Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-05
A BRIGHT OUTLOOK.
Reports to Bradstreet and Dun Are
Generally Favorable, but
NO VERY BIG BOOM is EXPECTED.
Excessive Production Keeps Down the Price
of Iron.
ENORMOUS GRAIN TRADE AT CHICAGO
ESPECIAL TELEGRAM TO THE p1srIrcHI


general trade is heavy, there has been dis
tinct check TO the movement of staples to re-
tsiIers' hands as compared with the dis
tribution some months ago. Improvement
in trade is reported, following more season.
able weather at Omaha, San Francisco and
Cincinnati. There are no signs of increas-
ing activity at Boston or Philadelphia The
overfows along the lower Mississippi Val
ley have checked trade at New Orleans, and
even at st. Louis a similar influence has
been felt. AdviceS from Chicago are mod
erately cheerful.
At New York, while the quarters total of
bank clearings is per cent larger than in
1889 for March, the total this year is 215 per
cent less than in March, 1889. Bank clear
o ings at Sc cities for March aggregated s., :
$50, 514, S31, gain over year ago of l5
per cent, as compared with an increase of
18 per cent in March, 1889, over 1888. For
the first quarter of 1890 the gain is 58 per
cent over the first quarter of 1889, but the in
crease in the bank clearings in the first
quarter of 1889 over 1888 was IL per cent.
SLOW RETAIL TRADE.
Special investigation by BradStreet'S into
general trade for the past quarter and into
mercantile collections (at 21 cities) shows
that the late mild winter, low prices and de-
preston in the coal trade have had unfavor
able effects upon retail distribution of heavy
wearing apparel and kindred goods and
the influence of the heavy stocks carried
over by retailers is reflected in a less active
demand than anticipated and slow col
lections at many points. There is less dis
countinp of bills and small demand for ac-
commodation.
The only assignable cause for the existing
depression in the iron and steel market, in
the face of the extraordinary consumption
and prospects for a still heavier consump-
tion, is found in the fact that the productive
capacity has been developed in every de-
partment to extraordinary degree. The
increase in the production of crude iron
within the past six months amounts to but
little less than 90, 900 tons per week. The
capacity for padding, heating and rolling
has also been greatly enlarged. The pig
iron market is dull, prices are low and
there are no signs of an early reactions as
users of all kinds of finished and rolled iron
decline to place heavy orders.
BREADSTUFFs LOOKING UP.
Wheat has not varied in price much,
tending upward toward the close. Re
home are the stimulating features, TOR our
exports have declined visibly, notably from
the Pacific coast. The total shipped this
week. both coasts (including flour as wheat)
is ], ,521. .S96 bushels, against 2, 401, 156 BUSH
els the week before. From July l last to
date exports equal S1,215 ,675 bushels,
against 69, 040, 120 bushels in a like portion
of 1889. Indian corn is frmer on lighter
interior shipments and continued heavy ex-
ports. Oats likewise are tractionally
higher.
Drives in spring dress goods are the lead
ing features SOf the Eastern drygoods iobbing
trade. A considerable movement has been
effected at cut rates. Trade with agents is
only moderate. Cotton and wool dress goods
show the most notable activity. Prices are,
al rule, unchanged. Cotton is dull and
unchanged. as is all raw wool.
Reports to BrddStreet'S OF mercantile fail
ures throughout the United States during
the first quarter OF the current year show
total of 1896 against 3 500 in the first quar-
ter of 1889. The aggregate liabilities of
failing traders are S33 S14, ,301 against SAL
761, $780, and actual assets SIG, 0S2 212 against
so, $40, 79S in the first quarter of 1889.
A CHEERFUL OUTLOOK.
R. G. Dun & Co.'s weekly review of
trade says: The first quarter of the year has
passed without the financial disturbance
which many saw reason to fear, with lever
failures than in the same quarter of last
year, and smaller by II per cent, with a
larger tonnage, than in the same quarter OF
any previous year, and with larger permits
than ever through bankers clearing houses,
outside of New York. Foreign trade has
been heavier than ever for the season, and
domestic consumption was much smaller
than usual in coal. Woolens and heavy
winter goods have been at the maximum in
nearly all lines
The new quarter begins with no appre-
hension of monetary difficulty, with the
general level of prices recovering from the
depression of February, and with signs of
improvement In many quarters, though the
recurrence OF failures OF woolen commission
and manufacturing concerns calls renewed
attention to the evil effects of long credits
and to the unusual strain to which it has
been subjected by a succession of two mild
winters.
MONEY IS FAIRLY EASY.
The money market is no longer a center
of apprehension. Returns of commerce
indicate an increase OF exports over i'm
ports in March, and the trading in securities
appears to have resulted in no considerable
outgo OF capital. The money markets of
the interior are more satisfactory, Boston
noting comparatively little change; Phila-
delphia reporting money easy though not
plenty, because of many large investments
in Southern enterprises; Pittsburg reporting
a fair demand at to per cent; Chicago
frmness, with ample supply; st. Louis, no
change from tie to per cent rate; New
Orleans, an easy market, and Of other
Western Cities Cleveland only reporting
some stringency.
The failures of wooden commission house
here and a manufacturing establishment in
Pennsylvania came just when there were
signs OF better demand by manufacturers for
wool at Boston, here and at Philadelphia.
TARIFF AND THE WOOL MARKET.
On large sales concessions are still made.
but the manufacturers reason that the pend
ing tariff bill will probably prevent sales of
the new clip at lower than current rates,
while it may give them better market for
goods. The long credits demanded on pur-
chases of materials bv clothing manu-
facturers expose this entire department of
industry to exceptional disadvantage where
consumption is from any cause curtailed
as on account OF mild weather it has been.
Reports of the boot and shoe leather in
dustry are nearly all favorable, and i'm
provement.is is noted East and at Chicago, but
strong opposition is made to the proposed
duty on hides.
The coal trade has not been helped by the
various meetings and consultations and
anthracite stove is selling at So 80 with btu
miuous quoted at s. 25
IRON STILL HEAVY.
In the iron business there is another effort
at Philadelphia to create more encouraging
impressions, but it is now admitted that, in
spite of hopes there entertained, the demand
for the past quarter has been slow and at re-
ceding prices. Southern iron is still pressed
for sales. In bar some little improvement is
seen and the market for structural iron and
nails is better; but nails are not selling