Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-12
THE WEEK IN TRADE,
As Reviewed by the Leading Agencies
of the United States.
pULLNEss GENERALLY PREVAILS.
Wheat and Drygoods Show. on Improved
Condition and Prices StifTen.
FAILURES INCREASE FOR THE WEEK
ESPECIAL rrL.onAM TO TIE p,srA,

In Missouri and Nebraska has resulted In q
drouth. Early showers, Il is thought, may
recover some of the loss to crops In Ne
braska. One effect OF the extreme heat West
has been an advance in prices Of canned
goods.
The New York stock market Is dull and
tends 10 rise on the silver bill and the pros.
pective settlement Of Western railroad DIFF
ficulties, though gold shipments and foreign
selling consequent on the South American
panic exert some disturbing influence.
Bank cleariugs at 81 cities for the week
ending July 10 are S917, SOC, ,716, q decrease
from this week last year Of 10 per cent
New York City's clearings, which consti'
tutes 55.6 per cent of the grand total. are
less than those for the like period last yeal
by over % per cent, while at 30 other cities
the loss is 2.3 per cent.
IRON AND STEEL MARKETS QUIET.
There is no improvement in iron or steel
prices or demand, con trary to expectations
and predictions. At some points, notably
West, prices OF iron tend lower. Anthra-
cite coal is firm and in fair demand. Pro-
duction is heavy and exceeds the total for
the first half OF 'S9. The outlook is for q
further advance in price. Copper is firm at
17c for lake, from first hands; elsewhere,
1624@16Xe. Casting brands are 14Nc.
Gross railway earnings of 134 companies
for June show total aggregate receipts CT
$50. .502, 761, an increase over June last year
of S.65 per cent. The month Of Nav, it will
be remembered, showed gain over May,
1889, of nearly IA per cent. Rate cutting,
water competition and reduced volume of
business offering have reduced June earn
ings. For the six months 133 roads report
earnings OF S205, 449, ,S31, gain over last
wear of H. per cent on a milage increase of
&c per cent.
Heavy receipts Of hogs at Western pack
ing centers broke the back OF the little boom
in lard started early in the week, and prices
close about where they did a week ago.
Hogs are 3 cents cheaper. Mess pork is
steady at former quotations.
IMPROVED CONDITION OF WHEAT.
Wheat has been stronger on fair demand,
decreasing stocks, small crop outlook at
home and reports Of damage to wheat in
Europe. Prices are 1%c higher on the
week. European available stocks of wheat,
stocks afoat for Europe and supplies avail
able in the United States, both coasts, ag-
gregated 69.000,000 bnshels July l, 1890,
against &c, 900, 900 bushels one year before.
On January 1, 1890. the foregoing
stocks amounted to 115,0OO,00O BUSH
els, as compared with 13O, 900, 900 bushels
on Jan. !, 1889. During June, 1890. Euro
pean. afoat apd American wheat stocks de-
creased fully Is, 600, 900 bushels, two-thirds
of which decline was abroad. Exports Of
wheat and -four as wheat both coasts, this
.,.aaly a1nn1 TQQ Q0O hnehala i0at Ok
428 bushels last week and as compared with
! ,558, 055 bushels in the week ladiug July
12, 1889. Indian corn exports, both coasts,
equal ,792, ,S64 bushels this week, against
/ 800, ,592 bushels last week.
ACTIVITY IN DRYoooDs.
The July drygoods trade opened quietly,
but has improved this week both with
agents and johbers, owing TO enlarged do
mand for fall dress goods at drst and second
hands. The late hot wave q qstckoned the re-
asserting demand for wash dress fabrics
from jobbers. Wool dress goods are In fairly
active demand, except lor oloakings, which
are checked by the cloakmakers strike.
Mems wear goods are only moderately ae-
tive. Prices arc generally steady and un-
changed. Print cloth stocks are accumulat-
ing on slight demand. Raw wool Is very dull
on reduced demand from manu- facturers and
proposed tariff changes. Cotton was de-
pressed, but closed steady and but little be-
low last week, uncertainty about August de-
livery nearly offsettng early unfavorable
Liverpool cables. New crop is slightly
weaker on good crop adyIces.
Business failures reported to Brddstreet's
number 1874 in the United States this week
against 102 last week aud 218 this week last
wear. Canada had 80 this week against 13
last week. The total number Of failures in
the United States January to date is 5,702
against {. 6.255 in like portion Of 1889.
HEAVY SHIPMENTS OF GOLD.
r. G. Dun & Co. review Of the trade for
the week says that the Bank OF England
lost 81, 160, 900 gold last week, the Bank OF
Germany 81, 490. 900. and The Bank OF France
81, ,245, 900, in all 50, 800, 900 in o week, and
it has been decided to call over $4,000, 900
gold from this country, the first shipments
being to-day. With scanty reserves here
on which to begin the fall movement, and
money tight at Boston and active at Phila-
delphia and in shares demand in Chicago at
6 per cent on call, the prospect is less clear
than it has been, though rates here are COM
paratively steady.
From many Northwestern cities special
reports show distinct improvement in trade
because OF crop prospects, which st. Paul
calls the best for years. Yet prices of wheat
have advanced 11sc on sales Of 10, ,000,0 900
bushels, corn 17sc on sales of 100000
bushels and oats Hc, while cotton is un-
changed, with moderate dealings. Hogs
and lard are higher, with potatoes and eggs,
but oil is &c lower, and the absence OF buy
ers causes disappointment in coffee, though
prices are held. Slow consumption OF sugar
is also noticed. But the general average of
prices has advanced fully per cent
IRON REMAINS WEAK.
In the iron business the buoyancy antioi-
pated at Philadelphia does not appear there,
and here pressure to realize keeps the mar
ket weak. Pittsburg notes no loss in price,
but slower movement. Coal is dull and
weak, the recent advance being principally
on paper, and the half years output being
within 1000 tons of the output last year.
Copper, tin and lead continue strong.
Midsummer dullness prevails at Boston
increased by monetary stringenoy, and at
Philadelphia and Pittsburg by the tact that
higher wages have been conceded to iron
workers, though higher prices for products
do not seem oDtainable. Chicago reports a
larger movement than last years in all
grains and meats, in wool and in drygoods,
with easy and prompt collections, a very
good trade in clothing, and better than last
wear in boots and shoes.
pUL1NEss PREVAILS IN THE WEST.
ST. Louis finds trade above the average.
extreme hot weather having passed, but at
Kansas City trade is light and collections
are poor because of drought. Milwaukee
has d heavy local trade, Omaha o large
trade and bright prospects, and Minneapolis
a stronger market for -four, while the ium.
Der convention has advanced prices Of low
grade lumber 81 per 1000. At Detroit
report good fall orders, and OF
Cleveland all trades are better than q year
ago. The glass works are closed at Pitts.
burg, but stocks are moving fairly, and O
scarcity Of miners IL felt In the business
there.
The coal traffic Of roads is very large for
tho last week Of June about 8 per cent, aud
for the month about II per cent above last
years, while the few reports for July show
stlll larger gains. Reoelverships for the
half year covered but w ,o00, 900 OF stocks
aud botds Of ], $3.50 miles, while foreclosures
d