Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-13
THE BUSINESS WORLD.
Bradstreet's Reports Good Effect Of
the Iron Scale Adoption.
BULLISH FORECAST OF THE CROPS
Imports Are Gaining Fast on Exports, Ac-
cording to R. G. Dun.
FIRES, FAILURES AND RAILWAY NEWS

flhhS, EAlhUhEO AMI hAluhAl N1WI
tePEc1AL rELEGRAM TO THE DrsPATcH.l
NEW YORK, Aug. 12.-Special telegram
TO Bradstreet's show only fair volume ol
general trade thus far during August, which
is seasonable. Favorable features hereto
fore reported continue to make themselve,
felt, notably the heavy demand for boots
and shoes at Boston and at st. Louis for some
GRADES of leather; for lumber at most West
"rn and Northwestern cities; for staple
ardware and groceries
Bank clearings aggregate about s., 1000,
100000 this week, rather under an average,
trife less than last week, but per cent
in excess of the total In the like week Of
1891.
Industrial troubles continue to diminish
in extent if not in number The signing Of
the iron scale this week points to work fol
100, 600 operatives in the near future. The
iron trpde reports thaough two papers a
reduction of pig iron in July. The total
reduction since March is 3S, 600 tons weekly.
Stocks of pig iron have passed the 100000
ton mark, and prices of all but best grades
W
ported. Manufactured iron and steel remain
moderately firm.
Sugar and Live Stock Higher.
Sugar is l-l6c higher on strong demand,
and coffee is firmly held at the advance OF
&c with some speculative demand. Cattle
are firm and higher at the West. while hogs
are l5c off,
Reports of gross earnings for July by rail
way companies of importance throughout
the country aggregate S4l, ,SC7. 600, about 81
per cent more than in July, 1891. For seven
months the total gross earnings of these
companies equal S270, 70L 600, an increase OF
more than per cent as compared with gross
earnings for a like part OF 1891
Eor the fiscal year ended June 80, our ex.
pnrfs of breadstuffs increased in value SILL
242 600; cattle - 654 900; seeds, So 1872 600, and
cotton goods s. 6l2, 600; but as exports of ia W
cotton fell off in value S32. $50 000 and refined
petroleum SC, AZ, 600, the total net gain in
4626OO
Conflicting, but on the whole un favorable,
dispatches regarding the crops and wea tn er
West and the disappointing Government
crop condition statement, have checked
bullish sentiment and renewed bearish ac-
tivity in share speculation. The ntnu-
ance OF gold shipments, the steadiness of
exchange and the absence of q seasonable
supply OF commercial bills or drawings
against future cotton and grain shipmen Is,
are also productive of unsettled feeling,
likely to maintain foreign Indifference to
and selling of our securities.
IndustriaIs and Silver Away Down.
Advances in industrials and specialties
early in the week are followed by declines
and speculative inaction. Silver touched
the lowest price on record Friday, COM
mercial bars being s31Sc per ounce in New
York and 375sd in London. a fall here of 11lc.
Exports OF wheat, and -four as wheat,
from sea ports, both coasts, of the United
States equal 4,4s0OO bushels this week,
against S,97s,0O0 bushels last week, but as
compared with 5l47, 900 bushels exported in
the corresponding week last year. The last
Government crop report points to the prob
ability OF crop OF 5l5,0O0O0 bushels OF
wheat, which, with 81, ,000, 600 bushels surplus
reserves July last, compared with July ],
1891, points to $50, 600 bushels available
supplies of wheat this cereal year. or to l9O-
100000 bushels available for export If re-
quired, S5,000,000 lever bushels than We
shipped abroad last year Wheat has de-
clined about y cent and oats about II cent
net on the week, showing that no seriously
bullish views were melted by the Govern
ment report as to the condition OF either
Indian corn. on the other hand, advanced
cents.
Stocks of woods and fleeces are full, and
NAL hufacturers are free buyers. Opinions
differ as to whether present low prices are
likely to advance in the near future. Raw
cotton is &c lower. notwithstanding damage
owing to the effect OF lower prices for silver
on the demand from Great Britain.
The Situation in Drygoods.
The West is the principal buyer of cotton
futures at present, and the mills are actively
employed. Print cloths maintain their
prosperous condition, mills having orders
for delivery one year ahead, with no stocks.
All-wool dress goods are more active.
r. G. Dun & CO.'S weekly review says:
Crop reports are not quite up to expecta-
tions and are construed as indicating a de-
ficient supply of corn and oats, while any
possible deficiency in wheat and cotton will
be more than met by surplus stocks. But
prices have advanced quite sharply and ex-
ports of domestic products tall below last
years.
The great industries are all doing remark
ably well, excepting iron manufacture. The
iron output August l was l55, 1856 tons,
against l69, Isl July !, and l69, 576 a year ago;
creased $1,000 tons during July, and on the
lst OF August exceeded l0O0,000 tons.
southern pig iron Is pressed for
sale, and some quotations are. lower
than ever; but the resumption OF
manufacture by Western iron works which
have settled their controversies with the
men, VIII make great change in the situa-
tion at once, increasing the output of pig
iron, but probably the demand still more.
Manufactured iron and steel have been in
very active demand, nearly all the works in
operation Delng CROWDED With orders, but
steel rails are as dull as ever, and while only
10000 tons have been sold for the year thus
Iar. the orders on hand will hardly carry
Eastern mills beyond September Is.
The Prices of Other Products.
Copper is weak at 1l5s cents, and lead at 4
cents. but speculation advanced tin to -2L l5
and depressed it to 20.45 cents. There is no
market worth mentioning for coal. But in
the textile industries the utmost activity
prevails.
The particular feature OF the week has
been the rise in breadstuffs-2 cents in corn
and q cent in oats, while wheat declined q
cent, with sales OF only l3,0OO,0O0 bushels.
Oil rose cents
1t should not be forgotten that If exports
of products, which for two weeks have been
IS per cent lower at New York than last
year, should be restricted by advances in
price, the outflow of gold would be likely to
continue and before long affect speculative
markets. Imports continue extraordinarily
cent greater than last year-and such
movement would insure further gold ex-
ports unless other conditions change
Business failures last week number lS9, as
compared with ls4 last week. For the CORE
spending week of last year the figures were
227
Pittsburg Eighth in the Bank Race.
The following table, compiled by Brad
streets, gives the Clearing House returns for
the week ending August IL, 1892, and the per-
centage OF increase or decrease as COM
pared with the corresponding week last
year:
New York. 55o. s4a sss 4s