Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-23
STOCKS ARE BECOMING STRONGER.
Many Millions of Dollars Have Been Tied
Up and Kept Ont of Busi-
ness Channels
By TARIFF TALK AND OTHER CAUSES
But Reports From Throughout the Country Show .
Large Volume Of Legitimate Business
uPxc1AJ rrLEeEAx TO THE prsrArc


region is enjoying prosperity based upon
excellent crops. Rice, it is thought, will
exceed !, ,00O. 900 sacks, and cotton will yield
heavily. Chicago, New York, Bos-
ton and St. Louis all report a
large volume of business, dullness
being chiefly conspicuous among hand
lers of imported articles. At Philadelphia,
notwithstanding a better request for dry
goods, large share of textile machinery is
idle.
Grain leather is generally scarce and in
active request, with price higher. Boots
and shoes have advanced 10@15c per pair
at first hands. Cattle are lower for COM
mon, but hogs are sc upon increased de-
mand. Crop reports from Nebraska show a
much reduced output of cereals, though
there, as elsewhere, the enhanced price will
probably do much to offset restricted pro-
duction.
STOCKS AGAIN RALLYING.
After sharp depression, due to the strin-
gency of money, stock prices show ten
dency to rally on the expectation of in
creased supplies of funds from the tender
oi Az per cent bonds to the Treasury. The
threatened extension of the New York Gen.
tral strike is also an element in the market.
Bank clearings at 81 cities for the week
ended August q are s., 107, $50, ,271, gain
over this week last year of 16 per cent. New
York City's clearings, which constitute 61.5
per cent of the grand total, are more than
those for the like period last year by 12 per
cent, while at 30 other cities the gain is %
per cent
Moderate gross earnings in June with in
creased operating expenses, growing out of
low freight rates West and large expendi-
lures for betterments, have reduced the pro-
portions of gain in net earnings of railroad
companies generally. The trunk-lines, the
Pennsylvania principally, Eastern roads
and coal carriers, show large increases in
gross over June a year ago, when heavy
losses were caused by foods. The earnings
of sc roads for June aggregate S12, 710, ,278, a
gain over June, 1889, of 10.2 per cent. The
gain in net earnings in May over May last
year was Is per cent, For six months net
earnings of lis roads aggregated S92, $50, 547,
gain over six months of 1889 of 1874 per
cent Here again the coal roads are most
prominent as regards the increase.
METAL AND MINERAL MARKETS.
Copper tends upward at home and abroad
notwithstanding the present high prices.
Sales of Lake Superior ingot for export to
Germany at II 1zc per pound are reported at
Boston. Producers are offering their stock
freely. The Calumet and Hecla Company
has published the first full annual report
Tor years, but omits to give the cost of its
copper laid down in New York. At lie
the company's net profit is perhaps not far
from 10c per pound. Iron and steel remain
steady as to price. Demand is unchanged,
but little better West. Anthracite coal
shows no signs as vet of a revival in de-
mand. Production to date is 330 900 tons
behind the record of last year. Renewed
short-crop reports as to wheat at home
and q decided preponderance of bullish
sentiment served to push wheat up 21kc this
week, despite the natural bearish tendencies
of the Northwest, exclusive of producers.
Indian corn, too, advanced &c and oats
1Hc. The causes are those which have
heretofore acted. Exports of wheat (and
-four as wheat) to both coasts equal 8, ,489, =
925 bushels, against 2, ,703, 145 bushels in the
like week of 1889 and 1893, 1S9 bushels last
week. The total exported July 1 to date is
16, 407, 153 bushels, as compared with 13, $685.
296 bushels in a like portion of 1888, and
1890, 600 bushels In 1887 Indian corn ex-
ports were 1,084, los bushels this week,
against 600, 900 bushels last week.
DRYGooDS AND wooLENs.
Drvgoods are more actively distributed at
the East, and the general tone of the market
is buoyant Jobbers are most active, while
agents are doing a good recorder business
through mail aud personal demand. Prices
are generally well held, print cloths alone
weakening slightly. Woolen goods have
shared somewhat in the better tone of the
general market bu: demand is still only
moderate. Foreign goods are very dull
owing to delayed action on the tariff. A
fair business is doing in raw wool, but the
market lacks strength. The better tone of
the wooden goods market prevents any
further decline in raw material. Iiquida-
tion of old cotton contracts has been the
order OF the day in all markets, and prices
are off 1s and 1 1,16 cents New crop is
moving freely.
Business failures reported to Brddstr eet's
number 160 in the United States this week,
against 14S last week, and 218 this week
last year. Canada had 20 this week, against
29 last week. The total number of failures
in the United States January to date is
6,663, against I, ,427 in like portion oi 1889.
MONEY TIED UP.
r. G, Dun & Co. IS weekly review of trade
says: The signs of monetary disturbance
which were noticed in previous reviews
were not misleading. At Philadelphia
money was tight, at Chicago in strong de-
mand, at st. Louis unusually scarce at z TO
per cent, at New Orleans Tightening, at
Denver and ST. Paul in good demand, and
at Milwaukee more active at per cent;
firm at Kansas City, and rather tight st De-
troit aI7 per cent.
The obvious and only sufficient relief is
the liquidation of money speculations in
stocks, in wheat, corn, oats, cotton, leather,
hides, coffee, wool, and especially in silver
bullion, which have locked up enormous
sums. Iu silver alone about ten millions
mas been locked up to wait for higher
prices; In grain several times as much, and
In other products many millions, while the
condition of the market for securities was
indicated by the fall, averaging about 81
per share in single day on active stocks,
when money became tight.
EFFECT OF THE TARIFF BILL.
In addition the enormous imports. in
tended to anticipate the pending tariff bill,
have virtually locked up for an indefinite
time many millions paid for goods, and in
duties on them. The volume of legitimate
business throughout the country Continues
large, exceeding that OF last year by 10 per
cent outside New York, and the desire to
market products quickly as prices rise,
causes greater demand for currency from
the country than usual. During the past
week the Treasury has paid out only S6l 600
more than it has taken in.
Wheat closes 4e higher than a week aqo
but the advance was much greater before
the break came. Not only have exports
been arrested. but l6, 900 bushels American
wheat were reshipped to this country from
Liverpool, and trades were in progress for