Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-14
BETTER DEMAND FOR PIG IRON.
Wool is Declining and Flannel Mills Will
Reduce Production.
REDUCTION IN BUSINESS FAILURES.
General Summary Of the Condition Of Staples Through
out the Country.
ESPECIAL rELEeRAM TO THE D1spArcH.i 1

pnla, CINCINNATI, Kansas City and other
cities. The special activity noted at present
is in drygoods, cottons and boots and shoes,
except at Kansas City, where agricultural
implements and groceries are relatively
most active.
'There has been slackening demand at
San Francisco, but Chicago, st. Louis, Min
neapolis and Duluth report good demand
for seasonable staples. The great activity
in general trade throughout the country
more than counterbalances railway rate
troubles in some sections and, as result,
gross railway earnings for May increased
14.H per cent over May last year, which
month showed gain OF &C. per cent over
May, 1888. Total earnings for May of 1877
companies aggregated $35, ,493, ,O25, an in
crease over last May of 81, ,4S8, 897.
TAKES FIRST RANK.
The Southwestern group, as before, ranks
first, with gain of % per cent. For the
five months the earnings of 1874 roads aggre-
gate $3.50, ,953, 1913 on a mileage of 1924
miles, gain respectively o. 1921 and 2.9 per
cent in these two items. Bank cleariugs at
81 cities for the six days ending June IL are
81, ,263, 103, ,274, gain over the like week last
year of II per cent New York City's
the grand total, exceed those for the like
period last year by nearly per cent.
Stock speculation at New York is very
dull, with tendency in prices to 90 lower.
Europe has sold stocks, and the professional
element is slightly bearish on the slow prog
ress of silver legislation and the unsettled
railroad troubles.
Drygoods jobbers report larger business
at Eastern markets, due to reassorting de-
mand and clearing out sales preliminary to
stock-taking. Agents report seasonable
goods quiet, while fall dress goods are in
fair demand. Prices are steady. Cotton
goods are firm. Wooden goods for mems
wear are slow OF sale.
WHEAT TAKES A DROP.
Wool is easier at Boston on light demand,
increasing stocks and weak foreign advices,
but are well held at Philadelphia. Raw
cotton is 1-16c lower on liquidation of old
crop contracts. The May report shows an
increase in acreage OF per cent over last
year. Provisions and cereals have nearly
all declined within the week, the drop in
wheat being about 2 cents, mainly on i'm
proved crop outlook and weaker cables.
Hog products, too, ore weak, lard being off
10 points. Live hogs and cattle are weaker
at Western markets, and dairy products,
while firm, are selling at lower figures than
a week ago.
Heavier sales of pig iron are reported
East, West and South. A better feeling
prevails in the South because of the rather
unexpected influx OF orders, and lowest quo
tations have been withdrawn, while
nominal advance of SOC per ton has been
made on a few well-known brands. Anthra-
cite coal, too, is frmer, and tends upward,
while copper is higher, with an active de-
mand. Foreign trade for April gained 9
per cent, as compared with April, 1889, free
imports being larger by % per cent, owing
to large receipts of coffee, chemicals, rubber
and raw silk. Dutiable imports gained 25
per cent and exports 81 per cent cotton
shipments alone showing heavy decline.
ONE PER CENT A MONTH.
For the ten months the value of trade in |
the fiscal year shows gain of 10 per cent,
exports increasing 1876 per cent and imports |
As per cent. Exports of wheat (and -four |
as wheat) both coasts, equal /, 1862, 080 BUSH |
els this week, against l ,30S, ,557 bushels in |
the like week last year, and 1924 610 bush
els last week. The total exported July /,
1885, to date, as specially telegraphed from
leading ports to Brddstreets each week, is
101, S64 624 bushels, against SO, ,169, 800 bush
els in the like portion of 1888-89 Availa-
BILE stocks of wheat ut 1000 points of &C.
SD
reported to Bradstreet's, declined only $780,
900 bushels last week, against an average
weekly rate prior to May of nearly 80 per
cent larger.
Business failures reported to Brddstreet's
number 149 in the United States this week.
against 175 last week and 1876 this week last
year. Canada had 18 this week, against 27
last week. The total number of failures in
the United States from January to date is
3, ,O91, against 6, 440 in like portion of
1889.
HIGHLY ENCOURAGING
r. G. Dun & Co.'s weekly review of
trade says: Speculation has been neither
large in volume nor enthusiastic in tone
during the past week, but the legitimate
business of the country continues unpre-
cedented in volume for the season, and
highly encouraging in prospects There
has been quite decline in exports from
New York for two weeks past, the value
having been IA per cent below that of the
same weeks last year, while in imports here
\ moderate increase continues, last week
per cent.
But the flow of currency to this center
supplies demands and makes the market
Easy. Interior cities report rather
more demand for money, and at Bos-
on rates are rising, at Chicago and st.
Louis steady, and at Philadelphia dull, not
much commercial paper offering, but at
most points the demand is fair, with suffi-
,ient supply. Crop prospects begin to rule
Ill markets at this season, and these are
improving. Wheat has declined
nc, oats 1c, and corn &c. Coffee is un-
.hanged.
THE TENDENCY LOWER.
Hogs, lard and pork have scarcely
hanged in price, and the rise of ~ cents in
Ill is purely speculative. A better demand
or refined sugar is alleged as reason for an
dvance OF 9 cent in price, but other reports
Indicate that dealers are not buying freely
t the high prices now asked. The general
evel of prices is but shade higher than a
veek ago, and the general tendency seems at
ions for time.
The capacity of iron furnaces in blast
rune 1 was 1S0,795 tons, against 18O, O99
day 1, and 133, ,119 a year ago. The tone of
he market is fairly confident Eastern
makers are said TO have checked the in
ipient advance in prices in order not to
stablish a market for Southern and ,
Western producers to unload on. The de-
nand ior various forms of manufactured
ron and steel is still good and prices steady.
WOOL IS DULL.
The wool market has been dull. Phila- :
elphia and Chicago reports indicate that i
rowers are holding fo- higher prices. But I
o Improvement is seen in wooden goods,
hough dress goods are in fair request here,
nd stocks OF light weight cloths are small.
flannel mills are generally cutting down
reduction. e
Reports from other cities show healthy a
tate OF trade, with clear signs of improve