Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-12
ESPECIAL TELEGRAM TO THE DISPATCH,

weather and crop reports These facts
together with the rapid movement fror
growers hands of cotton, corn and wheat
stimulate the interior demand for stapl
products, which, in consequence, are notice
ably active.
1t is now announced that the Alaska sal
mon pack will aggregate 50O,O case
instead of 100000 Conflicting reports o
effects of frost unsettle the Kentucky tobacc,
markets. Live hogs have advanced or
higher prices of the product in Western
markets. Anthracite is in improving de
Eeaud. Although financial pressure ha
eased up
SPECULATION is HESITATING
and bearish, and manipulation produce.
ready declines. Atchison and the trus
stocks are particularly unsteady and con.
stantly demoralize the general prices
Bonds are dull and fairly firm. Money al
New York is quieter, and call loans are
down to COZ per cent, having been this week
as low as per cent. Foreign exchange is
frmer on increasing inquiry. due to lower
interest rates. Demand sterling, S4 S6A
/ "a 81.
The iron market shows additional
strength, and an advance of 25 cents for pig
iron appears imminent, which may cause
more stacks to blow in soon. Steel rails have
sold at S1@2 over quotations of three weeks
ago, S31@32 al the mill now being bottom
prices. About 800, 600 tons have been con-
tracted for this week.
Structural iron and steel mills are over
sold, and beams and channels are 3-10c
higher. Nails are 10c higher, and soft steel
is advancing. Copper has been in better de-
mand and the market little stronger, but
prices remain under lie for lake ingots.
Stocks at home and abroad are slowly de-
creasing, but production at home is active,
the lake mines turning out Al 900 tons in
nine months of the year, against 39, 900 tons
in like portion of 1888.
WHEAT AND FLOUR.
The New York -four market has been ex-
traordinarily active, particularly for export,
and more business would probably have been
done if freight room were available. Large
consignments from Western mills have gone
abroad. Prices went up 10c, but lost it on
Fridays decline in wheat. Speculation in
wheat favored higher prices early in the
week, as the free interior movement appeared
: to fall into strong hands.
The Government wheat report was con-
strued to mean a crop of nearly 500, 900, 900
bushels, and caused heavy speculative ex-
citement, resulting in leaving off where it
ended last week. The movement of corn
continues heavy and with depressing cables
has affected prices. Export supplies exceed
freight room offering.
Western dealings in hog products, with
sharp price changes, were restricted. A
fight between Chicago spectators over at
tempted deliveries on October contracts is a
feature of the corner there. Western steam
lard is fairly active and 1-5 cent higher
Kentucky planters claim the frost damaged
leaf tobacco an average of 19 per cent, but
buyers consider the damage nominal. Raw
sugar is OH SIG cent on account of depressed
markets here and in Europe. offerings
continue free and requirements moderate.
Late crop reports do not favor return of
high prices. Refined sugar is "a cent lower.
Coffee has declined q cent in speculative
lines without heavy transactions. Brazil
ian crop reports are quite favorable. In
distribuive channels coffee is fairly active
at 4 cent reduction.
THE WOOL MARKET.
Holders of wool are not pressing stocks
upon the market, and buyers are not an
ticipating requirements to anv great extent.
Demand is only moderate and prices are
steady. There is no speculative interest
manifest Woolen clothing manufacturers
are preparing to demand higher prices on
heavy weight fabrics the coming season.
The general dry goods market is strong,
with fair degree of activity. The excep-
ton is found in print cloths, stocks of
which are increasing. Prices are 1-16c
lower.
- Business failures reported to Bradstreet's
humber 243 in the United States this week,
against 18S last week and 1876 this week last
year. Canada had % this week, against 30
last week. The total of failures in the
United States since January to date is
S,737, against z ,671 in 1888,
r. q. Dun & Co. s weekly review of trade
says: The Government crop report was
very encouraging, but the loss of gold by
the great foreign banks-over s.. 100. 900 by
England, s., 600, 600 by Germany, and S4'-
200, 900 by France-was large enough to in
crease apprehensions of monetary pressure.
Large shipments went from London to
Brazil and Egypt.
OPPOSING INFLUENCES.
These two opposing.infuences ruled the
markets during the week; crops are large.
and business heavy, and the commercial
outlook most favorable, but money is COM
paratively close, and there is a possibility
that it may be closer vet. At New York
thus far there has been no increase. but
rather relaxation of pressure, and foreign
exchange is unaltered since last week. The
outward movement of products is large, ex-
ports from New York for two weeks ex-
ceeding last years by 16.7 per cent, while
the increase in imports is but per cent.
Large foreign investments of capital in
American industrial enterprises are re-
ported, and of late no considerable foreign
selling Of securities. But the movement of
money to the interior continues large. the
Treasury alone forwarding S525, 600 on
Thursday.
Reports do not indicate increasing pressure
in the interior money markets, and the de-
mand is active at all cities reporting. the
supply at nearly all is ample, and the anti
cipated rise in rates at Chicago does not vet
occur. The volume of trade is increasing at
nearly all interior points reporting, and this
involves larger demand for money. The
bank clesriDgs last week were 2k per cent
larger than last year at New York; 2 per
cent smaller at Boston, Philadelphia and
Chicago; the decrease being large at Chi
cago, but IL per cent larger at all the other
cities taken together. This increase at
points where speculative activity has least
influence indicates a greater volume OF
legitimate business than has ever been re-
corded at this season in any previous year,
and the heavy railroad earnings, 10 per cent |
shove last year, for September, tell the same
story.
AMONG THE INDUSTRIES.
The great industries are making progress /
Several more furnaces of the largest size |
have gone into blast since October 1, and the |
weekly output on that date was over 150, 900 |
tons, against 1900 tons year ago, an in
crease of ~ per cent in September and 15K
per cent for the year. In spite of this enor-