Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-09
TWO TRADE THEORIES
Advanced to Explain the Disappoint-
ment of Expectations.
A REACTION OF EUROPEAN ORIGIN
And an Expectancy Which Was Pitched
on a Kew All Too High.
WHAT BRADsTREETS AND R. G. DUN SAY
ESPECIAL TELEGRAM TO THE DISPATCH J

TO BrddStreet'S do not indicate any material
Improvement in the condition of general
trade, taking the country as whole. On
She Pacific coast and at the South dullness
is conspicuous in almost ali lines. The
only exceptions are in slight advances fol
canned fruit and grain bags at San Fran.
cisco and rather more strength in raw cot.
ton, improvement In collections at Savan-
nah and a moderate increase IN distribution
of staples since the first of the month from
New Orleans.
At the West, Chicago, Duluth and St.
Joseph send the most glowing reports, the
last named claiming sales of drygoods,
shoes and hardware were never better, not
withstanding very inclement weather with
in the week. Duluth has extended the
field of its wholesale trade, and a newly or
ganized Stock Exchange there is stimulat-
ing interest in new iron properties.
In the Central and Farther West.
ST. Louis also reports a satisfactory VOL
ume of trade, with noteworthy gains in sales
at the extreme Northwest of boots and shoes
and hardware. At Cincinnati general trade,
on the whole, is disappointing, and at Kan
ment.
In the East the situation, except for
wheat, is not improved. Leather and hides
are only fairly active in New England.
Worsted spinners at Philadelphia are not
active. Sales of print cloths at Providence
about equal the output, and some makes of
linen and bleached cottons are scarce and
wanted. Exports of cotton goods are not
equal TO expectations. Southern coarse
yarn goods are in heavy supply.
Raw cotton stifened 1-16c temporarily
during the week on better Liverpool ad-
vices and small domestic receipts. Raw
wool. as influenced by London wool sales,
was inclined upward, but as yet has not ad
vanced. New clip California wool is held
above Eastern market prices
Our calculation of the proportion of New
York City's bank clearlngs, due to ''trans-
actions in Wall street" for the first quarter
of this and of two preceding calendar years,
indicates that New York's volume of dis
tributive transactions declined from Sc, AGO.
600, 600 in 1890, a year of activity in trade,
to s., 500, 00O, 600 in the first quarter of 1891,
and that it was less than S, 100, 600, 600 for
three months ended March 81 last.
Twisting Up Barley in California.
Barley is being manipulated on the Pacific
coast, and is higher in consequence. Copper
is dull and barely steady. Anthracite coal
is bringing about 10c more per ton on most
grades. Petroleum is weak, and live cattle
and hogs are 10c and SC lower respectively
per hundred weight at Western markets.
Pig iron is in somewhat better demand,
but prices do not record the fact. Produc-
tion has declined only about $500 tons
weekly of anthracite and coke irons
L IL. 4 ]. Ill
stocks of wheat, United States and Canada,
during March was 5,66S. 600 bushels, stocks
in store at prominent European centers and
ahoat for Europe increased 3, 54S, 600 bushels
during that month, which explains why the
total of American, European and ahoat
stocks of wheat decreased net only 1000, 600
bushels during March, against decrease of
10000, 900 bushels in February. In 1891,
March brought an increase of about 800, 900
bushels, but in 1890 it recorded decrease
of 1000, 900 bushels, and in 1889 falling
away of more than 10, 600, 900 bushels.
Movements of Wheat and Flour Abroad.
Exports of wheat, and -four as wheat,
from IL United States ports, both coasts,
this week equal ,, 9j9, 600 bushels, about the
same quantity as the like week one year
ago, and as contrasted with 2. 597, 900 bushels
last week. Exports of Indian corn from
seven United States ports, both coasts, this
week equal ., 425, 900 bushels. Last week
the total was >, ,734, 900 bushels; one year
ago the weeks total was 474, 600 bushels,
and two years ago it was 3, 102, 900 bushels
While stock speculation at New York is
still very narrow and professional, the ten
denotes governing the market have taken a
rather bullish direction. European intlu-
ences are mainly responsible for this. A re-
duction in the Bank of England rate to 21I
per cent, with the prospect of easy financial
conditions in London, produces a certain
amount of buying from that quarter, suffi-
cient TO depress exchanges and render gold
exports from this side impossible for the
This has forced the local short
interest to cover, and though public buying
of stocks does not develop, the tone of specu-
lation exhibits a more encouraging prospect.
The General Financial Situation
Silver has declined to S64c per ounce on
the decrease of the Indian demand. For
eign exchange is lose on the pound
lower on offerings of bills against purchases
of securities in this market.
Total bank clearings at cities reporting
the same throughout the country for the
week ending April Z, equal 81. 241, 500, ,285,
an increase of Is per cent as compared with |
the week before, and us per cent more |
than in a like week of 1891.
There were los business failures in the !
United States this week, against 164 the |
week before and 17S in the first week of |
April, 1891, of which SO per cent had !
3, 600 capital or less, and IL per cent capi- !!
tai between S., 900 and $40. 000
r. G. Dun & Co. S weekly v review of trade |
says:
Another week brings additional proof of /
actual Improvement in business at many |
points while slackness at a few is explained |
by causes obviously local and temporary. |
The money markets continue abundantiy |
supplied and easy.
Why Expectations Are Disappointed,
Twotheories existing regarding the state of |
business find frequent expression. That
trade has disappointed expectations to some |
extent Is obvious, and there are some who
claim that n reaction has begun of unknown |
duration, which appeared in Europe last I
year and was only in part deferred here be-
cause OF extraordinary crops. These have
TO support them unusually low prices, and |
in some departments q shrinkage in sales.
others argue that disappointment is due to
excessive expectations, and especially TO
the allure TO thke into account the rreat
volume of indeht edness left from real estate
speculation at the West and South. and the
nliuence lI, proauceta ; Dy poor crops and fnan-
port them much evidence tlrat the actnal
transacted, all branches consid
cred. is greater than ever before Mt This
season, in spite of the obstacles and COM
)laints.
The reports from other cities are ON the
whole favorable At Boston there is fur
her imDrovement Drygoods iobhers ara |
lctive and mills very well supplied. West
,rn reports are favorable and Southern bet
er. At Philadelphia the failure of an iron |
rouse, following that of the Lehigh Iron
Company, depresses that trade
At Pittsburg iron stocks increase and |
here is no Improvement in products shin |
nents of coke being the lowest of the year
Inns far: but the glass trade is steady ana |