Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-28
ESPECIAL TELEGRAM TO THE DIsPArcH.i

3hOOSN IL WINS H-AAS w
BrddStreet's last week, is continued, and the
chief stimulating causes, seasonably cooler
weather, heavy cotton movement at the
South and a uniform activity in metal in
dustrles, remain as noteworthy features. Hog
products are firm, aud some kinds are
higher on good demand and free dealings at
the West.
Stock speculation tends to regain strength
and activity in spite of unsettled rate
problems in the West and high and firm
money market, though at the close of the
week bear attacks unsettled the market.
Bonds are dull and firm. Money in New
York is in ample supply, but lenders are
firm as to rates. Call loans, per cent.
Foreign exchange is firm on the advance of
the Bank of England rate to 8 per cent, but
more liberal purchases of grain for export
have a restraining influence on rates. De-
mand sterling, 81 SS@4 $50.
WHEAT SPECULATION.
There has been more interest and, during
part of the week, excitement in the wheat
markets, extraordinary strength having ap-
peared in the face of heavy selling move
ment, with a net gain in price of about 1 &c
at New York and 23lc at Chicago. Specu-
lative sales increased heavily, those of cash
wheat moderately only. Indian corn, with
nearly 800, ,000, 900 bushels estimated increase
in the crop as compared with last year and
free offerings is off &c, and oats &c.
Exports of wheat (and -four as wheat),
both coasts, aggregate 1,650, ia bushels
this week, against 2,O9S, ,677 bushels last
week, and 2,614, 410 bushels in the like
week last year. The total exported July l
to date, period covering one-quarter of the
current cereal year, is "a, ,214,715 bushels,
against 81, ,443. .4O5 bushels in three months
of 1885, and As, OILS, $50 bushels in 1887.
STEEL RAILS.
Some rs, 600 tons of rails have been pur-
chased within six or eight days, besides
which contracts for steel billets amounting
to some 10000 tons are reported. Prices
asked for rails are S33 at Chicago, S31 at
Pittsburg and S29 at Eastern mills Within
4S hours inquiries for some So 600 tons have
been received. A further advance is pre-
dicted by makers because of the rapid in
crease in inquiries from Western and South
ern companies, aggregatlng over 100000
tons. Numerous inquiries are on the market
for BesSemer pig, charcoal iron and coke
irons, and prices are very strong, but have
not advanced excepting at Chicago and
Louisville.
Slack local demand for sugar, increased
stocks and heavy cables, due to an estimated
lUCT6dS6 Ol GOU,UUU bOuS III l0e European
sugar crop, resulted in a cut Of 15c on re-
fined sugar. Coffee options at New York
are off % points, and in private trade chan
nels coffee is 4c lower, chiefly on depressed
foreign markets. The domestic rice crop
may equal that of last year, but the present
is critical period, and more or less uncer-
tainty exists as to size and quality.
THE DRYGooDs MARKET.
Drygoods are more active at Boston,
jobbers' sales having increased largely, but
less so at New York, where warm, rainy
weather, the advanced stage of the month
and observance of Hebrew holidays have
combined to reduce spot business materially.
The trade as a whole is, however, in very
good shape, the demand and movement this
season being largely ahead of last year.
Agents are more active at Boston. Good
orders for spring goods are reported at both
markets. Prices are generally firm on light
stocks, except for print cloths which are
weaker on light demand and increased |
stocks.
Wool is unchanged in demand and firm. |
Actual requirements induce tair amount |
OF business. The heavy cotton crop move |
ment has induced bearish feeling in spots |
at all leading markets. The decline varies |
from 1-16@14c at various domestic markets. |
September delivery was cornered at New |
York, and closed 2-3c higher on short cover |
ing.
Business failures reported to Bradstreet's |
number 1S0 in the United States this week,
against 100 last week and $50 this week last |
year. Canada had 80 this week, against q |
last week. The total of failures in the
United States January to date is S,3O6, |
against 1880 in 1888.
DUN'S WEEKLY REVIEW
R. G. Dun & Co.'s weekly review of
trade says: Business indications this week
are generally favorable The exports from
New York for four weeks exceeded last
years by Is per cent, and a like gain else |
where would mean an excess of exports over |
imports for the month approaching S9,0OO,- |
600, for the increase in exports here has been |
but 81 per cent. But that excess would |
not meet the months allowance for interest, |
undervaluations and freight charges, so that |
foreign exchange has advanced during the !
week half a cent. The Bank of England |
has raised its rate from to per cent, and |
that bank lost 1856, 900 specie for the week,
the Bank of France also losing 81, ,275 600. |
and the Bank of Germany 81, 124, 0O0
These evidences of foreign demand, with
the low state of reserves at New York. rem
der the monetary future less clear, and the
rates for money have advanced during the
week fully per cent on call, with increas-
ing caution in commercial loans. The
Treasury has helped during the week BY
disbursing s., 100000 more than it has
taken in, and the reports from interior
points all indicate an ample supply of
money for legitimate needs and no strin-
gency.
The demand has been more active at |
Kansas City and Milwaukee, but the sup
ply is still sufficient, and collections are on
the whole improving. The volume of busi-
ness is little below the last years at Bos-
ton, st. Louis and a lew smaller places, but
generally much larger, the aggregate of
bank clearings outside New York showing a
gain of nearly per cent-only per cent at
Boston, Philadelphia and Chicago taken
together, but II per cent at all other points
AN ADVANCE IN STOCKS.
Until Thursday the stock market had
been comparatively inactive, though not de-
clining. But sharp advance has since ap-
peared, putting the average OF prices fully
half dollar higher than week ago. Re-
ports of foreign buying of securities are cir
culated. but the market seems still mainly
confined to professionals, though its ad-
vance should indicate stronger confidence as
to the monetary future, and also as to early
settlement OF rates.
Manufactures are clearly improving. At
Boston sales of wool have been 1880. 900
pounds for the week with prices about
steady, and the demand is more active. At
Philadelphia manufacturers are also buy
ing, though with caution. No present
change is noted in the drygoods market.
The demand for iron and steel still meets I
the very large supply, and the changes in