Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-30
Better Crop Prospects and the Small
Effect of the Heavy Drain of
Gold, Augm Well.
THE IRON MARKET is. IMPROVED.
Not Much Change in Pittsburg, However,
and There Is Still Apathy in
Rail Manufacture.
FEW POINTS WHERE MONEY is TIGHT.
Bradsreets and Dms General Review Of the State Of
Trade Of the Week
ESPECIAL TELEGRAM TO THE DISPATCH !

ESPECIAL TELEGRAM TO THE DIsPArCH.1
NEW YORK, May 29.-Even now, at the
end of the fifth month of the current calen-
dar year, there is no evidence of speedy
general awakening of the demand for staple
merchandise. Special teleyrams to Brad
ztreet's indicate a rather better inquiry for
pig iron, and tendency to frmness at some
Western centers, but this improvement,
coupled with the proposed starting up on
Monday of % iron furnaces in the Shenan-
doah and Mahoning Valleys, and rather
better wholesale demand for staple dry
goods at Boston and New York constitute
about all there is visible of an improvement
in general trade over previously existing
conditions
Anthracite coal is weaker, and all the
companies appear to be violating the agree
ment to restrict the output Manufacturers
are not buying new clip wool freely at Bos-
ton, and dealings at St. Louis and Phila-
delphia are restricted. Lumber generally
is dull Hides are lower in price and weaker,
as is leather an effect of late failures.
Fine Crop Prospects in the West.
Rain have greatly helped the wheat crop
West and Northwest, and Nebraska and
Kansas prospects are for exceptionally
heavy yields. In Louisiana, however, grow
ing cotton and sugar cane have been un-
favorably affected by the prolonged drouth.
Unreasonable weather at Cincinnati, Omaha
and other points have restricted general
trade. The first new California wheat
reached San Francisco on the 25th inst. coal
shipments thence to Central America are
heavy, as are exports of fwheat from that
port for the season of the year.
The great coke strike is practicallg ended,
and {, 1000 furnacemen have returned to work
at and west Of Pittsburg. Iowa coal miners
are out, and the New York housesmiths'
strike is still on, but the number of new
strikes is insignificant
Business failures in the United States
number 234, against 200 last week and 1856
this week last year. The total from JAN
nary to date is 5,049, against 4,767 last
year.
Leading money markets throughout the
country have loaned with more caution dur
ing the week. Remittances from the in
terror to New York have been very large,
which aid in maintaining the New York
bank reserves in the face of the gold ship
ments.
Halt Called on Gold Shipments.
The street, indeed, believed that the
had come to an end. The ship
ment of S4,600,000 (ncluding heavy en-
for to-day's steamer) and the
strong tone of exchange, had an unfavorable
influence on stock speculation, which is dull
but strong. Money is easy on call, but time
loan rates are firm. Railrods show a dis
position to maintain rates, and managers are
hopeful as to the effect of the crop situa-
tion.
In May, 1890, bank clearings for Nav
were the heaviest ever reached. This year
the total of bank clearings for May at New
York, Boston, Chicago and Philadelphia
aggregate only S., 966, ,055, ,S44, a decline of
26 per cent from May, 1890. The only city
Of the four showing gain is Chicago which |
per cent. At the other cities |
named the decline was nearly 3S per cent.
Exports of wheat (and flour as wheat) |
from both coasts Cncluding MontreaI) main |
tain previous proportions, amounting to |
2, 342, ,899 bushels. Pacific coast exports |
have declined rapidly, as is usual at this |
season Last week the total exports were |
2, 500, 900 bushels, and one year ago for the |
M6Gh were 1,OS-,OUU DuSQelS. FROM
July to date exports of wheat (and flour |
as wheat) from the United States alone are |
equal to 90,010,12 bushels, against 90, ,122,- |
597 bushels in a like part of 1889-9O.
The Business Record of Canada,
General business in Toronto is reported |
to show a slight improvement in several
lines and the outlook is hopeful Trade has
been curtailed by holiday. Unreasonable |
weather has had an effect on the distribution
Of goods at Montreal. Collections there are
better. The Dominion reports 26 business
failures this week, against As last week and
u this week last year. The total number
from January 1 to date is S7S, against $50
last year.
Il. G. Dun & Co. say: If the prevalent
feeling is a shade too hopeful, if it gives not |
enough weight to the possibilities of dis |
turbance or loss that remain, yet it is most |
encouraging and most significant of CONNER |
clal strength and soundness that the drain |
of gold in April and May has caused so lit |
tie apprehension. The most powerful sus-
tanning influence is the continuance of ex-
ceedingly favorable crop prospects. In |
prices commodities have declined not far |
from one per cent for the week, and will |
further decline as new crops draw near if |
no disaster comes.
An Improvement in Iron Noted.
The tone of the iron market has been bet |
ter, but without changes here or in Phila- /
delphia, while Bessemer is so to 75 cents at |
Pittsburg; but there is better demand in |
Eastern markets for structural iron and |
plates. In rails there is still much apathy, |
as the roads are not feeling rich, and new |
are halted by the state of the
money market |
No change is seen in the wooden manu-
facture, though fine domestic fleece is a
little weaker in tone Cotton manufacture
progresses without change, and Eastern
failures have caused especial dullness
in the leather trade even for this
1ull season.
Boston reports only fair business. Deal
ers in and manufacturers of shoes and |
leather are cautious, and hides are weak. |
AT Philadelphia there is general hesitation
because OF the state of city finances. AT |
window glass is depressed by |
building strikes, but at Cleveland it is fair,
md at Cincinnati Frightening little.
Trade at the Western Metropolis.
At Chicago receipts of -four, grain, lard
md butter fall below last years, and of
,ured meats over so per cent; but wool re-
,epts more than double. Gains appear in
dressed beef and cheese, and in sales of dry
good, clothing and shoes. At st. Louis
rade is of fair volume, with collections
satisfactory. AT Kansas City trade is fair,
With crop prospects never better At st.
Paul there is improvement, and at Mime