Arkansas weekly mansion., 1884-01-05

"A Formidable LtStOt Fln0hchaA
The Depressed State of the Iron and
Steel Industry.
NEW YORK, Dec. %.
The concluding week in December, which
is generally the dullest of the year in mer-
camille and industrial circles, has proved
no exception to the rule in 1888. Reports
from leading trade centers show that the
merchandise movement has been much
slower. The general feeling appears to be
an unsettled one. Traders in all lines con-
fess to no anticipations Of special activity
in the near future.
THE LIST OF FINANCIAL WRECKS.
The commercial wreck list of the year is
formidable one. The following table
gives the total number of failures reported
during each of the last five years:
SnsS sts,f; sss g 3 S .s5
The table below gives the failures dur
ing each of the two last quarters of 1881,
1882 and 1888:
1881 1882. 1883.
No of failures fourth quarter. 1906 2,!67 2,S59
No. of failures third quarter. 1,l40 1865 2,062
No. OF failures six months ...2 1858 1925 s9l
The returns of to-day and Monday will
quarter of 1888, and, therefore, of the years
total.
IRON AND STEEL
The year 1888 has been less satisfactory
TO the iron ana steer trades tnun lCS pTeue-
ceSsor. The latter comprised o prolonged
strike at Western iron mills and a steady
reduction i'll prices. This year has brought
no such disturbing labor agitations, but has
continued the contraction of prices below
limits which were thought to rest on bed
rock. The dec inc in prices of pig-iron has
been from $3.50, January I, to S20fd go
cash for foundry No. TX. Early last
spring contracts for rails were offered at
S3S. and in the summer at $3.50. By fall
the figures had settled to $500. though not
announced. November prices were revo-
lutionized by the Lackawanna Company's
cut to $50 at the mill. Excessive produc-
tion of steel-rais unduly stimulated 10y
the phenomenal railway building OF pre-
ceding years, combined with other and ar
tificial aids, have caused this. The result
was the forced closing of several mills and
the reduction in wages of nearly If not all
from 10 to ID per cent. 1mportations of
British steel rails have rapidly declined.
Receipts for eleven months are 63,5.9 tons,
against 1912 tons in eleven months of
1882, and 49, 05I tons in 1881.
ANTHRACITE COAL.
The anthracite coal trade closes the year
in moderately satisfactory condition to
producers. The preceding year was more
satisfactory than 1885, owing to the scale OF
prices at that time having been steadily
rising one, while in 1888 it has been falling.
NotwithstandinGt this the trade is in a gem
orally healthy state. States in the west
have exceeded those of any other years,
and promise to increase in the future. The
total output of anthracite coal Tin Pennsyl-
vania) from January l to December -. was
80, ,S14, ,223 tons, as compared with IS, 6,s01
tons in like portion of 1882. The outlook
for the production during the remainder of
December is approximately :3),OOo tons.
This points to total production OF anthra'
cite for this year of 81 ,O6f 900 tons, as COM
pared with 2G, 900 tons i'll 1882.
THE WHEAT CROP.
Floods and drouth fell upon the winter
wheat crop of 1882 and 1888 Rust and pest
crept in, and, shown by the Govern,
met reports, the harvest was iVo,oVu,ovo ,,.o,
This ranks the total, allowing slight gam
for spring wheat, at about 4Oo,OO,o0o bush
els, as against 302,00O,oOo in 1881 : and S %os,,
200 900 in 1851. There were 1SG, 3O0,N0
bushels reported as wheat and flour in lSSl-
81. In 1872, I2l, 100000, and in 1928,
1924 900 bushels. Since July exports
have been restricted and prices relatively
low. The visible supply has increased
S0ea in eacesr an Of F'eso $500, 900 % bushels, as
against 19,4IS,0I5 bushels July ]: Farmers
have sod t..eir wheat freely and appear TO
be still doing so. The gross exports from
tho crop of 1SS2-S3 have been (to December
II from July y but 5l,9l0,9lS bushels, as
against 6, IO:, - bushels in a like part of
iSS3, and 43415 ,9al bushels in 1881, and still
Russia, India and Australia are offering
grain cheap for future delivery. The price
of wheat (No. red at New York; opened
in January at about Sl.13is, advanced TO
$I.11 February ,, to $l.14's February Iand
to 81 20 during the month. To-day it touched
Sl.I1'..
CORN EXPORTED.
The exports of Indian corn have been on
a more liberal scale than those of wheat,
b,t less than formerly. Tue total from
July / to December is 24,so1, ,1Io bushels,
as against ), 120, "a bushels in like period
of 1882 In 1929 the exports aggregated
were Al .G55,G: bushels of corn and meal
againt a ,3i0, $50 bushels in 15Sl-S2, and 93,-
CS4, ls4 bushels in 1sso-s2, and "3,Gis,1t4
bushels in 1sSo-sl. The price OF corn on
January ) last was 61 :. cents. February =
il was 20 cents, and February II, a cents.
To-day it touched III cents.
THE PETROLEUM INDUSTRY.
This year has brought a decreased pro
duction of oil, and has shown n uniformity
districts to yield less and less, and has ne
cesstated the drawing on stocks through
August, September, October and Novem-
Der, and naturally ~ devel9ped nf higher hss
"regions" has been very great, with but
little encouragement thus far rs to new and
rich fields of oil. The main hope in that
direction lies in the statement that unex-
pected deposits have been discovered:
Others may be following. On the prime of
the Bradford district came the Allegheny
and after that the Cherry Grove tract,
and the average annual price OF crude
per barrel ut the wells was IN 49,
down to 9i1s cents; in 1881, to S3a
certs, and in 1882 to 19zS cents. This
ST. .O6 per barrel. The average daily pro-
ducti0n this year, to December 22, has Deen
213O 900 gallons, and the exports 1,4o0,OoO
gallons. The average daily quantity added
to stocks has been ~, 900 gallons, which IN
dicates an average daily home consumption
of 81, 900 gallons during the year to De-
cember -. Exports from the United States
from January to December - aggregated
49S, ,2I9 gallons (actual, against 4,3.-
77t, 49, gallons (crude) refined, naphtha'
etc, in a like period in 1882. New York
continues to monopolize the trade, it's share
of these exports being 4oS,00i,522 gallons
in 1889, against 312, IS6,02O gallons i'll 1852.
Boston, Philadelphia and Baltimore S this
year, to December %. exported n,363o9 |.
gallons, against 1O2,99O,462 gallons last
year.
THE COMING YEAR.
As things are now, there is no adequate
reason for concluding that the business or
the country is to find a still lower level IN
1884. but on the other hand the enforced
stopping of mills and a further reduction
of wages in the concerns still in operation
may bring about further depression.
Home for Destitute Children.
BENNINGTON, VT. Dec. 2s.
The incorporators of the Vernon w. Park
Home, for destitute children and women,
have organized by the election of General
John G.. Mccullough, President; Frederick
B. Jennings, Vice-President; Geo. w. Har-
mon, Secretary and Treasurer. The real
estate given by Mr.. Park comprises 200
acres in this village; original cost, $4,000,
an amount much less than the cost of inn
provement alone. Upon the premises Is a
fountain which throws water to the height
l. It. f<S,vv 80 IN