Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-21
A BRIGHT OUTLOOK.
The Prospects in All Lines Of Trade
Are Very Flattering.
A BUSINESS BOOM is EXPECTED.
Demand for Iron Products Increasing and
Prices Harden.
DECREASE IN THE WEEKS FAILURES

ESPECIAL TELEGRAM TO THE DrsPArcH.r
NEW YORK, June 20.-Special kilograms
to BrddStreet'S do not indicate any note
worthy change in the movement of general
| trade within week. There is reported .
very general and reasonable activity; but at
such points as Omaha, Kansas City and
New Orleans the distribution of staples Is
not equal to anticipstions. St. Louis. Chi
cago and st. Paul make the most favorabls
trade reports, while Cincinnati, Cleveland,
Boston and Philadelphia report moderate
activity only. California wheat crop pros
poets were never better, and reports as to
the condition of growing wheat east of the
Rockies are less bullish than recently.
Hogs are at lowest prices for the year at
Western cities and cattle are declining in
price as well. Pork and lard, too, are
lower.
Doubts regarding action on the silver
question and the continuance of gold ship
menrs have increased the disposition of bulls
to liquidate and opened the way to bearish
| attacks on stock prices, although share
| speculation has been on the whole very
dull. Bank clearings at 81 cities for the six
days ending June 19 were 81 ,158, ,645, ,929, a
| gain over the like week last year Of 30 per
cent. New York city's clearings, which
constitute 61.3 per cent of the grand total,
are less than those for the like period last
year by nearly 1T per cent
IRON WILL ADVANCE.
Despite the extraordinary productive
capacity of the furnaces and mills Of the
country and the extraordinary output of
iron and steel, there seems to be general
belief among buyers that prices will harden
somewhat during the summer months. The
evidence of such tendency, the existence
of which many doubt, is the unusual num-
ber OF large purchases of material, such as
wrought iron pipe, steel rails. structural
material, sheet iron and crude iron of all
kinds. 1t is not unusual for consumers to
make heavy purchases during June for the
requirements of the third quarter of the
year. Fewer buyers have done so this sea-
son than usual, but the few who have been
buying have bought quite literally.
Takings of raw sugar are more restricted
and prices are off 1S@3-16c. Refined, too,is
Ic lower. Coffee shows fractional decline
in speculative lines, and is in a less active
movement for consumption at q loss of 2-5e.
More favorable reports as to the condition
of the domestic wheat crop, the presence of
80, 600, 900 or more bushels Of wheat in the
country in excess of the quantity held one
year ago, heavy stocks afoat and generally
fair wheat crop prospects abroad, combine
to depress wheat prices, and quota
tions are off L@2c per bushel. Indian
corn too is 11@5sc lower, while oats on bet
ter export demand are flactionally higher.
INCREASE IN RAILROAD EARNINGS.
Net rail way earnings for April continues
the previous good reports, except in few
instances. The total earnings of 81 COM
Fo- A sba, a tote Of e1A
a gain over April last year of 149 per ,
cent. Every group except the granger
shows gains The latter presents q loss OF
over per cent in net, while gaining over
per cent in gross. Expenditures for better
ments have reduced net earnings of many
companies heavily. For the first four
months of this year the net earnings Of 95
roads aggregate $50, ,951 .304, gain over '89
of 10.4 per cent. Every group but one, the
Pacific, shows increases.
Drygoods are in fair demand from whole
salers. Jobbers at New York report trade
quiet. Agents report good demand for
fall wear of dress goods. The New England
jobbing trade is active. Prices are un-
changed. Cotton goods are very firm. Cotton
is H0Lc lower on less favorable cables and
Iiquidating by long holders. Crop prospects
are good. Uncertainty as regards silver
legislation strengthens next crop deliveries.
w DOL prices at the SeaOOarQ are Darely
maintained on a slow demand.
Business failures reported to Brddstreet's
number IA in the United States this week,
against 149 last week and 234 this week last
year. Canada had Is this week, against 18
last week. The total number of failures in
the United States January 1 to date is 8, 235,
against 5,674 in like portion Of 1889.
CONFIDENCE RENEWED.
R. G. Dun & Co. s weekly review of trade
says: Another week has brought still bet
ter crop prospects, a continued increase in
the volume of business, more definite assur-
ances OF the passage of the tariff bill, with
its essential features unchanged, and there
fore more confidence in these industries
which look for help from the measure. On
the other hand, the passage OF a free silver
coinage bill In the Senate has raised some
doubt whether the two houses may mo-
finally disagree. Expectations based on Gu
reney expansion are therefore a little le
confident. But the money markets woI
easily everywhere, and the continued ex
ports of gold as yet cause neither disturbance
or apprehension.
BUSINESS AT TRADE CENTERs.
Reports from all parts of the country con-
tinue encouraging. Seasonable goods are in
better demand with the warm weath II. At
Boston boots and shoes and leather sell freely
at firm prices; sales OF wool have been 2,00O,-
600 pounds, with slight concessions to buy
ers; drygoodS are quiet, and woolens partic-
ularly dull. Philadelphia has a very
healthy trade in leather and boots and shoes,
with quite retail boom" Chicago has
receipts exceeding last year in grain, meats,
hides and wool and larger sales Of drygoods;
the fall clothing trade opens well. and the
shoe trade is excellent, and in gem
eral the prospect is good for more
than the usual fall trade. St. Louis
reports trade of large volume in nearly
all lines with prospects of improving.
Milwaukee finds the best of crop weather
helping trade, and at Omaha business
is active. Speedy settlement of strikes at
Denver is expected and business Is good,
but at Detroit strikes still curtail local
trade and wool moves slowly. Pittsburg
notes some sagging in the iron and steel
market and window glass works have closed
for the season, but flint glass is active.
Other Western and Southern reports are Of
the same general tenor. Better weather and
brighter crop prospects stimulate trade in all
directions and collections are good.
FOREIGN TRADE IMPROVING.
The state OF foreign trade is fair for the
'eason. Exports of breadstutfs, provisions,
cotton, petroleum and cattle for May
amounted to $50, 412, S74, or per cent more
han last year, in spite of great decrease
n cotton, all other items gaining. For
hree weeks of June exports from New York
how decrease com pared with last year Of
,.8 per cent, and meanwhile imports being
emporarily swelled by prospects of higher