Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-22
MARKETS In THE MUD.
Bad Roads Have a Depressing lnfu-
ence on General Business.
REACTION In THE IRON TRADE.
Southern Competition Affects the Prices at
PittSburg.
BIG INCREASE IN RAILROAD EARNINGS
ESPECIAL. TELEGRAM TO THE D1sPArcH.1

ESPECIAL TELEGRAM TO THE DIsPATCH.I
NEW YORK, March 21.-Special tels-
grams to BradStreet's to-day say:
Indications point to a more active distribu-
tion of staple merchandise among leading
trade centers at Kansas City, ST. Louis and
Omaha only. Throughout the region tributary
to the three cities named the country roads
are still heavy, to the detriment Of the iobbing
trade and of farmers having produce or stock
ready for market. Dizziness prevails at San
Francisco, but wheat in California is frmer on
reports Of a very short crop this year, and Pa
citic coast exports this week have declined
heavily.
Prices of heavy chemicals at Eastern ports
have advanced 100 per cent owing to inter-
ruDted imports due to strikes in England.
Hawaiian sugar has been shipped to Atlantic
ports and some has arrived at New OrleanA
Our San Francisco telegram announces rumOr
that the Union Pacific Railway Company has
contracted for a monthly steamship service
from Portland, Ore, to China and Japan. Cat
tie and hogs at Western centers have been in
better demand and higher. Mercantile collec-
tons generally are slow. Trade South and
West is still somewhat interrupted through
fears of overhows, though less than last week.
WALL STREET sTAGNANT.
Wall street has been almost stagnant for .
week, Atchison under Boston buying, and Read
ing, by aid of the pool influence. being the feat
ures, firmer and higher. The Union Pacific un-
favorable earnings report resulted in Irregular
ity in that stock. The outlook for stability in
Western railway rates is better, now that the
Chicago, Burlington and Northern has passed
into new hands. The trunk line Presidents
Will meet next week to fix rates for the sum-
mer. Tennessee Coal and Iron, Sugar certiti-
Gates and Chicago Gas among unlisted securi-
ties were erratic.
Bonds were relatively more active than
stocks. notably the Atchison, Reading and Mis-
souri,, Kansas and Texas issues Money has
not been largely in demand owing to light de-
mands in shares. and rates remain quite easy.
The net railroad earnings of 1O7 railway COM
panies for January. as reported to BradStreerS.
aggregated Sl2,ll5.328. a gain of 15.3 per cent
per cent. Slack demand for coal in the East
and heavy snow and rainfalls along the lines
of Pacific roads account for decreased earn
ings of Pacific roads and coal carriers.
BREADsTUFFs BETTER.
Wheat has been active and higher on shrink
age of stocks at home and.abroad, and reported
damage to the domestic crop. Corn has been
frmer after a moderate decline. Exports of
wheat (and -four as wheat) from both coasts
this week aggregate 1.S5O.S9O bushels, against
3,OY, ,030 bushels last week lowing largely to
decreased Pacific coast clearances), and as
compared with l, $50 bushels in the like
week of 1889. The total exports from July to
date is 0.292623 bushels against 90 lSO'30o
bushels in 4 like share of 1sSS-o9 The report
of l36. 600 0G0 bushels of wheat in farmers hands
on March /, 1890, is stated to point to a surplus
for export from March to June 30 next, OF
80. 900 600 bushels, allowing for visible and in
visible stocks on July /. 1890, equal to those on
July l, 1889. The rate of export thus far dur
ing March would aggregate S,OOO,OOO bushels
for the four months.
Sugar has declined moderately in price, "a
3-l6c. Tea has been steady, but with weakness
abroad on enlarged crop estimates. Coffee has
been animated on free offerings and realizing
sales and prices have declined.
IRON IS DEPRESSED.
Iron is visibly weaker and makers have lost
much of the confidence in an early return of
higher prices which has been referred to so
mach Of late. Rails. too, are quiet and fully
81 lower within a month. Consumers prefer to
wait before buying for future requirements.
Drygoods demand in Eastern markets lacks
snap. Price changes in Gotten goods are to-
ward lowerirange. Print cloths. low grade
bleached goods and prints are lower. Cotton
and wool dress goods are most active. Mems
wear woolens are quiet. Cotton weakened ear
ly on news of English coal strikes, but reassur-
ing advices, added to the light port movement,
overcame the loss.
Business failures reported to Bradstreers
number 200 In the United States this week,
against 209 last week and 242 this week LAST
year. Canada had 81 this week, against Al last
week. The total number of failures in the
United States since January l is 3,1o7, against
9, 3S5 in 1889
EFFECT OF SOUTHERN IRON.
Dun & Co., in their weekly report, say
The depression at Pittsburg in iron and steel,
and the slow trade in glass, due to extravagant
cost of materials, causes some disappointment
to Iho,e who labOred so long to convince them
selves that prices of iron and its products must
rise, in spite of the unprecedented output.
Now prices are lower and the market unset
tied and close on TO Generalization. The offers
of Southern iron are the obvious cause-No. l
at SIS % here, and gray forge at SIG so; lower
prices by % to 50 cents per ton are made at
Pittsburg, with 81 lower for rails, 81 lower for
blooms and bIllets, and manufactured iron
weaker
The fact of greatest significance, repeatedly
noted here. has been the slackening in demand
for finished products, and some concessions are
now made in Eastern markets on rails: for
bllets there are few sellers and no buyers, and
the bar mills are running short of orders. In
general cons .mption is larger than year ago,
but clearly shows reaction from the great rush
of last fall.
A CHANGE FOR THE BETTER.
In speaking of the financial outlook, Dun
& Co., say:
The monetary situation has changed for the
better more distinctly than any other, the
Treasury having found means to pay out dur
ing the week 81, 900, 900 more than it has taken
in. Foreign exchange has risen one-half of a
cent because of scarcity of commercial bills
but exports for three weeks from this port
show an increase of 81 200 COO over last year or
per cent, while the increase in exports is nearly
s., ,000, 900 or 81 per cent.
The stock market is afflicted with dullness
and the average price of stocks, exclusive of
the Industrial lots, has declined about so
cents per share. The railroads are doing q
large business. but most stocks are so held and
80 managed that the public is not invited.
SUICIDE OF A WEALTHY YOUTH.