy. Call loans 2(93 per
cent. Foreign exchange is high and firm.
Demand sterling, s. SSZ@4 SO.
OUR FOREIGN TRADE.
During the week gold engaged for export
aggregated s., 40, 900. Foreign trade of the
United States for the month ending April
30 aggregates $50, ,000, 600 more than in like |
portion of 1887 and 1888, chiefly due to ex-
ports of cotton and provisions and to imports
of coffee, sugar, wool and silk, linen and |
woolen goods.
Since January there have been reported |
to BradStreet'S 296 strikes involving rs, ,11O |
strikers. against 3S9 strikes and 111.2O1 |
strikers in 1888, and OIL strikes and 212, ,3l7 |
strikers in five months of 1887. Stocks of |
wheat east of the Rocky Mountains reported |
10 this journal June 1 aggregated |
27,075,024 bushels, nearly 1900, 900 |
bushels less than one year ago, and 1884,
9S1 bushels less than one month ago, and |
about equal to those of June 1, 18Se
Pig iron is reported somewhat frmer,
owing to reduced productive capacity in |
Eastern Pennsylvania, and rumors of an
early advance of SOC are abroad. Prices
West have been shaded without results.
Southern is In free movement. European
copper stocks declined 1000 tons during
May. Supplies are firmly held. Here the
market is not as active at 12c as expected by
producers who are taking out copper in ex-
cess of production year ago.
FLOUR COMING DOWN.
Increasing supplies of -four, heavier
cables and pressure to realize, reduces -four
prices 5C9l5e per barrel. Wheat advanced
11Sc on Wednesday on increased buying
and reported damage to Russian crops 1t
declined on Thursday with more favorable
home crop reports and heavy home and for
eign sales in domestic markets. Chicago's
so-called "non-intercourse' policy in refer
ence to quotations is reported to have trans
ferred sOr. business from that city. Indian
corn, Oh ~ active market gained 1Sc, but
closed easier. San Francisco wires that
2S,462 bushels of wheat, 1852 bushels of
corn, and G, $50 barrels of -four have been
shipped to Australia this week, and another
vessel chartered to load wheat for Sydney.
Trade in hog products, except western
steam lard, is restricted, but prices are
Cdbl6Is bulb6I anu GgR6 are |
higher. Hogs are unchanged at leading
Western markets. but cattle are off 10000. ]
On Friday wheat advanced Ic and corn
&c. There is more urgent domestic inquiry
for raw sugar at &c advance. Refined is in
free movement also, and Lc higher. Specu-
lation active in Europe and reported heavy.
American purchases of continental best
stocks aid the advance. Licht's
estimates of the beet crop point
to 3,O15,0OO tons, against 2,795,OOO tons
in 1SSS-S9. Refined is up &c at San Fran
cisco. Coffee price fluctuations tend higher,
and the demand, on and off the option list,
is light. Teas remain steady, though in
moderate request.
Drygoods are quieter after the large auc-
tion sales. Bleached sheetings are higher.
Flannels are selling in package lots at
prices above those of late auctions. The
spring trade in clothing has been unsatis-
factory. Wool is firm, but not in free de-
mand. The weather has checked the shear
ing outlook. At San Francisco 1000 900
pounds have been sold this week. Raw
cotton is 1-16c higher on better demand and
strong statistical position.
Business failures reported to BrddStreet's
number 201 in the United States this week,
against 135 last week and 148 this week last
year. Canada had 25 this week, against Is
last week. The total of failures in the
United States, January to date, is 5,245,
against 9, $50 in 1888.
DUN's WEEKLY REVIEW.
R. 6. Dun & Co.'S weekly review of
trade saws: The food disasters have en-
firely changed the situation in the Eastern
lumber trade, the coal, iron and steel trades
Producing companies of the first importance
have suddenly ceased operations, and their
orders must be filled by others or delayed.
The flooding of many coal mines cuts off sup
plies of fuel for many manufacturing works,
and the stoppage of the Cambria mills
which have produced yearly over $4,000
tons of iron in various forms, will affect the
trade for some time The destruction of
more than 40 bridges, about half of them on
the Pennsylvania Railroad, besides many
locomotives, cars and miles of track, creates
a sudden demand which is felt in all iron |
and steel markets.
Pig iron does not change as vet. the pro-
duction previous to the disaster having been
much in excess of consumption. The South
ern sales of pig have been steady at former
prices, but $4,000 tons of rails have been
sold and the price is frmer at S27, while
structural plate and tank and bar iron are
stronger and an advance is looked for in
nails In anthracite coal the tone is stronger.
Soft coal mines are cut off for the present
A HIGHER TENDENCY.
Wheat and oil have been lower, but on
other speculative markets the general ten
dency has been toward higher prices A
limited foreign demand and the pressure of
stocks depress wheat frac-
ton and flour 10 cents per barrel, but