The Washington critic., 1890-03-17
TIE STATE or TRADE.
Serious Mercantile Disasters Threat
eneh by the EIoodA

and fragmentary winter to make good
losses sustained by restricted demand
for seasonablo goods, says r. G. Dun 81
Co.'s weekly review Of trade, or to pre-.
vent one considerable failure caused by
arrested distribution and collections,
but the colder weather helped a little In
many branches of trade while 1t lasted.
Now great floods in the Mississippi Val
ley interfere with distribution and
threaten serious disasters On the
other hand, the money market has been
relieved by Treasury disbursements, by
another reduction in rate by the Bank
Of England and by fall OF throe-quar.
ters of cent in the rate of sterling ex-
change.
The volume Of business continues ex.
traordinarily large, at New York clear
ings exceeding last years by 5 per cent,
at Boston by 6 per cent, Mt Philadel-
phia by 16 per cent, at Chicago by IL
per cent, and at all other points bv Is
per cent. The increase in railroad
earnings for February was about 121
per gent. II is difficult, at times, to
reconcile these proofs of large business
with expressions of disappointment so
often heard, unless it is remembered
that prices are low and the margin for
profits very narrow.
The weekly output of iron furnaces
in blast March 1, was 1S0,09t tons,
against 174,0 ,03S January 1, and 149, 715
year ago. To many, this further In
crease of over per cent. for the month,
will seem surprising, but IL was an-
nounced month ago that several large
furnaces were about to 90 into blast.
With production exceeding that of
year ago more than 20 per cent, and al
ready at the rate of 8, 400, 900 tons yearly,
the tone of the market has been weaker
and prices have again declined.
"A reduction of 81. so in the price of
Birmingham iron, so that 1t is now Of
fered in Eastern markets fifty cents be-
low similar iron from Pennsylvania,
cOmpels sellers to make concessions,
and causes nervous and disappointed
feeling. Whether the break of five
cents in day and ten cents in week
In the price of Tennessee Coal and Iron
stock has any connection with this re-
duction in price cannot be stated. Rails
are quoted half dollar lower, and one
lot Is said to be for sale at S34. The de-
mand for bar iron is better, but on the
whole there is as yet a lack of evidence
that the country can consume at the
rate it is now producing pig iron, and
lower prices are apprehended.
There is no setback as yet in the
Gotten manufacture, although raw cot
has again advanced a sixteenth, exports
being almost up to last years for the
week, and for six months ending with
February, 2,019 million pounds against
1,722 million for the same months of
the previous year. The speculation is
large, sales here reaching 1000 bales
for the week, and Mississippi floods
lend some strength TO the movement.
Goods are in steady and fair demand, but
| prices obtainable return scanty profits
with material at present cost No change
appears in the wool and woolens trades,
though Treasury decision raising the
duty on ring waste checks another form
Of importation.
AT Philadelphia there is little de-
mand, and some weakness; at Boston
sales for the week have been larger
than for some time past, 2,S43, 900
pounds, of which 2,561 900 were do
mestic, but the goods market does not
improve. In boots and shoes buyers
are numerous, and leather is steady
with fair demand, but hides are quiet
More sales are noted of rubber goods
and the demand for building materials
of all sorts continues large, with prices
tending upward.
Reports from other cities indicate
some improvement in the volume OF
trade, where change is noticed. Al
Philadelphia dry goods are rather
sluggish, but there is more confidence
in groceries. At Chicago receipts o.
grain equal, and of meats and pro
visions largely exceed last years, Will,
wool and hides fall short, though {
better demand for wool appears of late
Dry goods sales are below last year, bu
collections are average, and the cloth
ing trade fair. At st. Louis trade il
winter goods has been improved by tn,
impeded by the floods below.
At Milwaukee and Cleveland trad
has improved somewhat, at Omaha 1t i
larger than last year, and at other West
ern points fair, though at Denver ant
some other points unsettled freight rate
make some difficulty. At Plttsburg tn
general business is good, but weakness
is felt in iron, and flint glass works ar
restricting output because of dullness
At all points reporting any change il
collections, they are more satisfactory
and the Western money markets are al
fairly supplied, though the demand i
strong at Denver, while money is tigh
at Philadelphia, but easier at Boston.
No change of consequence in rates ha
occurred in the New York money mar
ket, though the Treasury has paid ou
81 100000 more than it has taken in
Exports of cotton, breadstuffs and oi
for February were in value $50, ,2l7. SOS
J against S32, ,610, 1886 last year, gail
of II per cent, largely due I
doubled exports of wheat an
| flour. But for two weeks of Marc
: the exports from New York have falle
below last years 2 per cent, while in
ports increase. The stock market too
; a start upward upon the announcemel
| ofa purchase of the Burlington an
, Northern by the Burlington and Quincy
: but the unloading by holders was 5
heavy that the advance was quickl
stopped.
Railroad stocks are, nevertheless
I about 75 cents per share higher than
week ago, but trust stocks are weake
and Tennessee coal and iron 10t cen
lower. The speculative market f.
: products has been little stronger, c,
3 cepting for oil, which has dropped
cents; wheat and corn are half a Gel
higher, coffee quarter higher, al
pork products little stronger. b
speculation is not rampant, and is like