Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-23
SMALL IMPROVEMENT
Noted by Bradstreet and Dun in the
Commercial Situation.
IRON Is NOW IN BETTER DEMAND.
A Probable Cessation of Gold Exports Gives
Cause for Hope.
WINDOW GLASS TRADE AT PITTSBURG

| Special kilograms to BrddStreet s, ,sc0Verlne
nearly all of the more important centers Of
trade, leave no doubt that business gener.
ally has gone forward about as reported fol
several weeks past, quietly, with disappoint.
ing results in some regions, only fairly
satisfactory returns in others, and perhaps
relatively the best reports from the North
western spring-wheat country, where high
prices for farm products have enabled in
terror storekeepers to remit promptly and
stimulated trade generally. Late rains have
done the growing crops much good, render
ing the. expected heavy harvest of cereals
more probable. This is the most favorable
| feature of the week.
The Iron and Coal Trade.
Crude iron is in somewhat better demand
! at St Louis, Cincinnati and Philadelphia,
| but not enough to strengthen prices. Barbed
wire and nails are weaker. Anthracite coal
| is not quite so active, and is weaker Lum-
ber generally is quiet, labor and building
trades troubles continuing to have notice
able effect. Whisky is active at Cincin-
natl, but &c lower, and cotton and hides
are dull and heavy. Sugar,a last accounts,
is &c lower at San Francisco, and tin plates
have declined there on heavy importations
Live stock are lower on restricted demand,
and provisions are fairly steady.
Bank clearings at 5S cities for the week
ended May 81 amount to 81, ,131, 81 Az, a
decrease from this week last year of 19. per
cent AT 81 cities, New York's total ex-
cluded, decrease of 9pet cent is shown.
The heavy decline, as compared with this
week last year, is due to a decrease at New
York of S229, 800. 900, at Boston of $50, 9OO,-
OOO and at Philadelphia of S14, ZOO, ,OOG.
Business failures in the United States
number 200 against 1S6 last week and 1856
this week last year. The total from JAN
uarv to date is 4,S15 against 4,627 last
year
The Present Financial Situation.
Gold shipments have not made money
tight at New York, though loans on time
are restricted. The inflow of funds from
the interior continues. Sales of bills against
the 81 200, 900 gold exported this week have
lowered the exchange to point which will
prevent further shipments, unless the Bank
Of England continues to offer positive pre-
MUM for specie. Later advices indicate
that the Bank of England has reduced its
premium for gold.
This is reflected in the speculative share
market, which is strong and improving,
with a fair amount of foreign buying of
stocks. The rains, the crop prospects and
the hopefulness in railroad circles also have
bullish influence on speculation.
Net railway earnings for March show
great irregularity and only small gain over
last year, a season when large gains were
numerous. The Southern Pacific and coal
roads make relatively the best showings,
while the Southwestern trunk lines and
Granger roads show the heavier decreases.
For three months the Eastern roads show
large loss in net, owing to increased oper-
ating expenses.
A Statement of Railroad Earnings.
The net earnings of 12O roads for March
aggregate S15, 1852 304, a gain of nine-tenths
of per cent, while gross earnings increased
fve-tenths Of per cent For the quarter
the earnings of 145 companies aggregated
$50, SIS, ,3S3, gain of nearly AZ per cent over
the quarter last year, which in turn increased
II per cent as compared with three months
of 1889.
Wheat advanced 8 cents during the week
on the reports of retardation of the new
crop and heavy export demand, though sub
sequent rains tend to produce weakness.
The Atlantic coast has been exporting more
heavily than for months past, notably New
York and Montreal. Pacific coast ship
ments are slackening, anG new crop wheat
there will be a fortnight late. Exports lin
cluding -four as wheat) are heavy this week,
equaling 9, 2,499 744 bushels, against 2,373, 1894
bushels this week year ago, and two-thirds
as much in each of the like weeks in 1889
and 1888. From July to date, AZ weeks,
the United States exclusive of MontreaD
have exported S7,99S, 49S bushels of wheat
(and four), against 81, ,429, 900 bushels in a
like share of 1SS9-9O and 1885, $50 bushels
in 1SSS-S9.
Wheat in England and America.
The Beerbolinl and BradStrea combined total
of stocks of wheat in farmers hands, United
States and England, and available supplies
in the United States and Europe, and
stocks ahoat for Europe, equal 150, 1000, 900
bushels, against 1874, 900, 900 bushels May 1,
1890, and 157, 100000 bushels May l, 1885,
Drygoods are selling very slowly at
Boston, but are moving freely at New York. |
Favorable weather has enlarged the resort |
ing demand for cotton and wool dressgoods. |
Western and nearby buyers are taking most |
freely. The Southern demand is slow, as |
are collections.
Wool is weak, and Ohio and Michigan |
feeceS are lower, as are also low grade Aus |
tralians. A preference for Australian wool |
is forcing dealers in fine domestics to shade |
prices
Toronto advices report no improvement
in general trade, with the fruit business very
active and collections poor. Dispatches |
from Montreal report trade quiet, with a
sorting-up demand in drygoods
and hardware. The Dominion reports 45 |
business failures this week, against 30 last
week, and % this week last year. The total
O1l,nhnr from January | To date ic |
against 76S last year.
r. G. Dun & Co.'s Version.
r. G. Dun s. Co. say: The continued
outgo of gold has a depressing influence.
The fall in the prices of all commodities has
been about 2.S per cent in two weeks The
local money market is fairly supplied ut
rates, as other Eastern and West
ern markets are. almost without exception.
but at a few Southern points money is close
or tight, and much caution in extending
credits prevails. The Treasury has paid out
during the week but 5000, 900 more than il
has taken in, of ordinary currency, but has
also put out 5000, 900 more of fractional sill |
yer. At most places trade seems healthy.
md there is not more than the usual com
plaint about collections.
The iron business is rather weakened at
by the prospect of increased sup
plies and is very dull at Cleveland but
somewhat more demand is seen at New
York and Philadelphia for various forms of
iron. Steel rails do not share
he improvement and are fat; nor is struc-
ural iron active, on account of the arrest of
Slilding, but there is more demand for
,lates and bar, which has been sold for 81 65
md now commands 81 7215.
Coal Wool and Drygoods.
rTI ,e II. |