Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-06
BUSINESS IS EBBING.
BradStreet'S Draws a Gloomy Picture
of the Trade Situation.
MAY, 1890, HIGH WATER MARK.
A Better Demand for Iron, but Prices Still
Remain Unchanged.
MONEY MARKETS ARE RATHER TIGHT
ESPECIAL TELEGRAM TO THE DIsPATcH.l

the rose-colored reports concerning the con-
dition of general trade which have ap-
peared in some quarters of late. Special
telegrams to BrddStretS show quite conclu-
sively that general business now is, on the
whole, declining rather than expanding in
volume This, together with the decrease
in the total volume of traffic for five months
of 1891 as compared with 1890, must be ex-
planned away before optimistic trade re-
ports regarding the existing situation can
be accepted.
MAY bank clearing totals point unmis-
talzably to widespread subsistence of activ-
ity in general trade and speculation through
out the country. In May, 1890, bank clear
ings reached high water mark. Chicago
shows the only gain last month, as COM
pared with May, 1890, worth mentioning.
Total MAY elearings at 81 cities were 81, ,S10,-
254, ,S33, a decrease of 1877 per cent. New
York City's elearings fell off % per cent,
while at 56 other cities the decrease was los
per cent
Additional Signs of Dizziness.
To this exhibit must be added generally
quiet raw wool markets Except Cincinnati),
little doing in leather and hides, the trade
waiting to see what will happen to rubber
prices; the demand for coal moderate, prices
heavy and further restriction (Which thus
far has not restricted) ordered as to the an
thracite output for June; continued depres-
sion in the iron and steel industries, despite
reported expressions from some centers of
''fairly satisfactory demand" ETC.; nothing
like the volume of lumber moving custom
ary at this season; a drouth in the lower
Mississippi Valley, which not only restricts
general trade, but at the moment seriously
threatens growing crops.
In brief, buying in most lines continues
very conservative, and in some portions of
the West there is a disposition to restrict
credits until money is easier. The usual
summer dullness is showing itself at several
centers.
Wheat and corn crop reports are general
" favorable. Raw and refined sugars are
&c lower on decreased demand. There is
less doing in drygoods at wholesale and
trade is only fair for the season.
But Little Life in Stock Speculation.
While stock speculation maintains a
strong undertone on the crop prospects, the
stock market is extremely dull The fnan-
cial outlook, the policy of the Treasury re-
garding the maturing AZ bonds, gold ship
nents, rumors of foreign financial troubles
and European selling of stock all tend to
discourage speculative activity. Exports of
wheat (and flour as wheat) continue rela-
lively free.
R. G. Dun & Co s weekly review says:
While the hesitation in business has not
ceased and decided activity is hardly ex-
pected until the close of the fiscal year, it
continues to be a matter of surprise and
congratulation that the money markets and
trade have been so well sustained, in spite of
heavy exports of gold. The New York
money market has been easy, rates on call
dropping from 81 TO per cent, with
heavy receipts from the interior.
Reports from other cities show that money
is tighter at st. Louis, tight at Nashville,
frmer at New Orleans and Pittsburg, in
hardly adequate supply at Cleveland, not
stringent but affected by distrust on account
of city finances at Philadelphia, firm at
Boston, in good demand in Chicago and
Milwaukee, but with supply for all legiti-
mate needs and easy at all other points re-
porting.
Shoes, Drygoods and Iron.
Hrade is not very active, but almost
everywhere hopeful. Failures at Boston
have made shoe manufacturers cautious.
Hides are easy; drygoods quiet, and wool
sales moderate. No life is seen in iron.
Wool is dull, though some concessions are
maze DI W eSJern nOiQerS.
AT Pittsburg, the rise in iron is prevented
by the shutdown of Mahoning and She
mango furnaces. Window glass is fairly ac-
tive, but flint dull. AT Cleveland iron is
in more demand; trade is good in drygoods
hardware and groceries, and dull in shoes
Some activity is noted at Cincinnati in
clothing and at Detroit trade is up to last
years in volume, though the late season has
made the wool movement slower than usual
IL
crop prospects give encouragement. Almost
the only complaint now coming from New
Orleans is of drouth in the adjoining region.
In the Northwest continuous rains have
made the prospect unsurpassed.
From the Western Metropolis.
Chicago reports larger receipts than a
year ago of -four, wheat, cheese, hides and
three times as much wool; smaller receipts
OF OATS barley and lard, and but one-third
as much Of cured meats, with full trade in
drygoods and bright prospects generally.
ST. Louis shows a fair volume of trade; Mil
waukee great Improvement from rains, and
St. Paul also, while at Minneapolis the
lumber trade is unsurpassed. At Omaha
and Denver trade is fair, and at Kansas
City dull because of too wet weather
At Louisville the outlook is good but at
Nashville heavy drygoods failure causes
some depression, and there is no improve
ment at Memphis. New Orleans reports
trade dull; cotton in fair demand, sugar
active, mOlasses dull and rice quiet and
lower. At Savannah trade improves, and
at jacksonville is quite steady.
Iron Demand Better but Prices the Same.
In the great industries there is better
demand for iron, as yet without change in
prices. More orders for structural iron come
from the break in the building strikes. Es-
pecial caution appears in the boot and shoe
trades, and abuses of credit are being cor
rected. In drygoods it is noted that there is
no talk of prices, as usual, on the eve of a
new season In men s wearing goods, and bus
iness is not what was expected, but the or
deTs for dressings are far in excess of any
previous season. Sales Of some cotton goods
are recorded at the lowest prices ever made.
Wool moves slowly, but yielding at the
wool prospect. In breadstuffs the decline
continues, and wheat is 211R cents lower; corn,
2 cents; oats, ~ cents, and cotton also de-
clined 3-16c. Pork products are lower, and
coffee about &c, while tin, copper and lead
are all stronger. In general, the approach
OF harvest, which is expected to be most
bountiful, has its natural effect on prices,
and trade is but little embarrassed by specu-
lative movements.