Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-06
A VERY DULL SEASON
Fourth Of July Takes All the Re-
naming Life Out of Trade.
IRON AND STEEL GOING UPWARD.
The Prospect for the Next Six Months is
Considered Bright.
EXPORTS OF GOLD STILL CONTINUE
ESPECIAL rrLEoRAx TO rHr DrsrArcH.i


throughout the country, as reported by wire
to Bradstreet's. has been quite as inactive as
is customary during The week in which the
Fourth of July holiday occurs. Semi-an-
nual stock takings. settlements and a per-
sistent and widespread rainstorm tended to
further check trade. In Texas and Geor-
gia rains are said to have done some dam
age to the crops. Contradictory reports
come from the spring wheat region, but no
evidence has arrived yet of serious disaster
to that crop.
The Business outlook for the remaining
half year is regarded as brighter, with high
prices and more active demand for iron,
steel, wool and cotton. Bear pressure and
lower prices have ruled in stock trading at
New York. Railroad differences at the
West, fears of a reorganization of Atchison
and the too rapid advance of trust securities
seem TO be the basis for this action, which is
accompanied by heavy bear manipulation.
Bonds are strong and steady, with a good
reinvestment demand. Money at New
York is becoming easier, and call loans are
down to 394 per cent. Foreign exchange
is easier, and demand sterling is 81 $50
4 IS.
IRON AND STEEL.
The iron and steel business for the half
year compares favorably with 1888. Prices
show an upward tendency in all markets,
and demand appears to justify this, as stocks
are very light. The visible supplies of cop
per afoat and abroad declined only 1000
tons in June-less than expected. The May
15-cent agreement of American producers
has been terminated, which inclines to
threaten the 12-cent rate, as several compa-
nies can sell at seaboard at 10 cents or less
at good profit.
Cotton goods for fall wear and woolers
are fairly active. Midsummer trade with
jobbers is very quiet. Prices for print
cloths and low grade bleached goods tend
upward. Raw wool sales at seahoard are
limited by light stocks and high prices.
Raw cotton is one-eighth cent higher on
fair demand.
Reports of damage to the domestic spring
wheat crop, to the wheat crop in
Russia, together with small stocks
of good quality on hand, more than
supported prices, and both wheat and -four
tend upward. Indian corn, too, is higher.
Pork and lard both declined on limited de-
mand at Eastern centers. Hogs and cattle
at the West are selling higher. San Fran
cisco sent 73, 900 bushels of wheat to Rio
Janeiro July 2. but expects the Australian
and South American demand to disappear
soon. Stocks of wheat at about 900 points
of accumulation and in transit, east of the
Rocky Mountains July 1, as reported to
BrGdstreet's, aggregate 20, 3S4, 900 bushels, Q
quantity less than has been held at the
points referred to on like date for seven
years.
SUGAR STILL FIRM.
Raw sugar has been in less active request,
but is just as confidently held at one-eighth
cent advance for centrifugals Refined
maintained the high rate of last week.
Coffee reacted somewhat after the heavy de-
cline of last week, but relapsed into heavi-
ness on report that Brazil would carry |
over /, 200, 900 bags of coffee into the new
crop year, beginning July 1.
There were 349 strikes in the United |
States, involving 90, ,25S, reported to Brad |
streets for six months ofthe year, against 436 |
strikes and 172 432 strikers in the first half of
1888, and 554 strikes and 222, ,023 strikers in |
1887. The failures among mmercial and |
industrial traders in the United States since
January have numbered 5,918, or q per
cent more than in the first half of 1888
With dozen failures eliminated, this re-
port contains only favorable features, as the |
recent growth of general business has not |
been fully reflected in the higher CONNER |
cial death rate. Bank clearings at 81 cities |
for six months aggregate $27 ,097, ,480, ,956, or |
Is per cent more than in 1888, per cent in |
excess of 1887 and IL per cent more than in |
1886 |
Business failures reported to Bradstreet's |
against 211 last week and 149 this week |
last year. Canada had 13 this week against !
So last week. The. total of failures in the |
United States from January / to date is |
6.037 against 8, ,401 in 1888.
DUN's WEEKLY REVIEW.
R. G. Dun & Co. g weekly review Of trade |
says: Business has been fairly maintained |
in volume, and is gradually improving in |
prospects. June has been a month of ex- |
ceptionally large trade transactions Pricee |
of commodities, in spite of the rising mar
kets, have on the whole, during the month, |
decreased about per cent, and are now |
hardly l 4 per cent above the lowest average |
ever recorded. But there are signs of sub |
stantial improvement in the most important |
branches of industry. The monetary situa- |
tion remains undIsturbed.
Nevertheless the stock market. by many |
considered an indicator of the future, has |
been sinking. The wars of Western, and to |
some extent of Eastern railroads, have dis |
heartened many investors and caused much /
selling. 1t is felt, too, that the rise stim-
ulated by sudden advances in trust stocks
was not of a substantial character. But
there has been much confidence that the
enormous half yearly disbursements by
Government and corporations would cause a
new demand and advance in securities, and
while the movement thus far in July has
NV hs"SiSu eApecbdtlOub, noloers are Stlll
hopeful.
COLLECTIONS A FEATURE.
Reports from interior points are generally
favorable. Collections are now a seriously
disturbing feature. The half-yeariy re-
turn of failures shows a relatively larger
increase in New England than in any other
section-about % per cent-and next in the
trsns-Mississippi region, this side of the
Rocky Mountains, about 20 per cent In
the Middle States the increase has been but
Az per cent, thence to the Mississippi about
per cent, and at the South about 81 per
cent. Against general increase Of per
cent in numbers, there is decrease of 81
per cent in aggregate liabilities.
The markets have not changed greatly
during the broken week. Wheat is about
Zc higher, owing to- accounts of injury
from prolonged drought and heat in Dakota
and Minnesota, where heavy rains have Just
improved the outlook considerably. Other
crop prospects continue favorably. Pork
products are weaker and dairy products are
coming forward in immense quantity 40
that prices are depressed. Leather does
not change, but the revised quotations of
wool for the first of July show an average
advance OF about 1c per pound, and it is
becoming q serious question whether the
hopes of improvement in the manufacture
may not be defeated by an advance IN the
material, which may keep many of the mills
idle.
The price of cotton has advanced three
sixteenths, in part because of scanty supply
of desirable grades The iron market re-
mains strong in tone. Southern iron is
still offered in large qrantity at SIG 80 for
No. 1. and the demand for manufactured
iron is less active. Sales Of about 0,00O
tons of steel rails appear to have been on
basis Of $2S at Eastern nills.
EXPORTS OF GOLD