Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-06-18
THE BUSINESS WORLD.
No Improvement in General Trade
Reported by Bradstreet's
A BIG IRON STRIKE is FEARED.
Big Gold Shipments Change the Temper
OF the Stock Market.
BIG IRON STRIKE is FEARED,
FIRES, FAILURES AND RAILWAY NEWS
ESPECIAL TELEGRAM TO THE DISPATCH.

ESPECIAL TELEGRAM TO THE pIsPArcHl
New YORK, June 17.-Special telegram.
TO Brddstreet's make it plain that, aside from
increases in the demand for few summer
season staples, there has been no improve
ment in general trade within a week.
Our dispatches corroborate the ultra
favorable crop prospects recently reported
by the Government. On the Pacific coast
new wheat is going forward slowly. In the
Lower Mississippi valley, where not affected
by flood, crops are doing well, but late high
water and crevasses in louisiana stopped
traffic on one or more railways in that
State.
The only approach to indications of an ex
pansion of the volume of general distribu
tive trade, strange to say, is reported from
Chicago, Minneapolis and Indianapolis
where summer drygoods, lumber and hard
ware are in rather freer movement from
joboers' hands. 1t is significant, however
that neither Duluth, ST. Paul nor Omaha re-
port a corresponding tendency on the part
OF the volume of trade
Business at the Big Cities.
The usual slacken1ng in business circles at
this period appears al Pittsburg, Baltimore,
Boston and Philadelphia, notwithstanding
some strength in shoes, lumber, rubber and
petroleum. At Memphis, Galveston, Dallas,
St Joseph and Cincinnati there is no change.
Kansas City's report is rather more fayor-
able than some others, and that from New
orleans naturally less So Higher lake
freight rates from Duluth have checked
grain shipments. More merchants are re-
porting unsatisfactory collections
The latest Government wheat crop report
is made the basis of an estimate by brad
streets that total supplies OF crop ana re-
serves july next will amount to not less
than 620,000, 600 bushels, against Oh, ,ocOo oo0
bushels July i. 1891 This, it is believed,
will enable the United States to export an
other 30, coo 900 bushels of wheat in 1928 If
called for and leaves reserves on July ny. l.
1885, equal to those carried over one year
ago. For ten years past the average annual
wheat exports from the United states nave
been less than l25, 900 bushels.
Net railway earnin Is for April, reported TO
Br0dstreef'S. aggregate SIS 00n, 600. total only
nominally larger than that for April 1881. In
March the increase over 1891 was nearly IL
per cent. For the four months of the year
total net earnings are s55,0OO,0So. or 81 per
cent more than in four months of 1891 The
ratio OF gain Tor the first quarter OF this year
over last was more than per cent
Bank Clea-ings and Failures.
Bank clearings in SO cities, as wired to
BrddstreecS this week, aggregate 81, l27 OOO,0 ,000
4 per cent less than last week, but u per
cent more than in the third week of June
reduction of New York's bank clea rings, due
to operations of the stock Exchange Clear
ing House OF slS5, ,0JO, 900 this week and $685.
00O.O00 last week.
While the number of business failures in
creases slightly, larger proportion is found
to he of concerns with s., 900 or less capital.
The total this week is l6l, against lS7 last
week and 80 in the like week of 1891
Raw wool has not been in abundant sup
ply, and it being between seasons manu-
facturers have bought sparingly. At Lon
don prices have been maintained. Ohio,
Michigan and Pennsylvania woods are
stronger. Woolen goods are in moderate
movements.
Raw cotton is 5l6c lower on "anti-options"
influence and favorable reports OF growing
cotton Summer fabrics and staple cottons
have improved i'll quantity. Prints are firm
at late advances, with no stocks in first
hands and mills solo ahead.
Exports of wheat, including flour as
wheat, both coasts of the United States
during days ending June l6 equal 3 1856 346
bushels, against S,O52,797 bushels tho week
before, and as compared with a weekly aver
age OF only 9, ,660, 900 bushels within three
weeks ending June 8. In the third week of
June, 1891, the total was 100000 bushels and
only One-half as much in the like weeks OF
1880, 1889 and 1888.
Montreal a Grain Shipping Point.
Montreal shipped 1928 sls bushels of wheat
and u, ,3E9 barrels OF flour this week, not in
Guided in the foregoing or more than any
American port except New York City.
Reassuring news regarding the crops has
caused a revulsion OF speculative sentiment
in the New York share market and prices
of Western railroad stock advanced rapidly
early in the week, though the movement
mainly due 20 covering OF short sales,
and failSd to create q buying demand, either
at home or IRON Europe. A downward
tendency has, consequently, followed the
shipment of no less than 81, 900 gold to
Europe, also causing renewed bearish f. el-
in= and activity. All of this specie goes to
Germany, special Inducements being offered
at Berlin. Arrangements in connection with
the use OF Au,tria's monetary standard ap-
pear to be the cause.
Exchange is firm at the gold.shirping
point. Silver has advanced on the decrease
OF the visible supply held here against cer-
tificates coupled with an Indian buying de-
mand-
Pig iron remains dull and very low in
price AT Pittsburg Bessemer pig is weaker
and steel billets are stronger, said to be due
to decreased demand for the former and i'm
provement in the inquiry for the latter. At
the West labor leaders and iron makers
doubt that an agreement as to the wages
scale will be reached, and fear an extended
reduced scale and wages offered, and, unless
they change their minds, will be locked out
on the Path inst.
FROM II. G. Dun's Standpoint.
r. G. Dun & Co.'S weekly review says: Hot
weather and hot politics together have
affected business at many points, but there
is nevertheless improvements both in actual
trade and in prospect. One obvious cause is
the swift Improvement in the crop outlook.
The iron output June / WAS l75, ia tons
weekly, only 2,7l2 tons less than Nav l. while
unsold stocks have decreased 26 AT tons in
spite OF some increase at the South. South
eTn No l is sold at Sl4 25 here, and some
Lehi@h companies are cutting prices. Sales
are large. The demand tor structural sheet
and plate iron is improving, and even in
rails the Western mills found a somewhat
better demand.
The demand for steel beams is stimulated
by the low prices. PC being quoted.
No Improvement is seen in copper at u
cents. London speculation has kosted tin
to - cents, but lead is weaker at IL cents
There is talk of a further advance in coal,
the combination requiring more revenue.
Pitisburc Sixth in the Rank Race,
The following table, compiled by Brad
streets gives the Clearing House returns for
the week ending June l6, 1892, ana the per-
centage of increase or decrease as compared
with the corresponding week last year:
Inc. Dec.
New 1ork.................s 81 2l0, l4l sc ....
Chicago. ................... Ill 42J. l54 Us ....