Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-03
BUSINESS NO BETTER
According to Reports to Bradstreet's,
But Dun e. Co. Are Hopeful.
IRON PRODUCTS IN GOOD DEMAND.
A Couple of Extensive Failures Have q
Disturbing Effect.
GENERAL REVIEW OF TIE SITUATION

chandise as compared with the preceding
fortnight Two or three large failures, ap-
parently not due to conditions underlying
the state of the trade, having brought about
q more careful scrutiny of credits and un-
usually prolonged wet weather has retarded
business in Eastern and adjoining States.
Wheat and tobacco in Kentucky have been
injured by. too much rain. In Louisiana
wet weather had rendered the wagon roads
heavy, but in Texas the crops need rain.
The oats crop of the country promises an ex-
traordinarily large yield.
New York merchants do not report spe-
cial activity in any line. The iron markets
are as firm as ever, and consumers are ask
ing for early instead of delayed deliveries
on contracts. Furnace stocks are decreas-
ing. Steel is very firm, SIS being asked for
rails, with two months business in the
hands of mill owners. Anthracite coal is
quiet, but an early revival of activity is
looked for.
SPECULATIVE FIELDS.
Stock speculation displays strong un-
dertone on the crop and traffic outlook, but
there is neither interest nor activity in the
trading. Money at New York is frmer in
tone. Call loans are 4@41z per cent. For
eign exchange is irregular and frmer at an
advance, due to further absorption of gold
at Paris and an advance of discount rates
in London. Demand sterling, 81 S7Z@
4S7] Reports of bank clearings at 81
cities for seven months of 1889 aggregate
S31, ,697, ,923, ,955 about SAIL, ,476, ,9S7 more
than in like period of 1888. The July,
1889, ,clearings amounted to s, COS, 442, ,911 or
81 per cent more than either OF the three
preceding Julys.
News from the Northwest revives faith
in large domestic wheat crop. Wheat has
been less active, with bearish drift, not
withstanding stronger cables, and is off
17(91c. New wheat at New York fails to
grade as well as had been anticipated, being
too soft. Corn has been quite active specu-
latively, but exports are slightly checked.
Free movement depressed prices some. Oats
fairly we'll sustained. Graded mixed op-
tions are lower, but graded white are
higher. Hog products are more active with
lard stronger and pork off little. Hogs
tend lower. Exports of wheat (and flour
as wheat) both coasts, this week aggregate
1872, ,397 bushels, as compared with 1885,
800 last week, and 2,282, 900 bushels for
the week one year ago.
A sHoRTvIsIBLE SUPPLY.
Reports to BrddStreet's show visible wheat
stocks east of the Rocky Mountains, United
States and Canada, amounting to 16, ,071, SIG
bushels, 4,312, ,973 bushels less than on July
1. and 13, los, ,381 bushels less than on Aug
ust 1, 1888. Pacific coast visible stocks
show a net gain OF visible wheat during
July of 6, 1928, 40C Bushels, SO that when
stocks on both coasts are considered, the
visible has increased ], 900, 900 bushels dur
ing the past month. Flour stocks east of
Rocky Mountains aggregate ], 1,372, ,724 bar
J - o o . L
and about 276. 900 barrels compared with
August 1, 1888.
Holders of raw sugar have been easier
but owing to the protracted sluggishness of
the demand for refined, refners have not
bought freely and sales were made 1sc of
on the week. Refined has been marked
down ~ both at New York and San Fran
cisco. Speculation in Rio coffee has not
been especially active yet prices have ad-
vanced about 4-Sc per pound. The dis
tributiye movement has improved.
Weather conditions at New York and
elsewhere have not favored trade in dry
goods. Jobbers at New York and woolen |
commission men at Boston report increased |
activity, chiefly in ginghams for fall wear.
wool dress goods and mems wear fabrics. |
The increased price of mems wear wOolens |
hardly equals the higher cost of raw
material.
NOT MUCH CHANGE.
Cotton commission men report only moder. |
ate activity. Prices are firm and unchanged |
all around. Print cloths stocks are smaller, |
but spot quotations are unchanged. Raw |
wool holders evince more readiness to sell. |
but trade shows little enlargement. Prices |
are not changed. Raw cotton-Spots are |
quiet at unchanged prices at New York and |
1-16d higher at Liverpool.
Business failures reported to BradStreet's |
number 213 in the United States this week,
against 221 last week and 180 this week last |
year. Canada had % this week, against 20 |
last week. The total of failures in the
United States from January to date is
6,S59, against 6,091 in 1888.
r. G. Dun & Co. s weekly review of trade
says: The country begins to feel the stlmu-
lus of good crops. New spring wheat began
to arrive at Chicago on August /, ten days
earlier than last year. The st. Louis corn
corner has no effect, an abundancy is ex-
pected, and business in all departments is
gaining. st. Paul reports improvement in
trade, and Milwaukee also, in all branches.
At Omaha assurance of crops above average
makes business excellent. In winter wheat
regions the improvement consequent upon a
good yield has now been steady for some
weeks, though at Kansas City business is
still quiet.
THE DEMAND FOR IRON,
In the iron regions distinct increase in
demand is felt, and here orders for another
500 new locomotives have been placed dur
ing the week. The certainty of large traffic
also has its effect upon railroad negotiations,
which have made progress toward peace.
The fact that, under such favoring cIrcum-
stances, the stock market has gained during
the week only 40 cents on 500 on an aver
age of prices may be attributed to monetary
uncertainties and to the great volume of
securities awaiting buyers.
For the Ill success of the interstate agree
ment and the recent legislation in Western
States have inclined many holders to sell,
while projects for 90, 900 miles of new rail-
road, and for vast number of industrial
trusts, have caused an unusual body of new
stocks and bonds to be offered, of which but
a small part has yet been placed. The
money markets of the interior continue
generally well supplied. At Chicago, while
active, the market is easy, but at Boston
rates varied in July from to and back to
2 per cent, and the movement is now active
at g. Treasury operations have only added
SlOO, 900 to the cash on hand for the week
THE VOLUME LARGER.
The volume of trade continues to exceed
last years at New York IL per cent. and
outside 12H per cent, according to clearinps
through banks. Exports for July from
New York appear 14H per cent larger than
last year, with imports 81 per cent larger.
but the large offering of bills against prod
ucts to be moved hereafter prevents appre-
hension. The prospect is the better for a.
decline of 2ss cents In wheat during the
week though corn, oats and cotton for inn :