Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-23
TRADE AND MONEY.
The Signs of Business Now Construed as the
Most Encouraging.


New York Press.l
1t is hard to imagine that the signs of the
business times can fail to be construed as
encouraging. Gold, of which we have ex-
ported over $72, 900, 600 this year, is actually
beginning to come back, though the $1,000
that came by the Umbria last week did not
go far 20 neutralize the $500, 900 shipped by
the Saale. The latter, however, was foreign
money which had been lying here idle, and
was cabled for from Berlin with an offer of
a premium, the rate there being 354 per cent
for discounts. Then, for the week ending
July II, the bank clearings in the country
at large showed an increase over the cor
responding week of $780, for the first time
since January II last, the average gain being
05p per cent. Thirty-three clearing houses
gained and 25 lost. The largest gains, too,
are at rather widely separated and repre-
sentative points: Galveston, Des Moines,
Los Angeles and st. Paul
Iron production is increasing; there were
291 furnaces in blast July l, producing l67,
424 tons weekly, as against 267 on June l, pro-
ducing l47,799 tons. And yet, so far Is the
market from sagging under this increased
supply, that it is reported in a generally
healthy condition. There is an improved de-
mand for finished iron; the railroads are
urging the steel rail mills for quicker deliv-
cries of orders placed in May and June. Ag-
ricultural implement makers in the Chicago
market are asking for deliveries of iron
on contracts which do not go into effect till
August, the crops having been so good that
their stocks of finished goods are largely
cleaned up. Blooms and billets are consid-
erably more active, and consumers are
fear of being caught bya rise Very few
foundries are running short time. Alabama
has made its first shipment of large cast iron
pipe to this part Of the country, Apparently
n to md ayd
importance of specializing its iron indus
tries, instead of regarding pig iron furnace
as necessarily mint for the coming of gold
dollars
1t is vacation season in the drygoods dis
trict, but there are plenty of buyers in town,
and the vacation rule seems to be working
both ways. The buyers do not leave big or
ders, but there are a great many small Or
ders. There was decided improvement in
the store trade last week, and orders re-
ceived through salesmen are putting mer-
chants in good humor.
Money is coming from the West little
less freely, and going out little more freely.
The Commercial and Financial Chronicles fig
ures for the week ending last Friday were
s, 900 received and $2,42I, 900 shipped, as
against 1924, 900 received and $l5l9, 900
shipped in the previous week. This looks as
though the tide would turn westward this
week, and although, as the bank statement
of Saturday showed, there is accumulation
OF idle money in the banks-the surplus re-
serve being sls, 500, ,0O0-and although call
money Is very easy, time loans are being
marked up again, and the city banks are
not in the market for commercial paper
The sub-Treasury operations are largely in
favor of the banks. The Trow Company's
sale of stock shows that there is plenty of
money looking for investment, only it does
not seek railroad bonds and stocks while
London is selling them on account of the
failure of another bank crippled by an over
dose of Argent1nes. Money is higher in Lon
don, but no further serious trouble is antici-
pated from Europe, though little more
gold may go out this week.