Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-11
TRADE IS WAITING.
No Drafts Drawn On Future Proba.
bilities by Spectators.
BUSINESS is ONsA SECURE BASIS.
Bradstreet's and r. G. Dun & Co. Review the
Weeks Situation.
BETTER PRICES FOR IRON AND COAL

AlApIONCLuSuL III luG GOuNlllOu VI SOuCId1
trade throughout the country. Dispatches
tell Of an unusually active export movement
o: provisions from the Pacific coast to the
west coast South American ports, owing to
decrease in supplies from Chile. This, it
IS believed, will continue until after the
cessation OF Chilean hostilities. There has
also been fairly active demand for wheat
and provisions, generally at improving
prices, sugar being nc higher.
Leather and boots and shoes are in better
demand, and the cereal crop prospects are
said TO be approaching more optimistic
forecasts; but in the foregoing one finds the
only noteworthy favorable features. In the
South the price of cotton remains heavy
and low, and TO some extent affects trade
there. Merchant and pig iron is said to
have sold more freely in the West, but the
reverse is true Of iron and nails, and at the
East the iron and steel industries are as
dull rs ever.
Iron and Anthracite Coal Higher.
iron futures are reported to have been
sold at Cincinnati ''at ruinous prices" An
thracite coal, too, is not selling at higher
prices, despite the recent advance" and
the demand is dull
The demand for summer fabrics at the
hands Of jobbers and makers is disappoint-
ing, and the fall trade has not even begun
vet. Staple cottons are moving fairly.
Prices OF some makes of bleached goods
have been reduced, but jobbers report trade
very quiet. Wool is dull and easier. Aus
tralian sorts are less active.
Leading staples, such as groceries, are
90 n Al
is quoted firm; but lumber remains inae-
tive, and cattle and hogs are featureless at
Western centers. Disappointment at the
continued slow demand for leading indus
trial products is expressed at several GEN.
ters.
Business failures in the United States
number DDS, against 2lS last week and 134
this week last year. The total from Janu-
ary l to date is 6,4O4, against 5702 last
year.
The State of the Grain Market.
There has been rather more activity in
wheat, but prices are off11 1Ec on the week,
present favorabl, domestic crop conditions
having rather more weight than the pros
pcctive excessive demand for wheat from
abroad. The asailable domestic supplies
fell away more than 1,500, 600 bushels last
week, about as much in the like week one
year ago; and exports both coasts, counting
-four as wheat, amounted 10 nearly 2, ,225, 600
bushels, about 500, 600 bushels more than in
the like weeks one, two and three years ago.
Acting Statistician B. W. Snow, of the Agri-
cultural Department, wires BrddStrea'S that
the size Of the domestic wheat crop for 1891
has not been estimated at all by Statistician
Dodge, as currently reported.
Bank clearings at 50 cities for the week
ended July amount to S975, 537, ,534 an in
crease over the like week last year of 5 per
cent. A: 81 cities, New York's total ex-
cluded, fraction of per cent decrease is
shown. New York City's total increased
S5S 900, 0O0 or 10.4 per cent as compared
with the week year ago.
The Outlook on Wall Street.
Though share speculation is exceedingly
dull and ifeiess, prices have been sustained
by the crop prospects and the apparently
decreasing danger of gold shipments Spe-
cial movements. mainly of bullish charac-
ter, in q few stocks furnish nearly all the
limited activity. Bonds are quiet but firm.
Money is easy, but apprehensions' exist as
10 the effect Of the crop movement on rates.
Gross railway earnings for June show
gains over june year ago equal to the rav-
erage in past months. There are fewer de-
creases Of earnings by individual roads in
june than there were in NAV, as compared
with 1890, ard increases are larger and more
IAuGLouS liz lOlIl earnings OF l&O Tdll-
roads for June aggregate S34, $50, 434, an in
crease Of AZ per cent over June, 1890, which,
in turn. gained s per cent over the June to-
tai in 1889. The Eastern and granger roads
make the best showingS. For six months the
total gross earnings were S217, ,618, 116,
gain of 4. s per cent over the six months to-
tai last wear, which was II per cent larger
than for the six months of 1889. The East
ern and Pacific roads here make the best
showiugs
How the Dominion Is Faring.
In the Canadian Dominion the crop pros
poets appear to be uniformly excellent. ex-
ertinG a favorable influence on general trade
Orders for drygoOds are noticeable, and de-
Hands for groceries are active. The Do
minion reports SO business failures this
week, against ~ last week, and 50 this week
last year The total number from January
! TO date is 1,0i4, against eos last year.
L. G. Dun y Co. s weekly review will
say: The unusual conservatism, which pre-
walls in nearly all sections aud branches of
business, impresses many as a most disheart-
ening symptom; but it may, with at least
equal reason, pe interpreted as the very best
ground for confidence in a healthy and solid
Improvement when new and large crops
come forward more freely. The absence ofsl
speculative excitement, the indisposition to
buy in haste, are having most wholesome
influence. Prices of materials and products
are thus kept in such relation that large and
fairly profitable business is possible, but
will be based, when it comes, upon the
actual demands OF consumers and not upon
inflated hope.
Conservatism Is Still Necessary.
This conservative attitude is the more
necessary this year, because while money is
now abundant here and cheap on CALL the |
possibility OF disturbance abroad or of diff !
ticulty in obtaining needed supplies for |
moving crops at the West is not yet entire |
ly removed
Crop reports have never been more full |
than they are this year, and they grow more |
clearly satisfactory as TO spring wheat every |
Gay, improving also as TO otner grain and |
cotton. Wheat has declined 2 cents during |
the past week, notwithstanding exports |
fully as large as g year ago; but the imme- !
diale demand for corn has caused q rise of |
~ cents, and oats are quoted higher Sales |
were but moderate.
Pork products are shade lower, coffee |
unchanged and oil about a cent lower |
with very little activity in dealings The |
market for sugar has been weaker, but |
grows steady, and refined is in better de-
lDand. The general course of prices has
changed but little during the past week
Tin has declined a shade through specula-
tion al London, and lake copper sells at
1915, the half years product by six COM
panIcs being 2S, 048 tons, against 26, $50 tons
last year. Lead is weaker at 4.45, with
some realizing.
Reports From Leading Trade Centers
Reports from other cities show a waiting
trade az the East, greater confidence