Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-20
MIDSUMMER APATHY.
Bradstreet'S and Dun's Weekly Re-
view of the State of Trade.
AN IMPROVED INQUIRY FOR IRON.
The West Happy Over the Unprecedentedly
Good Crop Prospects.
RAILROAD EARNINGS ARE INCREASED

trade centers, notably New York, Boston,
Philadelphia, Memphis, New Orleans, st.
Louis and San Francisco, trade is no more
active than has previously been reported;
that it is in fact, quite as dull as at any
time within the current year. On the other
hand, iobbers at such cities as Cleveland,
Cincinnati, Chicago, Duluth, Minneapolis,
st. Paul and Kansas City in many instances
report signs of an awakening autumn de-
mand, and commercial travellers have been
sent out on the road from Omaha in expecta-
tion of a~good trade except in regions where
the corn crop has been damaged.
Wheat crop advices from the Pacific
coast, from the spring wheat region east of
the Rocky Mountains and from I he Central,
Western and Southwestern States, continue
exceptionally favorable, and farmers and in
terror storekeepers are confident of a pros
porous season.
No Improvement in Large Industries,
In industrial lines there is no-improve-i
ment. unless furth& inquiries for iron nwith-
out more buying is construed as an improve
ment The output of pig iron is increasing,
and the question arises whether it or the de-
mand is growing faster. Coal is in slack de-
mand, with the large producers taking out
all they can mine in a race with the Read
ing. The restricted output rule is still in
force
Textile manufacturers are not buying
wool freely. silk mills report only
moderate demand. Bleached shirtings are.
4 cent lower, but the demand is less than
anticipated. Woolen goods move slowly
Operations in new seasons cassimeres are
light Print cloths continue dull but steady.
Cotton is $40 cent lower on pressure of
supplies Wool is dull and l cent lower on
low grades.
Drvgoods are in quiet midsummer de-
mand Hides, generally, are weaker and
lower, aud at some centers lumber is in
slack demand, with downward tendency.
Groceries are fiat, though sugar is in a little
better demand, which has checked the down.
ward tendency of prices. The Sugar Trust
is selling sugar outside of New York and
New England at x cent less pound than
in the region named to meet competition.
Live cattle are in poor demand and and 10
cents lower, but hogs are tirmer.
Business Failures and Bank CIearings.
Business failures in the United States
number 80. against 22S last week and 144
this week last year The total from Janu-
airy l 10 date is $3.50, against 5,235 last
year
Bank clearings at 58 cities for the week
ended June is amount TO 81, 103, ,67S, ,69S, a
decrease from this week last wear of 1873 per
cent AT 81 cities (New Nork's total ex-
cluded), a decrease Of S3 per cent is shown.
The heavy decline, as compared with the
week last wear, is due TO decrease at New
York of Sis, COS, 600; at Boston of SO, ,000,-
600, and at Philadelphia of S11, 400, 600
Although very dull the speculative share
Toi-l,- ETr unrll rlp close of
the week, when the unexpected announce
ment that s., $50, 900 gold was shipped to
Europe caused a general decline. Sugar
Trust and Chicago Gas have been the objects
of characteristic manipulative breaks, and
silver has enioyej an unexpected advance
with considerable activity in the bullion
certificates.
The Railroad Situation Improved.
Railway operating expenses having been
reduced in April enabled the railroads to
show a satisfactory gain in net earnings
over April last year on practically identical
gross receipts for those months. The
Southern roads did best, but the Granger
and Southwestern roads materially i'm
proved their net earning reports. The Coal
roads lost ground. The total of net earn
inCs of 113 companies for April was S15,-
544, OBS, gain over April, 1890, of 81 per
cent. Net earnings in April, 1890, showed
gain over that for April, 1889, of IA per
cent. For four months of 1891 net railway
earnings amounted to sos JAG, ,43S, gain of
81 per cent, following a gain Of nearly y
per cent over 1889. In this comparison the
Pacific roads make by far the best showing.
The Granger, Central, Western and Trunk
Line and Southwestern groups all show de-
creased net receipts.
Available stocks of wheat decreased
2,157, 600 bushels last week, against 1, 432,-
l. L
pared with 45S000 bushels in the second
week of June, 1890. Exports of wheat, and
-four as wheat, this week amounted TO about
2.40O. 600 bushels, or a little in excess of the
total the week before. In the second week
Of June, 1890, 1889 and 1888, like exports
We're about !, 200, 600 bushels each.
The Wheat shipped Abroad.
Foreign shipments of wheat from the
United States reported since June %, 1890,
equal 96679, ,474 bushels, against 104 033, 6S7
bushels in a like portion of 1SS9-9O. The
price of wheat this week has tended down.
ward.
Telegrams from the Canadian Dominion
show that the late rains have greatly i'm
proved the crop outlook in Ontario, and
that trade prospects there are, therefore,
brighter In Quebec less buyaoncy is re-
portcd,ss interior traders buying very eau
tiously. The boot and shoe industry is de-
mOralized by the shoe lasters' strike. The
Dominion reports q business failures this
week, against 81 last week and Is this week
last year The total number from January
! to date is 93S, against S43 last year
r. q. Dun q Co. review will
say: While crop reports continue
remarkably favorable, the volume of
business at present transacted is
not as large as it has been in other years at
this time This is in part because eX-
ceptionally hot weather at many points has
induced something like midsummer dull
ness but the more important cause, un-
doUbtedlv, is that trade in many branches
has been waiting for certainty of improve
ment and definite orders before undertaking
new risks.
bad Effects of Recent Failures.
There Is also some hesitation owing to
recent failures, particularly in Philadelphia.
Credits have been more cautiously given in
the woolen and boot and shoe trade, and
this has lessened the volume of transactions.
Hence, it is encouraging to find that there
is actual Improvement In the demand for
consumption in several of the more impor-
tant trades, and manufacturers already be-
gin to feel the effects. At Boston more
disposition to buy is noticed in the leather
trade, and steady orders for boots and shoes,
though small, give encouragement.
At Philadelphia the wool trade is waiting,
holders asking more than buyers wish to
give; but The leather trade is healthy with
better prospects In building much de-
preston results from recent failures. Pitts
burg notes better demand for manufactured
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