Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-09
Unsettle the Stock Markets and Send
Up the Price of Wheat.
THE GRAIN SUPPLY DECREASED
Pig Iron Quiet, but Steel Rails Soon to be
Advanced in Price.
DEPRESSION IN THE WOOL TRADE
ESPECIAL rnlrenAx TO THE DIS

|
ern merchants at interior distributing points
are ordering with considerable freedom,
owing to the size of the yields Of cotton,
rice and other products. In California
wheat is threshing out better than was ex-
pected, and it is predicted that counting
1906, 900 bushels of wheat carried over, the
State will have 80, ,OOO, 900 bushels for export
this cereal year. In Nebraska there has
been little improvement in the crop situa-
ton, but rain is still much needed.
On the frmer tone of the money market,
with some manipulation of rates and with
the aid of reports of damage to the corn
crop, the New York stock market was de-
pressed and unsettled. Prices recovered
slightly at the close of the week, though
stock speculation continues dull and unin-
teresting. The wheat markets have been
more bullish on crop damage reports, and
prices are up 31Sc. Indian corn has been
likewise affected, and gained 3sSc per
bushel, and oats, out of sympathy, are $40
| higher.
| LESS WHEAT EXPORTED.
Exports of wheat, both coasts. (and -four
as wheat) equal 2,166, 263 bushels this week
against 2,272,S5S bushels last week, and
| against 2,056, 900 bushels in the like week
Of August, 1889. Cable dispatches to Brad
| streets show that the worlds wheat stocks
decreased 3s3. 900 bushels during July, 1890.
while in 1889 they increased 2,835, 900
| bushels, Grand totals of wheat stocks
Tin bushels) here, ahoat and in Europe on
dates given below this year and last, were as
follows: 1S90-Japuary 1, 115.022, 900;
April !, 80, S45, 900; July 1, SO, 1876, 900; Au-
gust 1, 6S, 800, 600. 1889, January l, $780,
76O, 900; April l. 90, ,3s2. 600; July 1, 66, $685.
900; August 1, So, 133, 900.
European ahoat and American wheat
stocks decreased during the seven months
ended August 1, 1890, 46, 29O, 900 bushels, as
compared with a decrease of 61,627 900
bushels in like portion of 1889. Stocks of
American afoat and European available
wheat were larger on the first of each month
this year as compared with like dates of
| 1889 until June, on the first of which month,
owing to increased stocks af1oat the worlds
available supplies were larger than on June
| 1, 1889, by nearly 100000 bushels. The
| like was true again on July l, but ON Au-
gust /. 1890, the total of these stocks is found
to be 331, 900 bushels smaller than on the
like date last year.
HIDES AND LEATHER STRONG.
A feature of the week has been tue buoy
ancy of leather. Boot and shoe manufact-
urers have not thus far been able to secure
a corresponding advance, though it is un-
likely that additional orders will be taken
at former prices. Hides, too, are strong.
Cattle and hogs continue to come forward at
the West, the former being &c per cwt
higher than last week. In hog products
there has been an active demand and firm
prices.
shown q moderate degree Of activity. Mer-
camille collections, are generally slow, ex-
cept at the South where little complaint is
heard.
Pig iron is unchanged in price, although
few makers report better demand. Steel
rail makers, after consultation, announce
that prices will soon be advanced $1@1 80
per ton; that while new orders are not
pressing, the mills are fairly busy. Sales to
date are said to be It's, 600 tons ahead of last
year. Copper is unchanged in price, with
continued tendency toward weakness.
Rio coffee is 20 higher on good demand
and light stocks. Speculation is irregular
and prices show little change. Refined
sugar is 1-16c lower. Drygoods ere in in
creased demand.
Business failures reported to Brddstreet's
number Isl in the United States this week
against 131 last week and 173 this week last
year. Canada had 25 this week against %
last week. The total number of failures in
the United States, January to. date, is
6,355 against I, ,032 in like portion of 1889.
THE STORY DUN TELLS.
R. G. Dun & Co.'s weekly review Of the
trade says: Less favorable crop prospects,
closer money markets and further delay in
action on the tariff bill in the Senate have
increased the uncertainty which retards
business. In spite of a sharp advance in
wheat, corn, oats, oil and coffee, the general
average of prices for commodities is shade
lower than a week ago.
The present state of trade throughout the
country appears satisfactory for the season,
and reports are almost uniformly confident
in tone. Boston shows little present change,
but belief in great activity in the fall.
Wool is more freely bought. Cotton goods
move fairly, and the supension in print
cloth works is having the desired effect
Philadelphia notes no improvement in wool
and scanty buying of cotton, lower prices
being awaited.
Chicago reports smaller receipts than last
year of wheat, -four and corn, heavy de-
crease in cheese, but a much larger move
ment of cattle, and OF hops, because OF fear
as to the corn crop. Wool receipts fallff
third and hides quarter, while sales of
year, with prompt collections.
BUSINESS IN THE WEST.
St. Louis notes strong trade in nearly all
lines, Kansas City fair trade for the sea-
son, Omaha and ST. Paul good trade, and
Milwaukee improvement At Minneapolis
the lumber demand is good and flour strong
er. At Detroit trade is equal to last years,
and at Cleveland satisfactory, excepting that
lake freights are dull and depressed from
oversupply of shipping.
Glass and coal are inactive at Pittsburg,
but iron stronger.
The crop outlook is on the whole less
promising. The speculative news gatherers
are making the most of the damage to wheat
and corn. Wheat has risen SN cents, with
sales of 2S, 000, 900 bushels; corn, 81 cents,
with sales of 1000. 900 bushels, and oats,
cents, while pork, hogs and cotton are un-
changed.
Iron ore and pig are inactive and weak at
Cleveland, but in rather better demand at
Pittsburg, where the demand for finished
iron is excellent for the season. The same
is true at Philadelphia.
LOWER PRICES FOR WOOL.
A contradictory state of things is seen in |
wool and woolens. Trade is decidedly |
larger in the lower grades, but lower prices |
for wool and depression in the manufacture,
especially OF the all-wool and finer goods, in |
the belief that delay of the tariff and the |
heavy imports will prevent improvement |
this year. The fall OF 20 per cent in wool |
abroad threatens great supply of cheaper !
goods il the proposed change of duties fails, |
SO that producers hesitate. The copper mar. |
ket is slow, with some lake sold at II cents. |
Tin and lead are dull.
The outlook depends largely upon the ex