Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-25
DARK DANGER AHEAD.
The Sudden Revival of Grain Specu-
lation Not a Good Sign.
ENORMOUS EXPORTS INtPROSPECT.
A GreatsIncrease in Iron Production Is a
Disturbing Factor.
BR4DSTREETS AND R. G. DUN'S REVIEW

| ESPECIAL TELEGRAM TO THE DIsPATCHl
New YORK, July 24.-Special telegram
to Bradstreet's continue to point to some in
crease in the activity of raw wool at Bostor
and ST. Louis, but not at New York or Phil
adelphia; of hides, and the manufacture O.
boots and shoes; to better request for sole
leather, rubber stock, wheat, -four, cattle
and hogs. Prices for wheat are cent.
higher bushel, and those of corn 1 cent
higher, while quotations for oats are off \
cent. Flour is firmer, but not quotably ad
vanced. Cattle and hogs are 10 cents higher
per hundred weight. Cotton is SIG of q
cent lower.
The menace to the general industrial stu.
alton would be found in the extraordinary
increase in the output of pig iron of 16 pei
cent within the month of June without
corresponding advance in the demand, and
in the 2, 700, 900 tons of anthracite coal more
than was mined from January to July IS,
1890, an increase in 1891 of Is per cent,
under an agreement to restrict production.
On the Pacific Coast and South.
South Americas West coast trade with
San Francisco retains moderately large pro-
portions, but attention at the latter city is
now drawn to shipments of wheat to Aus
tralia, indicating a shortage there, and to
contracts with New York for Alaska salmon
at 81 05.
General trade in the Central West is rela-
lively most active at st. Louis, Chicago,
Minneapolis and st. Paul, and the stable
drygoods, boots and shoes and hardware,
stimulated by excellent crop prospects, are
moving with more freedom. Kansas City is
pushing sales some, while Omaha reports
relatively more conservatism.
Business failures in the United States
number 252, against 262 last week and 1856
this week last year. The total from Janu-
ary to date is 6,917, against 6,069 last year.
1t is worth noting that IA failures in the
lumber trade took place in Kansas last week
and three of banking institutions. The
totals for the States of Missouri, Kansas
and Texas for the week were 16 lumber and
banking failures, including ''none in Texas. 4"
There was also one lumber failure each in
Michigan, New Hampshire and Massachu-
setts
Bank CIearings and the Money Markets.
Bank clearings at IS cities for the week
ending July % amount to S932, 500, ,50S a
decrease from the like week last year of
6.5 per cent. At 81 cities (New York's total
excluded) an increase of IA is shown. New
York City's total decreased 81 000,0 as
compared with the week year ago.
The New York loan market exhibits a
tendency by lenders to restrict time en-
gagements in order to have command of
funds later OIL. Call money is abundant at
1@2 per cent, but money on collateral
commands per cent for six months. The
beginning of the movement of funds to the
(West 81, ,5OO,o 900 having been transferred
from New York to the interior through the
Treasury this week. and the continuance of
gold exports (S2,1OO,OOO having been
shipped) prolong and intensity the dull
ness of the New York share market. Spec
ulation is in condition of deadlock, with
natural tendency toward decline, al
though the crop prospects still exercise a
partial sustaining influence on prices.
Operations, whether for bull or bear ac-
count, are limited to the utmost degree, and
changes in values are correspondingly un-
important. Purchases of silver for Cont
mental account and the export of 425, 900
ounces support the price of silver. Bonds
and investments are neglected.
Great Exports of Grain in Prospect.
The outlook favors large export of grain
calendar year. Conservative estimates
place the amount already booked for char
ter or berth room at twice that actually sent
in like eperiod last year. Advices received
indicate that charters and room secured to
December 81, covering the ports of New
York, Philadelphia, Baltimore and New
Orleans, represent about 10000, 900 bushels
of grain. 1t is reported, as well, that Bos-
ton, New Orleans and Norfolk will send
100000 bushels more, making practically
%, 600, 900 bushels engaged from Atlantic
and Gulf ports for the latter half of the
year. The bulk of the charter and grain
will go in tramp steamers, and the outlook
is for fair rates. Many charters already re-
ported are for second trips.
On the Pacific coast San Francisco wires
BrGdstreet'S of about 10, 300, 900 bushels of
wheat practically engaged for export this
year, and Portland, Ore, of about 4, 4,240,-
600 bushels-in all 5,140, 900 bushels from
the Pacific coast, exclusive of Seattle and
Tacoma, or, say 40, 900 bushels from both
coasts.
Wheat Sent Out by Both Coasts.
Exports of wheat from both coasts, count
ing flour as wheat, equal 1880, 900 bushels
this week, an average of 2,250,0 900 bushels
for the last four weeks, as compared with
weekly average of 100000 in four weeks
of 1890, !, 400, 600 bushels in 1889 and 1,3OO,-
600 bushels in like portion of 1888.
General trade is Of seasonable volume in
the Province of Ontario, Dominion of
Canada. In Quebec there has been a noticea-
BILE revival in the demand. Prospects point
to good fall trade. The crop outlook re-
mains very favorable, The Dominion re-
ports 15 business failures this week, against
50 last week and % this week last year. The
total number from January 1 to date is
1,091, against 942 last year.
r. G. Dun & Co.'S weekly review will
say: Some Improvement in the business
situation is still noted. There is more actual
trade in most of the leading branches and
more general confidence as to the future,
but the monetary situation does not grow