Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-16
THE STATE OF TRADE
Reports to BradStreet's and r. G. Dun
& Co. Show That a General
IMPROVEMENT is NOW VISIBLE.
Business is Better at Pittsburg and Iron is
More Steady.
THE FINANCIAL FEELING AT LONDON.


NEW YORK, March 15.-Special tele-
grams to Bradstreet's indicate a moderate
improvement in ore, seasonably active
movement of general trade at New York
city Ito moderate extent), at Pittsburg.
Louisville, st. Louis, Chicago, New Or
leans, Galveston, st. Joseph, Burlington,
Omaha, Kansas City and San Francisco.
This warrants a report of noticeable gain
in the distribution of general merchandise
over preceding weeks. 1t is true of all
lines at San Francisco, of staple supplies at
the South, of groceries, fruits and furniture
and jewelry at New York, and of drygoodsS
agricultural implements, building materi-
ais and live hogs at central and far Western
cities
The more favorable weather is RESPONSE
BILE for large portion of the gain. Interior
wagon roads are improved South, and mer-
camille collections are more prompt at Bur-
lington, Detroit, Omaha, Chicago and else
where Wheat has been weaker and is 4ssc
lower under the influence of an apparently
bullish Government crop report, which,
when analyzed, proves to be unquestionably
untrustworthy. The best available data
I
stocks) indicate a total of not less than
100, 900, 600 bushels of (visible and invisible)
wheat in the country on March !, 1889,
against 210, ,0O0, 900 bushels one year pre-
viously. Flour is off 10@2Oc, and corn 1115c.
STOCKS BEARIsH.
Bearish influences and narrow trading
characterize the stock market Fears of
European financial complications and of
higher money combine with WEAKNESS at
the inert speculation to create downward
tendency in railroad shares. Investment
bonds are in demand, but less choice issues
tend to decline. Money at New York is
sensitive, but fairly easy. Call loans 21z93
per cent. Foreign exchange is steady and
was kept below the gold point by stock in
quiry On Friday 81, ,250, 900 was engaged
Tor shipment. Demand sterling, 81 $50
SO.
Additional replies to BrddStreet's as to
cotton stocks at interior towns have in
creased the total number of correspondents
reporting to $3.50 at 9, 665 towns. These
show an aggregate stock on February 26,
1889, at !, 1,020 towns of 17O, $50 bales of cot
ton, against 273, ,469 bales February /, 1889,
a decline of 3S per cent. AT 470 towns there
were on February 26, 1889, los, $50 bales
against 131 $50 bales February %, 1888,
decrease of II per cent.
There is less excitement as to copper.
Boston copper stocks are very irregular and
weak, Calumet and Hecla and Tamarack
particularly showing losses. 1t appears that
the new contracts with the copper compa-
mics will put restriction of 20 per cent, not
on last years actual output, but on the
maximum allowed under the former agree
ment, which, if true, will not necessarily re-
suit in any large diminution of production
The loss of the Anaconda Copper Company
machinery by fire will further aid the work
of restriction.
IRON STEADY.
Iron is steady, but unchanged in price
Cheaper coal will help makers of pig. Rails
are firm at S27, without enough business to
warrant talk of an advance. Anthracite
coal, which has been officially reduced 25@
Soc, will be cut by some operators and deal
ers still further. Petroleum has been very
irregular, and closes 11sc lower on the
week.
New York and Boston drygoods jobbers
report seasonable activity in the demand for
spring and summer fabrics. Agents report
leading makes of brown and bleached cot
tons sold we'll ahead, with only moderate
demand for prints and ginghams. Prices
note no change. Print cloths and low
grade brown and bleached goods are firm,
but inactive in view of the restriction in
production caused by the Fall River strike
Mems clothing is quiet. Leading makes of
aassimeres are well sold ahead. Dress
goods are jobbing actively. Raw wool is 4
Ole lower on light demand from manu-
facturers only, who are supplying i'm
mediate wants. Cotton is in good demand
at an advance of 1-16c on spots.
Raw sugar has advanced another * cent
under reduced available supplies, notwith-
standing freer warehouse deliveries Re
fined at New York has been in good de- |
mand, and from 1-16 cent to 3-16 cent
higher. At New Orleans raw is a cent
higher, and active on light stocks and re-
ceipts. Coffee options have declined, al
though reports from primary markets, in
Guiding reduced crop, labor troubles, un-
favorable weather, interrupted transporta- |
ton and smaller receipts, have nominally |
favored an advance.
Business failures reported to BrddStreet's |
number 195 in the United States this week, |
against 221 last week and 141 this week last |
year. Canada had AZ this week, against Sc |
last week. The total failures in the United |
States January l to date are 3, ,143, against |
2, ,626 in 1888.
DUE'S WEEKLY REVIEW.
R. G. Dun & Co.'S weekly review of trade |
says: The great fall in the price of copper,
from about ESQ to ESQ per ton, at London, |
appears to have come to stay. Liquidation |
is confessed necessity at Paris, and con- |
sumers in this country are looking for much |
lower prices when contracts run out in |
June. While Boston stocks have declined |
severely, there are no signs of disturba nee |
there, and rates for money are comparatively |
easy. Prices at present are nearly nominal, |
with scarcely any trading. Tin declined a 1
little and lead was weaker.
The monthly report of iron furnaces in |
blast, contrary to general expectation, shows |
a slight increase in February, the output |
1875 tons weekly March l,
against los, 500 last year. The market for /
bar iron is pronounced the poorest for many |
years; the demand for car-building and |
skelp iron has fallen off to almost nothing,
and while there is more demand for plate |
iron, and the movement of pipe is fair for |
the season, structural iron is gloomy, nails |
show no improvement and are demoralized, |
and steel rails are quoted at $27 30.
STEEL RAIL SALES.
Sales to March have been 800. $50 tons,
and deliveries 142, 7S7 tons, and makers de- |
cided not to increase the allotment The |
Government report showing liz, 900 |
bushels of wheat in farmers hands is re-
garded by operators as an argument for |
lower prices. With the visible supply, |
32, ,000, 900 bushels, there is thus in sight |
about 81 900, 900 bushels more than will be |
required for food and seed until July 1, and !
there is besides q large stock on the Pacific |
coast, in country elevators and in the hands |
of traders, not included in the visible supply, |
and probably more than the ordinary stock |
of flour on hand, the winter having been |
open.