Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-12
A LITTLE BRIGHTER.
Iron Sill Drag on General Business
Prospects, According to
BRAbSTREET'S AND DUN'S REPORT.
Quit Cheerful Account Comes From One
Southern Point.
AND DUN'S REPORT.
+ 4RNERS MAKE A BIG WESTERN TRADE
ESPECIAL TELEGRAM TO TIE p1sPArcH.1


merchants, West and Northwest, wer
making demands on jobbers at Kansas City
ST. Louis. st. Joseph, Omaha, Chicago, st
Paul and Minneapolis, which in some in
stances were in excess of ability to shiI
promptly; but the blizzard, accompanied b,
an extraordinary drop in temperature ovel
the region extending from Montana to tht
lakes, shut of railway traffic at the Yves
for some time, and promptly checked gen
eral trade there.
The most encouraging report comes from
New Orleans that the country demand fol
staples is gaining; that merchants appear te
be recovering from depression due to the
low price of cotton, and that loans at the
interior are being made with more conf
hence. Like reports, however, do not come
from Galveston, Savannah or Baltimore.
Farmers Preparing for the Season.
The relatively heaviest trade at the West
has been in agricultural implements hard
ware and spring staples. Legislative and
labor agitation are said to affect some lines
of industry un favorably in Ohio. Sugar is
firm and in generally better demand, with
&c advance on the Pacific coast. Lumber
and petroleum remain dull and featureless.
Leather is in better demand, but no higher.
Live cattle and hogs at Western centers are
5CG1Oc lower on free receipts. Shoes, cloth
ing and groceries continue firm and in fair
demand in nearly all directions.
Agreements by coal companies controll-
ing the 80 per cent not covered by compa-
nies in the Reading IDEAL, to work in har-
+. Il,
mage, point to some change in the methods
of marketing coal in the near future An
thracite remains dull and unchanged in
price thus Tar.
Effect of Competition in Iron.
Pig iron prices have been cut 81 to 81 so
a ton for Lehigh to SIG for No 9, due to
extreme competition between Northern and
Southern stacks and large stocks. The
price is an unprecedented open quotation
for tidewater delivery of this grade of
Northern iron.
Furnaces may now be expected to go out
of blast somewhat more freely. Production
in February was about 194, 600 tons weekly
(the maximum), gain of about 1000 tons
weekly over January. The amalgamation
of the three leading Southern pig iron
furnaces tennessee, De Bardeleben and
Sloss) is the most important move in South
established there. No. Birmingham iron
is offered at Troy at SIS 90, as contrasted
with SIC for No. 9 Lehigh at New York.
The share market, though unsettled over
the question of the possibility of dividend
on ST. Paul common shares, has been mar
row and firm, and at the close of the week
exhibits renewed advancing tendencies on
favorable legislative action in New Jersey
toward the Reading combination. The eX-
change market is steady, but too narrow to
permit of gold shipments, and only $3.50, 000
of gold was exported this week.
Railway Earnings and Grain Exports
Gross railway earnings in February (S3s,-
153, O00), owing to increased traffic and an
extra day due to leap year, were nearly
as large as in January, whereas one year
ago the total was about S2, 750, 900 smaller in
February than in January. The February
increase in 1892, contrasted with 1891, is
1876 per cent, whereas in January last the
gain, as compared with that month in 1891,
was only 5 per cent The Granger lines
gained, relatively. more than twice as
much as any other group-29 per cent.
Other groups show increases ranging from IL
to Il per cent For two months of this
year the gross earnings are s per cent more
than in like portion of 1891.
Exports of wheat, and -four as wheat. from
both coasts of the United States for six days
ended March 10 equal 3,754, 900 bushels,
against 2,90S,0eO bushels the week before;
2.091 600 bushels one year ago. and 3, 3,007 900
bushels in the like week of 1890 The Agri-
cultural Bureau report indicates that the
United States Will carry $4,000, 600 bushels
of wheat, visible and invisible, July /, 1892,
even should we export 90 600, 600 bushels in
four months ending with that date, against
a total surplus July 1, 1891, amounting to
about 80, 0O0 900 bushels.
Movements of Wheat Abroad.
BrddStrea'S London cable shows that
American, European and afoat for Europe
stocks decreased 9, zoe, 600 bushels in Febru-
arv, against only ], 22S, 900 bushels decrease
in January. In February, 1891, the like de-
crease was {, ,564, 900 bushels
Wool sells to manufacturers freely at the
East at low prices, and holders stocks are
notably reduced. Spot cotton has finally
gone below &c, having dropped &c during
the week on large receipts and unwilling
ness of holders TO carry it longer. New
England cotton mills are running to full
capacity, with continued good home and ex-
port demand for products Prints are
especially active, but mems wear woolens
are not moving freely. Cheviots are in
good demand.
Bank clearings at IS cities in the United
States this week equal s., 260, 600, 900, an in
crease of per cent for the week and of 25
per cent over the like week last wear.
Business failures for the country number
251 against 247 last week and 200 in the
like week last year. The total from JAN
uarv 1 to date is ., S45 against 2 953 in like
share of 1891. About SO per cent of the
concerns failing reported capital of $1,000
or less, and only - per cent with capital of
from s., coo to 500, 600.
r. G. Dun's Report Is Cheering.
r. G. Dun & Co. S weekly review of trade
saws:
Distribution of products is unquestionably
improving. Transactions are, on the WHOLE
larger than year ago in spite of depression
at the South, being very much larger a the
West. Nor is the improvement confined to
that section. though general there. 1t is
q lso more distinctly felt in Eastern cities.
Trade at the South. though still much en-
barrlssed by the low price of cotton is
steadily gaining. With all the great indus
tries active, with money abundant in spite
of gold exports, and with speculation kept
in wholesome check, the outlook would seem
20 be unusually favorable, notwithstanding
general complaints that prices are low and
margins OF profit unusually small.
Iron has been the dismal feature, but in |
stead of a decrease the weekly output shows
= large in crease, so that on March i it was
the largest ever known. The trouble in this
industry is that, while sharp competition
between Northern and Southern producers
puts down prices, the consumption has been |
irregular, at some seasons extraordinary,
but in others hesitating. southern compa-
nies are trying to consolidate. Rails are in |
active; bar is dull, and plates weaker. In |
coDDer there is also an effort to consolidate
or combine producers, as yet with uncertain |
results. Trade in tin has been small, and |
lead is Gull. a |