Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-15
THE TRADE FEATURE
This Week Is the Effect on Grain
Prices of the Russian Ukase.
1T Is FELT ON WALL STREET, TOO.
Business Unchanged in the East, Good Out
West, Poor Down South.
BRADSTREETS AND DUN'S REVIEWS
ESPECIAL TELEGRAM TO THE DISPATCH.

ESPECIAL TELEGRAM TO THE DIsPATCH.1
\ New YORK, Aug 14.-Special telegram
to Bradstreet's point to a continuance of thu
late Improvement in general trade at West
ern and some Northwestern cities, chic
among them Chicago, St. Paul, Minneapo
lis, Duluth. Omaha, St. Louis and Kansa
City. In the South only moderate move
ment of staples is reported, but on the Pa
cific coast jobbing in leading lines of mer
chandise is exceptionally active. At thu
larger East ern cities no like enlargement o
the volume of general trade is reported
New York, Boston, Philadelphia and Balti
more present similar reports on this point
but at all of them there is a growing feeling
of confidence in active business during the
autumn, based naturally on favorable croI
prospects and increased improvement IL
railway earnings.
The feature of the week has been the
continued rapid expansion of the exports Of
wheat, with higher prices, stimulated
primarily by the Russian prohibition Of
rye exports, which promises to add So.
900, 900 bushels to imported wheat require.
ments ofContinental Europe.
CHANGED PRICES OF GRAINS
Wheat has jumped up 9@1Oc during the
week. Corn, ON small and practically
stationary visible supplies, has 6@613c, but
oats are weaker and down 3(94c. Rye has
jumped 1O@15c per bushel, and while sell.
ing nearly as high as wheat was week ago,
promises to go higher. Rye exports year
before last were only 2, ,257 900 bushels, and
last year only 332, 900 bushels, and as the
crop is only about $4,000, 900 bushels, we
are not likely to supply much of the
European deficiency.
Wheat exports have spurted again, aggre-
eating for six days ending August IA 8, ,147,
| 900 bushels from the United States alone,
and $3.50 600 bushels from the United
States exports, including flour as wheat, in the
like week a year ago were less than 2, 000, 900
bushels, and United States exports in that
week of 1889 were about 1 300, 900 bushels
while the aggregate for the second week of
August, 1888, was only 2,50O,000 bushels.
The quantity exported this week is 20 per
cent more than in the week before, and
nearly twice the total two weeks ago.
INCREASED EXPORTS OF WHEAT.
For five weeks of the new crop year the
total of wheat and flour exported, both
coasts, equals nearly 100000 bushels,
nearly twice the total in the same period a
year ago, fully twice that of 1889, and an
increase of 90 per cent as compared with
1888. On the Pacific coast wheat stocks do
not increase rapidly, owing to heavy ship
ments to Europe, but it remains to be ex-
planned why stocks at points east of the
Rocky Mountains increased so little last
week, only one-ffth as much as in the week
before
Texas cotton is moving freely, and New
Orleans facilities for exporting wheat are
being taxed. Rains at the Northwest have
helped the corn crop.
The bullish railroad traffic outlook and
the crop news here and abroad have i'm
proved the temper of the speculative share
market, especially in regard to the Granger
shares, fact emphasized by the more conf
dent view taken of the autumnal financial
outlook. The New York loan market shows
a slight decrease of the disposition of lend
ers to keep their funds we'll in hand.
While time money for six months is still
scarce at per cent, 6O-day loans are made
at per cent. Call money is abundant at
per cent. The Union Pacific management
is making progress with the plan to refund
its floating debt.
SPECULATION STILL PROFESSIONAL.
But though share prices have generally
recovered from their recent depression,
speculation is professional and subject to re-
action. The investment demand is absent,
and Europe does not respond to the bullish
outlook Of our railroads.
Foreign exchange has advanced on in
creased inquiry in the face of the enormous
grain exports. This large amount of futures
in sight indicates that the advance may be
temporary.
Our foreign trade for u months of 1S90-91
was the largest on record, merchandise ex-
ports and imports combined aggregating
81, ,729, 379, 262, gain of per cent over the
previous year. The new tariff law has not
discouraged imports, as they are per cent
ahead of last year for the nine months since
the law went into effect. Duty-free imports
are 3S per cent ahead of last year in value,
but dutiable imports are 86per cent smaller,
and imports, as whole, per cent smaller,
while exports are 81 per cent larger than
in 1SS9-90.
RAILROAD EARNINGS INCREASING.
July gross railway earnings are encour-
aging, showing alike the largest amount
and percentage of gain Of any month since
last summer. The Southwestern roads
show the heaviest gains, followed by Cen
tral, Western, Southern and Granger groups.
lne IOtdl gross edTHluSS OI 1Of TOdQS IOr
July aggregate $40, ,643. 744, a gain of 9 per
cent. The seven months earnings aggre-
gate S257, 49,, ,S08, a gain of nearly per
cent, following gain of over year ago of
over II per cent.
The late increased inquiry for pig iron is
sustained, and anthracite coal is more ac-
tive Drygoods, clothing, hardware and
boots and shoes are in better demand West.
Leather and hides are weak, as are cotton
and tobacco. Wool is no stronger, though
in better request for low grades.
Business failures in the United States
number 213, against 21S last week and 148
this week last year. The total from Janu-
ary to date is Z ,54S, against 6, 6,503 last year.
In the Canadian Dominion no great activ-
ity is noted in the various lines of staple
manufactured goods, but the demand for
groceries and drygoods is increasing. That
for wheat and rye is notably large in On
tario for export, prices being lower than in
the United States. The Dominion reports
25 business failures this week, against 90
last week and 90 this week last year The
total number from January to date is
/, ,165, against 1,024 last year.
TEE EFFECT OF THE RYE UKAsE.
r. G. Dun & Co. say: The prohibition of
exports of rye by Russia because of the
official declaration that famine is impend-
ing, has suddenly affected the grain markets
of the whole world. Russia usually ex-
ports about 90 ,0OO, 900 bushels of rye, and
men reason that other grain in large guam
titles will be reduced. Not enough atten-
tion is paid to the fact that European con-
h. Al :.