Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-01
LESS ENCOURAGING.
No Material or Widespread Improve
ment in the State of Trade.
IRON DULL AND DISAPPOINTING.
Three New Flowing Wells Cause Decline
in the Petroleum Market.
RON DULL AND DISAPPOINTING.
DEPRESSION IN THE STOCK MARKET
rpEcrA,, TELEGRAM TO THE prsrArcHI

ESPECIAL TELEGRAM TO THE pIsPArcH.I
NEW YORK. February 28.-Telegrams tt
BradStreet'S do not report any material ol
widespread Improvement in the state O
trade. The slight gain in wheat prices ii
more tnan offset by the dullness in iron
while unfavorable weather, heavy wagon
roads and floods in the Ohio Valley all tenC
TO further restrict the distribution of genera
merchandise already less than that reported
one year ago. The decline in petroleum re
suits from the discovery of three flowing
wells. Cattle are 15@20c higher, and live
hogs off SC per cwt. Coal is dull, and the
output is restricted. Drugs and chemicals
are steady and in fair demand, as are whole
sale groceries at New York City.
The New York stock market is duller, and
the bears for the moment appear to have the
advantage. This is due mainly to the low
bank reserves at a time when the Treasury
absorption of currency is not offset by
Treasury bond purchasers. Funds are gen.
orally frmer throughout the country, and
collections are not made with encouraging
ease. Call loan rates would be higher ex-
cept that share speculation is so light.
Bonds are dull and weaker, notably the
Reading issues.
DECREASE IN GRAIN STOCKS.
Reports to Bradstreet's of grain stocks east
of the Rocky Mountains continue to show a
decrease, the total decrease during January
and February promising to equal 9, SOC, 900
bushels against S,000,0 bushels decrease
last year, which will reduce wheat stocks
March : to about what they were one year
ago. The average decrease during three
weeks of February has been nearly $50 600
bushels per week against 10000 bushels
during like weeks of 1889. Exports OF
wheat (and flour as wheat) from both coasts
have increased again and are now noticeably
full, particularly from San Francisco. The
weeks reported shipments equal $500, 725
bushels against 2,272, $40 bushels last week
and |, ,3S4, 594 bushels in the last week Of
February 1889. Total foreign shipments
July l to date is 90 124 046 bushels against
62, 755, 096 bushels in like portion of 1885,
SO. Flour Is firmer and moderately higher
for desirable brands on fair demand and ex-
tension of local dock storage privileges.
Moderately increased exports and stronger
cables pushed wheat prices up 15@Tc. In
dian corn is up 5sc on continued Tree exports
and checked interior deliveries.
There are no important changes in prices
of hog product. Lard ard cut meats are
tanner, with the general market irregular
At San Francisco the appointment of a re-
ceiver Tor the trust refinery finds the Pacific
coast sugar market in. the hands of MIR.
Claus Spreckels, but granulated is only Nc
higher. There is a light business in
raw sugars east owing to lack of demand,
foreign advices being rather stimulating.
Refined sugar is stronger. Coffee is about
steady on restricted offerings.
STEEL RAIL TRADE CONFERENCE.
Representatives of the steel rail trade are
to have a conference in reference to the
proposition to reduce the duty on imported
rails to SO per ton. Pig iron has not revived
vet Makers look for an active demand Tor
shaped iron soon. The gross output of iron
and steel on old orders is heav-, but new
business thus far hasn't met expectations.
Dry goods jobbers at New York and Bos-
ton report trade fairly active. Cotton and
wooden domestic and foreign dress goods are
most active. Agents report leading STYLES of
cottons we'll sold up and fair recorder bust
ness in spring specialties. Prices are gen.
orally firm with bleached cottons showing
greatest strength. Raw wool is dull, with
large stocks at Boston. Carpet wools are
active and prices are weak but not quotably
lower. Raw cotton is dull in all markets.
The crop movement continues light but firm;
prices discourage the conSumptive demand.
Business failures reported to Bradstreet'S
number 100 in the United States this week
against 253 last week. and 243 this week last
year. Canada had "a this week against "a
last week. The total number OF failures in
the United States since January l, is 9, ,543
against 2, 727 in 1882
DUN & CO. IS WEEKLY REPORT.
r. G. Dun 6 Co.'S weekly review of trade
says: Unreasonable weather and growing
doubts about the monetary future do not
help business, and reports this week are
less encouraging. Yet it must be remem-
bered that the reports of dealers everywhere
are liable to be much influenced by disap-
pointment of past hopes so that they con-
slider trade unsatis 'acJory because it is not
up to their observation-disclosures distribu-
ton does not suffice to clear away stocks
purchased-though the amount of transac-
tions may larger than year ago. To the
trader who bought 20 per cent more than in
any previous season, but has only sold DER
cent more, business is unsatisfactory. The
enormous traffic during the latter mart of
last year showed that exceptionally heavy
purchases were made, and the elearinps in
dictate that settlements are in larger amount
than a year ago last week, showing an in
I 1 X, D
at Boston, Philadelphia and Chicago. and
10 per cent at all other places. But the pre-
vailing tone just now is one of discourage
ment.
Boston notes little improvement. The
Philadelphia drygoods market lacks life.
AT St. Louis the distribution of all season.
able goods is fair in volume and collections
satisfactory. The boot and shoe trade is
fairly active and expecting the most pros
porous season for several years, but there is
little trading in wool, with some conces-
sions. Trade is fairly good, exceeding last
years, at Cleveland, restricted by warm
weather at Detroit, helped but little by
colder weather at Milwaukee, good at
Omaha, only fair at Kansas City and up to
the average at st. Paul and many other
points reporting. Collections, except as
above noted, are generally reported fair,
but at Milwaukee they are slow and numer-
GUS extensions are obtained.
THE IRON MARKET DISAPPOINTING.
Philadelphia finds the iron market weak;
for other than best foundry grades. dull and
disappointing, speculative lots being all the
time offered at price: below present cost of
production, and at Pittsburg iron is weaker.
Bessemer having fallen 81 per ton.
The movement of breadstuffs is still heavy
and exports, both ofwheat and corn, greatly |
exceeded last years. After a drop OF abont 1
q cent IN each, wheat recovered to an eighth |
above last weeks price and corn to five
eighths above, with fair transactions in
each.
In the stock market the tendency has been
toward further depression, as is natural with |
money working more closely, and the
average has declined 81 cents per
share for the week, not including |
trust or industrial stocks, which have |
been depressed. The desired monetary
relief through larger Treasury disburse-
ments has not come, and Government re-