Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-29
FEATURES OF TRADE.
Rumors of Frost and the Breaking
Down Of Grain Speculation.
A MODERATE TRADE EXPANSION.
Larger Sales and a Somewhat Better De-
mand Is Noted in Iron.
BRADSTREETS AND r. G. DUN'S REVIEW

y ESPECIAL TELEGRAM TO THE DIsPATcH.1
NEW YORK, Aug. 2S.-Special kilograms
to Brddstreet's report moderate expansion
in the demand for seasonable staples among
manufactured products. Relatively less of
this is reported from Cincinnati, Philadel-
phis, New Orleans, Memphis and New York
City than elsewhere. There is increased
activity in wool and worsteds, clothing,
lumber and rubber have declined heavily on
the failure of the syndicate which has been
in control of available supplies Products
of woolen yarn mills are not as active as ex-
pected, and vegetables Except potatoes)
and fruits are exceptionally abundant and
cheap.
New England cotton goods mills make
encouraging reports, and domestic wool
markets present a feature of the week
Agents generally consider the position of
staple cottons as satisfactory, although there
is not much new business. The print cloth
market has declined again, and sales have
been slow. The fall trade in.clothing is
generally better than was anticipated.
FAILURES AND STOCK BUSINESS.
Business failures in the United States
number 1876, against 181 last week and 134
this week last year. The total from JAN
uary to date is 1915, against 6,797 last
year.
Stock speculation, under the influence of
the crop situation, has shown a further in
crease of activity with growing public par
ticipation and liberal purchases for foreign
account. At the close of the week the
arket..reacted somewhat on reports of dam
age to Western crops by frost. Prices of
the Grange,s, Vanderbilt and other groups
have, however, advanced sharply, and there
has been unwonted activity and interest in
great variety of railroad specialties. A
feature was the large trading and advances
in q number of low-priced and income
bonds. Foreign exchange has declined 10
1c on free offerings of bills against securities
with better supply of commercial draw
ings.
The New York money market is steady,
and rates for all time transactions are still
ON per cent basis. Call loans are still
215@3 per cent. In spite of heavy losses of
surplus reserves by New York banks through
the Western movement of funds, the tone
in financial circles shows a decrease of ap-
prehensive sentiment.
BANK CLEARINGs AND GRAIN EXPORTS.
Bank clearings at SO cities this week
amount to S905, ,016, ,167, decrease from the
week last year of 1873 per cent At 81 cities,
New York's total excluded, a decrease of 8
per cent is shown.
The export movement of wheat and flour
from both coasts of the United States
equaled 6,34S;000 bushels this week, 5S7, 900
bushels more than in the preceding week,
and more than /, zoo, 900 bushels in excess of
the total for the Second week in August. In
the fourth week of the month, 1890, the total
exported was 2,562, 900 bushels, including
Montreal In 1889 it was 3, ,OSs, 900 bushels;
in 1888, 2,983,0OO bushels, and in 1887,
4,010, 900 bushels. The approximate total
exported during eight weeks ended August
q, including -four as wheat, is 81, ,228, 900
bushels, against 17,764, 900 bushels in the
like eight weeks of 1890, including Mon
treal's shipments, and as compared with 15,-
1876, 900 bushels In q similar period in 1889,
and II, ,772, 900 bushels in 1888.
San Francisco is shipping flour to China
SPECULATION BROKEN DOWN.
r. G. Dun & Co.'s weekly review will
say: The speculation in breadstuffs has
broken down. The failure to export at
more than about 81 10 for wheat has admin
istered the corrective which this trade
greatly needed. The threatened withdrawal
of the crop by the Farmers Alliance
amounts to so little that receipts were H.,
400, 900 bushels for the last week reported,
against 4,9OO,O 600 for the corresponding week
last year, while receipts of other grain
slightly decrease.
Money is moving rapidly to the interior,
but the Treasury has been strengthening
itself, adding s., 500, 900 to its gold for the
week, and also taking in 100000 more
treasury notes than it has put out. By re-
quiring deposits of gold at New York
against shipments of currency to the
country banks, the Treasury has somewhat
increased its gold reserve, but the main tact
is that its receipts for the past week have
exceeded its payments of all kinds by
about 81, 100000.
CONDITION OF THE CROPS.
Crop prospects are in all respects exceed
ingly bright despite reports of injury by
frost. Hog products are somewhat stronger
in sympathy with corn, but oil is lower and
also coffee. Cotton has advanced three
sixteenths. 1t would be good thing for
producers, in all probability, if consider
able part of the forthcoming crop should be
cut off by unfavorable weather.
The market for iron shows somewhat
larger sales and better demand, though
new brands of Virginia ore are still offered
at low PRICES. ~ lltL1C iii upIOfCluCu1 10 sCCA
in bar iron, and plates are more active
though prices are very low. Structural
iron is in fair demand but not stronger in
price. The demand for. rails is stagnant,
the combination having succeeded in so far
maintaining the price that buyers are dis
posed to wait as long as possible. In the
minor metals no change is seen in prices.
Coal is weak but there is better feeling in
the market.
FROM THE BIG CITIES.
A slight Improvement is seen in leather !
at Philadelphia, though buyers are eau
tious, but lumber is quiet, the building |
trade being stagnant, and orders for woolen |
goods are backward. Trade at Cleveland |
shows some gain over last year, and at Gin |
cinnati fair improvement in groceries, |
while at Chicago receipts of wheat are in |
creased four-fold and of wool two-fold COM
pared with last year, and an increase is |
seen in -four, cheese and in sales of dry |
goods, clothing and shoes; but decrease of |
one-half in cured meats, a third in lard, and |
some decrease in butter, hides and oats. A |
heavy increase is seen in trade at st. Louis, |
country merchants buying literally, and |
trade is improved at Kansas City, Mime
apolis and st. Paul harvest prospects being |
the brightest.
AS much depends upon the balance of
foreign trade, it is highly important that
the imports for July exceed the exports by
only $3, 800, 900, instead of 5000, 900 last
year. and for August thus far the increase
in exports at New York is 1876 per cent,
while in imports there is decrease of IS
Dr.a Of 1nHf hou l