Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-22
BUSINESS IS BETTER.
A Marked Improvement Has Been
Noted at a Number of Points.
PITTSBURG WELL TO THE FRONT.
Pig Iron Prices Have Received Little En-.
couragement.
FOREIGN TRADE DOES NOT BALANCE
ESPECIAL TELEGRAM TO THE p1srArcH.i


at Boston, Philadelphia, Memphis and Bur-
lington. This is likewise true at Pittsburg,
now that railroad traffic in the Pennsylva-
mia flood region has been resumed. At
Kansas City the improvement is most pro-
nounced, where reduced lumber freight
rates have increased shipments and stimu-
lated building.
There has been only moderate business
at New Orleans, St. Louis, Galveston,
Detroit and San Francisco. Chicago, St.
Paul and New York maintain full season.
able averages. Heavy rains over the West
ern and Central Western States are re-
ported, but no serious damage to crops is
reported. Eight out of 1S leading staples
have advanced in price this week; five are
steady, even firm, coffee, cotton and hog
products alone being noteworthy, as show
ing declines.
In spite of disturbing elements in the
Western railroad situation, the danger of
disruption to the interstate association and
apparent sensitive conditions of the money
market, stock speculation at New York
continues to show decidedly bullish tenn
per. Activity is slightly decreased and at
tention drifts from the grangers to the coal
stocks and industrial" specialties. Bonds
are strong in anticipation of a July rein
vestment demand.
EXPORTS OF GOLD.
Over So, 600, 600 in gold was shipped to
France, and the New York money market
stifened, the rate for call loans rising from
1924 to 3 per cent at the close of the
week. Foreign exchange is firm. Sterling
is lower relatively than continental bills.
Demand sterling 81 S8A@4 49, Gross and
net earnings of 81 railroads :for April and
for four months ending April 80, show gains
over April, 1888, in gross of per cent and
in net of 6.5 per cent. For the four months
the gain in gross is 81 per cent and in net
16 per cent.
A phenomenal improvement by the
granger roads is due to comparison being
made with the period of the great Burling-
ton strike of last year. There has been an
advance all around in bread stuffs despite
the glowing domestic crop reports; wheat
having gained 2115 cents, corn Il cent, and
oats 1 cent per bushel. Flour has shared
the stimulus, and on freer export move
ment is quoted higher. Wheat has been
very variable, down on good weather re-
ports and easy cables, and up again on
rumored revised crop reports.
The crop winter wheat has sold at st.
Louis at75 cents. The Australian and Bra
lillian demand for California wheat has ad-
vanced spot at San Francisco to 81 80 per
GENITAL, as millers there want old crop, and
new crop is slow in coming in. Hog prod
ucts have been more active but are lower or
barely steady, as receipts of hogs at West
ern centers continue very heavy.
THE SUGAR MARKET.
Demand tor raw sugar has slightly de
clined owing to a modified request for re-
RI of
and active. Production of refined at New
York has, however, been increased to supply
accumulated orders. Holders of refined
prefer to store rather than accept modified
bids. The latest report of the worlds visi-
BILE supply is 782, ,632 tons, against 1,063, 13S
tons year ago. Prices remain firm.
Heavy liquidating orders in the specula-
tive coffee market here and abroad have re-
suited in unusual excitement and decline
of LBS to 1.45c per pound. The break in
the price abroad was quite as precipitate.
The outlook is not regarded as encouraging
Large new crop figures are current.
Pig iron is more active, with occasional
slight increases in prices. Some furnaces
have refused contracts for future delivery at
current prices. Anthracite coal, notwith-
standing curtailed output due to the mines
being flooded, has not sold at the late ad-
vance in circular rates. Trade East is dull.
There is better demand for copper. but
American mines are being actively worked.
Prices remain at 12c for lake.
European visible supplies and Chilian
and Australian stocks afioat declined 5000
tons during the first half of June The de-
mand for steel rails is the largest since
April.
DRYGooDS LINES.
At Eastern drygoods centers fall trade
Al. Ill I
mand, the latter-leading makes-selling at
SIC. Cotton goods are firm and some
bleached goods are higher. Semi-annual
clearing out sales are being arranged.
Woolen goods are firm but quiet. Print
cloths are stronger. Manufacturers have
bought wool more freely and the staple is
frmer, more active, and at some points 1c
higher. Raw cotton is in very active de-
mand at a decline of Nc.
Business failures reported to BrddStreet's
number 234 in the United States this week
against 1875 last week and III this week last
wear. Canada had % this week against 20
last week. The total of failures in the
United States, January 1, to date is 5,674,.
against 5,04S in 1888.
R. G. Dun & Co.'S weekly review of
trade says: There is better feeling, with
larger transactions in iron and wool and
crop prospects are more favorable. But the
agreement of railway Presidents has not
prevented a renewal of strife, and the de-
moralization of rates is spreading widely,
and meanwhile the exports OF gold today
will exceed 81, 400, 900. If the railway out
look continues to discourage foreign invest
ors, and the banks begin the last half of the
year with low reserves. gold going out, and
large crops to be moved, the monetary pros
pect will not be quite encouraging.
SOME IMPROVEMENT
At Milwaukee continued wet weather re-
tards, and business is rather Quiet at Kan
sas City, and outside of speculative opera
tions and the iron trade it is generally dull
at Philadelphia, but marked improvement
is noted at Pittsburg, and in less degree
at Cleveland. The demand Tor money is
crate, with collections not on the whole per-
ceptibly better.
Rains have decidedly improved crop pros
poets in the Northwest, so that great hope
fulness tinges all commercial reports from
that section, and the Generalization of rail
rates is commonly supposed to promise bet
ter returns to farmers, while the difference
in cost of transporting Eastern products to
Western consumers is already considerable
throughout the region north and west of
Illinois.
Better prices for iron are reported at
Pittsburg, at Philadelphia and to some ex-
tent here, the advance on many kinds of
pig iron being about 30 cents per ton. But
Northern No. can still be bought here at
SIG 30 to $1s 90 and Southern No. / at
SIG % to SIT 90 per ton. The markets for
manufactured products are stronger and
higher In coal, recent hopes have not
been realized. 1t is even stated that the
Reading Company has not received single
order at the late ADVANCE and sales below