Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-22

New Orleans. The shipments of pig iroI
from Sheffield, Ala, to Pittsburg cause
some comment Slowness in collections il
common and rather increasing. The foreign
trade of the country is not as favorable as i
was two months ago.
NEW YORK. February N.-Special tele
grams to BradStreet s report only a moder
ate activity in general trade throughout the
country. There is no claim made of volume
of trade in excess of that of year ago, and
in many instances the reverse is true. Dull
ness has been feature at New Orleans and
on the Pacific coast where it is storming.
Another snow blockade is threatened.
Country wagonroads have improved in the
Mississippi and Missouri river valleys, and
the increased volume of goods distributed
from Chicago is such as to attract attention.
Our San Francisco advices are that FIVE
sixths interest in the Nevada Bank has been
been purchased at price reported to be
50, 500, 600. The Seligmans. of New York,
are mentioned among the purchasers. The
appointment of a receiver of the American
refinery, at San Francisco, throws the con-
test for its possession into the Supreme
Court of California. The hardware and
wholesale groceries trades. as well as boots
and shoes, show relatively most active dis
tribution. At New YORK these features are
present, as well as considerable activity in
ginghams, furniture, millinery and artif-
cial flowers.
There is a further heavy decrease in the
New York banks surplus reserves this week
which has the reverse effect on money that
the reduction of the Bank of England dis
count rate from 6 to 5 per cent did. Money
does not return from the West as fast as ex-
pected. The New York stock market has
been weak, and prices on the whole tend
downward, closing yesterday dull and ir-
regular on the unfavorable bank statement
and the Western railway rate war. The
trunk lines thus far refuse to join in the
fight Rock Island, of the Grangers, has
suffered most from declines in prices.
GROSS EARNINGS OF RAILROADS.
Among specialties Tennessee coal and
iron was surprised by drop of 20 points.
Union Pacific, sugar certificates and the
Wizards were stronger. The gross earnings
of 100 railroad companies for the year 1889
aggregate S659, ,58S. .237, gain over 1888 of
4.3per cent. Net earnings of the same
companies aggregated 1924, 430, ,925 an in
crease of 11.3 per cent.
Exports of wheat (and -four as wheat)
from both coasts, as reported to Brddstreet's
this week aggregate 2,272, $40 bushels
against l. 517, IT'S bushels last week and 610,-
127 bushels in the third week of February,
1889. The total exported from July last
to date equals 81, 823, ,322 bushels against 61,-
$40, SOP bushels in like portion OF 18S8-89.
Wheat prices advanced 15s@25Sc on ru-
mors of domestic crop damage and reduced
estimates of yields in Australia ana Cali
fornia, backed by better speculative re-
quest. Indian corn leaves off about steady,
after declining on heavy interior move
ment and reacting on good export demand.
Oats are Nc lower on free offerings and light
export demand. Hog products are fairly
active without noteworthy changes in prices.
Dressed hogs are A91Sc of.
SOUTHERN IRON IN PITTsBURG.
Heavy iron and steel production tends to
check further price advances, and steel bill
lets, blooms, spiegeleisen, ferro-manganese
and Bessemer pig have all weakened
slightly. Considerable interest has attached
to shipments of pig iron from Sheffield, Ala,
ct al. to Pittsburg at 81 95 per ton, water
freight, as against 81 55 rail- freight. No
doubt cheaper water freights will develop
business between Southern and Northern
points. The drop of Soc per ton on South
ern pigiron freights, to take effect March 10,
is regarded by some western buyers as sim
ply one step in the direction of much lower
Southern freight rates.
Drygoods are more active at New York
and Boston with both jobbers and commits
sion men. At New York personal demand
is the largest; at Boston mail orders figure
more prominently. Cotton goods are fairly
rrif rd
in prices. Print cloth sales last week were
the largest on record. Cotton and wooden
dress goods figure most actively in the pre-
vailing demand. Woolen goods for mems
wear manifest slight improvement, while
prices are unchanged. Raw wool is dull,
with low grades weakening in price. Raw
cotton is fairly active and firm owing to
light crop movement. Dealings in raw
sugar are light, with prices barely steady,
although crop estimates are again reduced.
Refined is weaker and 1-16@1sc off. Strong
er foreign coffee markets and an increased
speculative demand advanced prices %@%c
at New York.
Business failures reported to BrddStreet's
number 253 in the United States this week,
against 213 last week and 302 this week last
year. Canada had "a this week against 46
last week. The total number of failures in
the United States since January is 1858,
against 2, 4S4 in 1889.
R. G. DUN & co. s REPORT.
R. G. Dun & Co.'s weekly review of trade
SAYS: While the prevailing impression in
business circles is rather less confident than
it was a week ago there are several signs of
Cooler weather has caused a
little more activity in some lines of trade
Wheat is a little stronger, and without a
clearly defined reason there is frmer tone
in the Eastern iron markets.
While the reduction in the Bank of En-
gland rate from to 8 per cent, with its
large gain of 81, 315, 900 gold the past week,
diminishes the chance of inconvenient de-
mands from abroad, on the other hand, gen.
eral trade is not increasing in volume or in
profits, and while its soundness is indicated
by the occurrence of fewer failures than
many expected as the result of phenomen-
ally unreasonable weather. the complaint of
slow collections is common and rather in
Wool sells slowly; coal Is very slow; hard
ware dull; the liquor trade fair; tbbacco
quiet with slow collections, and the grocery
trade generally depressed, with collections
very poor.
At Chicago grain receipts exceed last
years and receipts of beef products and
lard are nearly or quite double, with a
gain of 80 per cent in cheese Tor the week
and some improvement in hides and wool,
but no change is seen in clothing, though
the drygoods trade compares favorably
with last year, and the shoe trade is only
fair.
EXTENDED TIME GIVEN.
Cleveland notes fairly good trade, but the
bad condition of the country roads affects
collections. From Milwaukee extended
time has been given on many large accounts
and cold weather has come too late to clear
. La sFoot-s in, many oounfrv efnroc