Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-08
TRADE IS FREAKISH.
A Conditioned Business That Experts
Find Hard to Explain.
FEARS OF A STRIKE ON MAY 1
Already the Cause of Some UneaSiness in
the Industrial World.
MONEY EASY AND STOCKS ACTIVE.
ESPECIAL rzLEeRAn TO THE DrsrArcH.i

NEW 1Ohhy EeDTuaTy ts-SpeClal bo4e-
grams to Brddstreet's indicate a moderate
improvement in the movement of general
merchandise east of the Rocky Mountains,
with more seasonable weather, and conse-
quently a more active demand for staple
goods. Prices of cattle and hogs generally
tend lower on a free movement Wheat is
depressed on the Pacific coast by free offer
ings and large interior stocks. Groceries,
drygoods and drugs are fairly active. Iron
prices are fairly steady, on the belief that
the demand will increase at an early date,
but anthracite coal is barely steady, with
no improvement in demand for domestic
purposes.
The industrial situation is attracting at
tention, with an increasing number of en-
ployes on strike and an outlook for a strike
Of considerable proportions May l, in case
a general concession is not made that eight
hours shall constitute a days work. The
price movement continues quite as irregular
as for several months past.
ACTIVITY IN RAILROAD STOCKS.
Wall street has been abandoned to pro-
feSSional operators during the week. The
bears have been most active with Rock
Island and Chicago and Eastern Illinois.
Reading and Chicago, Burlington and
Quincy were supported and recorded sub
stantial advances. Money has been quite
easy, notwithstanding the decrease in the
New York bank surplus reserves and high
rates of discount at London. The bright
spot in the street has been the active de-
mand for railway bonds, one or two new
loans having been subscribed for twice over.
The bank clearings at 35 cities for January
aggregated s., ,139, ,044, ,941, or ~ per cent
more than in January. 1889, 10 per cent
more than in December last, and are ex-
ceeded only by monthly totals in October,
1889, and December, 1886.
The movement of -four has been dull, and
prices have been shaded. Stocks at New
York are officially reported at about 282, 900
barrels, though it is notorious that the total
on dock and in store here exceeds that ag-
gregate. Reports to BrddStreetS show
1,781, ,7O7 barrels in stock, first and second
hands, at So cities February 1, an increase
of IL, ,931 barrels since January 1.
DIMINISHING WHEAT SUPPLY.
Wheat reacted some after advancing /
cent on heavy sales, depressing cables and
Indifference of exporters, closing K cent
upon the week. BrddStreet's reports of
available stocks of wheat east OF Rocky
Mountains, United States and Canada,
show 9,691, ,349 bushels on February 1, or
1855, S27 bushels less than on January l.
The months decrease for both coasts is
1886, 761 bushels. Compared with a wear
ago Eastern stocks are 2,276, 737 bushels
larger, and for both coasts 1877, ,169 bushels
larger. BrddStreet'S totals, with Beer
bohm's report of stocks in Europe and afoat
therefor, February l, show a decrease of
9,55S, 585 bushels during January, or S.3 per
cent, and decrease of 13, ,925, ,585 bushels
- MI. 1 e
cent.
Export purchases of corn have been free
at Atlantic ports, but free offerings and
large supplies depressed prices. Exports of
wheat are larger because of larger move
ment from the Pacific coast. Exports of
wheat (and -four as wheat) this week from
both coasts equaI 2,214, ,917 bushels, against
1913, ,S54 bushels last week. The total
shipped from July ! to date is 81, ,O32, ,69S
bushels, against So, ASS, 800 bushels in like
portion of 1888
TRADE SOMEWHAT DEPRESSED.
Sugar is depressed and weaker for both
raw and refined on moderate dealings and
discouraging cables, the latter declining 1-16
and 3-16 cent. Sugar has been frmer spec
ulativelY at New York, and later in distrib-
utive lines advanced 1s and a cent i
Drygoods are more active at Boston and
. to a lesser degree at New York, but trade as
a whole does no. equal expectations Cling
hams, prints and wool dress goods are most
active. Prices are steady Cotton goods
are strong, some wide brown and bleached
sheetings having advanced. Print cloths
are very firm at late advance.
Wool is inactive, prices favoring buyers,
particularly on pulled ard Territory grades
Larger port receipts and weaker cables have
depressed cotton prices at all markets ex-
cept New York, where strong speculative
buying has advanced prices &c.
Business failures reported to BrddStreet's
are declining in number, amounting to 259
in the United States this week, against 2S6
last week, and 265 the corresponding week
last year. Canada had 81 this week, against
80 last week. The total number of failures
in the United States since January is !, 1887
against 81 in 1889.
A PERPLEXING SITUATION.
R. G. Dun & Co.'sweekly review of trade
says: 1t rarely happens that the situation
in business is as perplexing as it now ap-
pears. The general tenor of reports is less
encouraging. Yet, in everv quarter there is
seen strong confidence In the future of bust
ness, and such reaction as appears is gener-
ally believed to be temporary. The none
tary prospect has clearly improved. While |
the bank rate in England has not been re-
duced, the gains of $1,S1O, 900 by the Bank
of England, and S4OO, 900 by the Bank of
France, in gold reserve, lessen the chance
of a disturbing drain from that side.
Domestic money matters are generally |
growing easier, with moderate or fair de-
mand. Collections also are average or fair
at nearly al! points, and definitely improved |
at several; good at Chicago in drygoods and |
hOn ND CHI 20,
Louis; mentioned as slow in few lines at |
Philsdelphia, but still below expectations |
at Milwaukee. Money accumulates here, |
notwithstanding the Treasury has taken in |
81, 900, 900 during the week more than it has |
paid out.
BAD WEATHER AFFECTS TRADE.
At almost all interior cities the uuseasou- |
able weather still retards many kinds of |
trade, though Philadelphia reports more |
activity in drygOods, in lumber and in other |
building materials; Chicago large increase |
over last year in grain and provisions. but |
q decrease of so per cent in wool receipts. |
owing to the snow blockade, smaller sales of |
drvgoods and about equal sales Of boots and |
shoes. Cleveland reports larger trade on |
the whole than year ago, but at st. Louis |
trade is slightly restricted, at Kansas. City |
only average, az St. Paul and Minneapolis |
somewhat improved DuI most otner points |
onlv fair for the season.
The larger branches of industry do not,
for the moment, show entirely energetic re-
suits. Iron is unmistakably weaker at Pitts |
burg and here, and while the steadiness at |
Philadelphia is considered hopeful, the busi-
ness in bar iron is pronounced extremely |
dull;" in plates, very dull in structural
iron, new business comes very steadily; in |
nails there is not much doing at present,
and in steel rails only two or three moderate |