Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-14
TRADES EVEN TENOR.
Inc Volume of Business Large, With
a Tendency to Quietude.
UNPRECEDENTED IRON OUTPUT,
But the Condition of the Industry Rather
Disappointing Now.
FARMERS PAYING THEIR MORTGAGES
tepEc1A1 TELEGRAM TO THE prsrArcH.l

ing branches of general trade are rather
more conspicuous r'lis week. This is no.
ticeabIe in advices from Boston, New
York, Baltimore, Philadelphia, Pittsburg,
Memphis, Kansas City, ST. Louis and Gal
weston, while at others, Chicago, Minneap-
oils, St. Paul and Duluth, trade maintains
a fair volume, having decreased in some
lines as compared with week ago.
Throughout Central, Western and East
ern States the weather has been too mild to
help trade, but further west, as at Omaha
and Minnesota cities, q cold wave has stim-
ulated the distribution of staples some
what. There has been some improvement
at Cincinnati, New Orleans and San Fran
cisco.
Drygoods, Wool and Cotton.
Drvgoods and clothing sales have dragged
IL almost all directions. Low water is re-
stricting the output of cottons in New Eng
land. Trade in woolens has been disap-
pointing, and manufacturers are slow to buy
stocks of raw wool, which remains dull and
heavy. Exports of cotton are restricted by
unsettled trade in Brazil, China and Chile.
Cotton is weak on a large crop movement.
Philadelphia carpet yard spinners report an
unfavorable season.
Mild weather has checked the movement
of green meats at the West, and hog prod
ucts generally are in smaller demand, with
downward tendency Live hogs are &c
lower, and free receipts of live cattle weak
en- quotations for them.
Raw sugar is 1-16(H1sc higher upon re-
duced beet crop estimates, better demand
and decreasing stocks
Sales of leather and lumber are more
active at nearly all points, except for the
former at Boston. Domestic hides are
lower, while foreign are higher. Eastern
boot and shoe manufacturers have begun
work on spring orders Disturbances in
Brazil continue to advance the price OF raw
rubber here
Mercantile collections are only moder-
ately prompt South, and quite variable
elsewhere.
The Pig Iron Trade Disappointing.
The pig iron trade thus far is disappoint-
ing, the demand not having met expecta-
tions, being materially below current tax
ings at many points. The anthracite coal
market, too, is far from satisfactory at the
moment, with the prolonged spell of un-
seasonably mild weather and practically un-
checked production.
Business failures in the United States !
number 26S, against 23S last week, and 200 |
this week last wear. The total from JAN
uary 1 to date is 10,3S9, against S,702 last |
year.
Exports of wheat, including -four from |
the United States ports this week, reported |
to BrddStreetS, equal /, 400, 900 bushels, about
twice the quantity sent abroad in the cor |
responding weeks in four preceding wears |
There has been a gain in exports of wheat |
and flour for two weeks past that over last |
week equaling fully 100000 bushels. For |
20 weeks exports of wheat and flour from !
United States ports reported equal nearly 1
s. 600, coo bushels, against 81, Dos, 900 bush |
els from United States and Canada in 20 |
weeks of 1S9O-91, and as compared with |
80, l34 600 bushels in 1889, ~. AS, 900 bush |
els in 1883, and 81, 35S 900 bushels in 1887.
The General Financial Situation.
Speculation in the New York stock mar
ket continues to be mainly professional,
and, in spite of the subsistence of financial |
disturbance in New England and of re-
newed ease in the loan market, has been |
mainly bearish in character. Foreign in |
terests have been sellers, although the re-
cent banking failures in Berlin had little |
international significance. The Coal stocks |
have been the principal object of bearish |
attacks large earnings and heavy traffic on 1
the principal Granger lines protecting them
as well as the Trunk lines from manipula
tive pressure.
Foreign exchange is slightly firmer on a
decreased supply of commercial bills, due,
ii is claimed, to the lack of ocean freight
room. The payment of maturing sterling
loans also strengthens exchange temporari-
". The money market shows renewed ease
on the return Of funds sent to New Eng
land during the preceding fortnight
Bank clearings as wired to Bradstreet's,
are from 65 cities this week. The total,
S1,3l5,2S ,135, from ~ cities in the United
States. is 121 per cent less than in the like
week of 1880. The decline is largely due to
the decreases at New York City and Bos-
ton Chicago's total increased "a per cent,
as compared with the week a year ago.
Out OF 90 cities reported, 2S show decreases.
4 Good Showing of Railroad Earnings.
October's gross railroad earnings are
among the best this year, the gain being
slightly less than that of September over
the like month of 1890 Increases are
larger and more numerous, and decreases
correspondinCly less noticeable than for
many months. Large gains by the Grancers
reflect the heavy grain movement. Gross
earnings of 14O roads FOR October aggregate
$50, 712, $40, on total of 81, ,764 miles, a gain
of So per cent in earnings and Is per cent
In mileage over last wear. This follows a
gain OF Al per cent in October, 1890. over
1889. For ten months the earnings aggre
gate S454, 421, ,751, a gain over ten months of
last wear of 5.S per cent, following a gain
in ten months of 1890 over 1889 of 9. / ner
cent.
r. G. Dun & Co.'S weekly review will
say: Business has entirely recovered from
the slight disturbance caused bv the Nave
rick bank failure. Money at New York has
fallen again to i per cent on call. and at
Boston plenty is offering and rather steady
Large Volume of Trade.
Trade is large in volume for the season.
and in many lines, especially at the West,
the largest ever known; but margins for |
profits are narrow and the tendency of prices
is not toward Improvement in thar respect
Records of mortgages satisfied in Western
counties show that enormous sums are taken
for that purpose bv farmers from their re-
ceipts, so that an unusual proportion of the
money paid for crops goes 10 cancel debts
created in past years. Doubtless this, in
part, explains the fact that the demand or
various manufactured products has not vet
so largely as expected, in view of
the great crops raised
The iron output November / was the
greatest ever known. 1t is a striking fact
that only 304 furnaces are in blast, against
SOC October ! showing steady substitution
of larger and better works for those of less
capacity and old-fashioned equipment I'm
sold stocks have largely increased, par
ticularly of coke iron, and while the con-
sumption is enormous il is clear that unless
the expected increase comes soon the de-
preston IN prices viii force some works to
stop. Contractors for large buildings here
are figuring on foreign against American
beams, the combination not meeting the
price.