The New York herald., 1878-12-16


business has been bad, only slight improvement on
| the preceding year. Many of them tell that
for the better and the prospects for the future are
decidedly good. The falling in the price of the raw
material has unsettled everything and injured busi,
ness III every way. Prices seem now to have oicne.i
bottom. and new contracts may be expected The
continuance otherwise of the coal combination
will. OF course affect the furnaces: but, making allow
ances for whatever may happen 1879 is looked for
ward to with great hope by the representatives or the
trade with whom talked
SUMMING FOR THE YEAR.
significant item in summing up the results OF the
year is the growth and prosperity OF the number OF
comparatively small esablishments--shops employ
ing from ten 10 fifty workmen, making small articles
patented goods specialties. &c. in the aggregate
they amount TO an important matter, ana their m
creased business is good sign. Is also worthy or
note that makers OF files, locks. cutlery-mostly
small stablishments-rePort recent Improvement
in business.
The recent failures the Allentown Iron Company,
the Oxford Iron Company and Reese, Grah Woods.
are having rather beneficial effect than otherwise
upon the iron trade IL is said that they work
ing for ruinous prices and unsetting things and
that their suspension has taken from the market some
OF the elements OF competition that have been so dis
astrous III cutting prices. In 1878 and lS1 during the
panic, when failure took place il inspired general
suspicion. and it looked as proof
that the whole business fabric of the country
honeycombed with weakness and rottenness. Now
when firm under in the iron trade IL is looked
upon as dropping ont of overcrowded ranks leav-
ing more room for the rest.
The steel works control the largest capital next
the iron rolling mills represent the most money. and
then the pig iron interests Soft steel is rapidly
taking the place of iron. The rolling mills taking
tile blooms and rail ends from the Bessemer steel
works and putting them in the market in competition
with rolled iron At very cheap but remuneratiye
prices Railroad building has been better this year
than last over two hundred miles more OF rails
have been laid than during 1877 and there has been
increased demand for rails and material. The
railroad companies are generally doing better than
last year anu have taken advantage OF the low prices
of labor and material.
For the ensuing year the Bessemer steel works
have the best prospects The or cruc BILE steel
works have also a bright outlook. They were
crowded with orders all summer at low but paying
prices There have been very few failures in tine
steel business. Two or three occurred. but they
due To mismanagement. and the business gen.
orally is on sound basis For bar iron and strnc-
men say they have made no money this year. The
pig iron business is the worst oil. although there are
exceptions TO the depression in this branch.
IRON sHlPBuILDING.
AS all the world knows four Russians cruisers have
been built at Cramps shlpyard, in this city, About
two thousand worknen have been kept Ut work IN
the yards all summer these vessels, and hun
dreds more, OF uphosterers. sailnakers and makers
OF lamps supplies and equipments have found work
on these Russian contracts. The large of
money that have been spent have found their way
into every branch Of trade As an illustration of the
way in which the Russian officials are patronizng our
business firms one house in the rubber trade has
Sold them SIS. 900 worth OF goods These heavy con-
tracts have not only given great impetus to iron
shipbuilding at this port during this year but has
had its effect on retail business generally.
wMATERIAIS-coTToN-woo
cotton dealer that cotton has declined from
twelve and half cents 10 nine cents pound since
August. and that there is an immense amount on
hand. with the crop almost ready for the market
During the year the cotton business has been up to
the average, and there many mills and
spindles running as last year there has been
excessive buying in any quarter. The general bust
ness has been Just as good as last year. but specula
tion not good No special opportunity
presented for investment of capital. Confidence
has been in normal state and sales were made on
short time, manufacturers running light and mostly
on dress goods, only covering expenses ana making
featuring generally will begin after the first OF the
year when it is thought trade will improve for
the balance of the cotton year and fair business be
DONE but with slim margins. The depression III the
cotton and woolen trade is attributable very largely
to the warm and unreasonable weather. There has
been cautious spirit manifested all around aud the
mill owners have been careful than before
to avoid the over-production OF last year.
One OF the prominent wool dealers here states that
the general condition of their line of business has
been depressed during the current year; that all
through the year prices shrinking, for the
son that the growers contrary TO advice and their
interests, consigned wool to houses here and
demanded its sale. and since manufacturers need but
small amounts, ii sold for what it would bring,
which generally very little. The wool trade
varies much in year. and especially in this that
a fair comparison OF this years business cannot be
made with previous years The capital of wool houses
Is ample for the business, most houses having too
mucn capital and they are seeking for small paying
safe investments, and willing to advance nearly
the fun value OF consignment TO grower ut low
rate Of interest rather than have their surplus idle
This gentleman took gloomy view OF the situation.
He thinks there y great want oi conndence III
business circles generally. and in the wool business
particularly, because TIC
manufacturing. and tina. the prospects Of general
business not encouraging; that prices must
come down lower yet, they not at the bottom
what they will come TO i'll another year, that
prices continue declining until they within
the Of Europeans, who must eventually be the
purchasers of surplus produce; that the hope of
this country should be that il VIII be able an early
day to conquer not only England, but Continental
Europe, and be able to supply them with necessares
of life cheaper than Ia purchased by their produ
GERS. Therefore ftle prospects Of wool dealers
bright, although prices will not be higher. but at
present wool is dun and depressed.
During September there was large trade in some
kinds Of wooen goods at very low figures. and there
Indications OF Improvement IN general trade 70
be further helped on by the demand that may be
looked for from the South, whore the yellow fever
prostratcd all trade.
Nearly allied to the wool and cotton interests
dye stu.fs. Among the dye stuff manufacturers the
expression is that business during the year Las been
as good as could have been looked for when many
failures occurred among the cotton and woolen mills
Less business done this year than last aud 1876
u better year than either. yet the large manu-
facturers Increasing their capacity. IN the dye
stuff trade confidence is greatly improved, credit
being better and easier; sales small, but profits
better than last year and but few bad debts have
been contracted. The prospects are good Tor next
year, and an advance in prices is anticipated.
MANUFACTURERS.
When the materials reach the hands Of the
manufacturers to be and made into the various
forms Of useful and attractive dry goods. do not
fnd according 10 the reports Of the mill owners
that they have made mucn profit this year. Their
statements do not all agree. Some OF the cotton
mill owners declare that they have made small
pear have done generally little better, and have
been able by cautious management to have secured
small profits all around.
The most prominent cotton factor the owner Of
eight mills, says the general condition OF their manu-
featuring business has been very bad during the
year, aud will continue until Congress ceases
meddling with the tariff. In fact. IL could not be
state of affairs that tins year las been
than last and e believes that viii be sill worse
that one has the hardihood to make any in
vestments Of capital in factories that confidence in
general business circles has not improved, and IN ~
very bad ia his line that prospects not cncourag
ing and there II no marked Improvement During
the year the amount of goods made and sold the
a. last but the amount of money realized eas.
Prices twenty per cent lower aud with
profits. No mills acc paying expenses. aud only rim
mug not 70 b. dc merely paying for labor and
material. without any allowance for other expenses,
such as taxes, interest &c.
JoBBERs.
Next, taking mp tho material In its manufactured
FORM visited the largest dry goods jobbcrs, only TO
find that the condition 81 their affairs what
20 be expected the natural result Of the dulncss Of
trade ia the material aud the light work reported
the mills. The jobbcrs say that buaincss IL duller
Al.