Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-05
THE TWO BAD SPOTS,
Cotton and Iron, in General Trade
Can Only Be Frightened by
SHUTTING DOWN ON PRODUCTION,
Otherwise the Business of the Country
Shows Improvement.
REVIEWS OF BRADSTREErS AND DUN

staples from distributing centers, as wired
to BrddStrea'S, continues about as here
tofore reported. At the South little i'm
provement is noted, except at New Orleans,
following the influx of visitors to the Mardi
Gras. At Savannah, Charleston, Rich
mond, Memphis, Chattanooga, Birmingham
and Galveston, general trade is only fair
without prospect of nearby Improvement.
Louisiana sugar, however, is stronger, and
Georgia naval stores, in moderate supply,
are higher.
Chicago, Omaha and Kansas City report
relatively the most active demand for job
bers In few instances Western jobbers
are unable to get goods in time to ship
promptly on spring orders. Staple cottons,
shoes, groceries and hardware are in most
active demand Further East, except at
cities at which iron and glass and woolen
industries are prominent manufacturing
enterprises are fairly satisfactory.
The Oil and Iron Situations.
Petroleum is in most active demand and
higher, as are leather, hides and lumber.
Iron (crude) sells tor what it will bring in
most instances, and furnacemen appear re-
luctant to curtail the output. Stocks are
quite heavy, North and South, and the
Southern furnacemen deny even an inten-
tlon to blow out The demand must increase
or production decrease soon.
There were 247 failures in business in the
United States this week, against 227 last
week. 231 a year ago, 215 two years ago and
221 three wears ogo The total from Janu-
ary to date is ., 594, about $50 less than in
a like portion OF 1891 or 1890, 800 less than
in 1889 and about 100 more than the like
total in 1885, As usual, about 81 per cent
were of concerns employing $1,000 or less
capital each, and per cent of those en-
ploying from $1,000 to $40, 900 capital.
There were only nve failures last week of
firms with larger capital than the foregoing.
Bank clearings at SO cities this week, by
wire to BrddStreet'S, equal 81, PIG, 100000, or
II per cent more than last week, and AS
per cent more than in the first week of
March, 1891.
The Alleged Vanderbilt Deal.
Speculative attention has been concen-
trated on the reported IDEALS concerning
the Delaware aud Hudson and New York
and New England properties The alleged
connection of the Vanderbilt interest with
the transactions impaired strength to the
stocks with which they are identified, which
was stimulated at the close OF the week by
reports of a scrip dividend on Lake Shore,
The market, however, is professional, and
il is noticeable that the advances have been
confined to the properties successively taken
in hand and made the object of favorable re-
ports.
For the time being the continuance of
gold exports had little influence on specu-
lative sentiment, although S2050,000 gold
was engaged for shipment during the week
figure about 1c below the normal gold ship
ping point This is explained by the fact
that the premium for gold Oh the continent
of Europe has been advanced, indicating
determined effort to draw specie from this
country. Silver has been steady and fea-
tureless.
Wool prices continue to decline. aided by
increased stocks and offerings in excess of
demand Ohio and Michigan woods are
1(G2c lower and Texas and California woods
are also lower Dealers cannot obtain over
75c for Australian. which sold for SIC a
year ago.
Raw Cotton and Textile Fabrics.
Raw cotton has not changed in price.
BradStreet'S advices as to this years cotton
acreage do not favor material curtailment
of the cotton area to be cultivated Reports
are conflicting, but thorough working by
larger planters and the refusal of the South
west to restrict planting, are likely to offset
the reduced acreage by the small farmer.
Heavy woolens are in fair demand Sta
pie cotton goods are in good demand from
New England, the Middle States and the
West.
Wheat has been weaker under freer ship
ments from the interior and smaller export
demand, declining 1%c Exports of wheat
this week, both coasts, including -four as
wheat, equal 2.90S, S9S bushels, smaller
quantity than has gone abroad from the
United States within a week since July.
Exports of Indian corn this week equal
9. SCI, ,9S5 bushels, against 3,377, ,973 bushels
the week before. Exports of oats from
Atlantic ports to United Kingdom ports
this week equal 63, ,337 bushels against
252, $50 bushels last week; those of rye from
Atlantic ports to the continent of Europe
aggregate 26,000 bushels, against 1877, $50
bushels the week before.
Dun on the Cotton Outlook.
R. G. Dun & Co. say:
Domestic trade generally improves, even
at the South, where much of the trouble
seems to have been due to unwillingness of
holders to sell cotton at low prices rather
than to risk actual loss on such sales. Sup
plies of money are everywhere ample.
1t is still the fact that the two dark spots
are directly caused by over-production-
Cotton receipts this week have been light
Efforts to curtall the production this year
appear to meet with some success. The
only possible remedy for troubles in the iron |
trade is to be applied, according to dis |
patches, by the closing of some furnaces. |
Current prices are called about the lowest |
on record. The rail combination still waits |
for buyers. The trouble in this industry is |
that too great and sudden expansion was |
expected. |
Copper is unchanged. tin weaker and lead |
moderately active. The coal market con- |
tinues uncertain, as the combination is not |
ready to act, but agents recommend an out
put of only 2,500,000 tons in March.
General trade at Boston has been curtailed |
by the storm, but increased orders are seen
in nearly all lines. At Philadelphia whole
sale trade in dry goods is satisfactory
grain export trade is the largest ever
known.
All kinds of iron and steel are weakening
at Plttsburg, manufactured and structural |
being lower, with dull trade and some pudd-
ling mills have closed, but glass is fairly
active. Cleveland notes rolled iron active
but weak, while improvement is seen in
hardware, groceries and shoes, and the dry
goods trade is good. The spring jobbing
trade is fair at Cincinnati; building prospects
are good, and manufacturers more active
than usual. Detroit notes a fair jobbing
trade, some lines exceeding last years.
Encouraging Reports From the West
At Chicago considerable increase is seen /
in general trade, and receipts of dressed \
beef are four times; of wheat. three times, |
and of flour and OATS double last years, |
with increase OF third in rye and barley, a |
quarter in corn and some in cattle and /
cured. meats, but decrease in wool, hogs |
and sheep At Milwaukee wheat receipts /
are 100000 against 6O0. 600 last year; the flour