The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-02-06

enforced stoppage of about elghty-hy
furnaces between January LIST, 1888, and
January LIST, 1884 Prices had declined
during the year from $3.50 to $50, and
many of the less efficient stocks found 1t
impossible to do business proftably. Some
few steel rail mills have shut down-or
practically so. One, at Joliet, Ill, and the
Vulcan at st. Louis. While the latter
may not have actually banked its fires it
is known to be turning orders-at market
rates, over to other mills.
LOOKING UP.
But since the first of the year there has
been sufficient modification of some of the
vital elements in the trade situation to at
least warrant the inquiry whether change
for the better has not finally begun. 1t
appears to rest mainly on slight gain in
| the pig iron, and still greater improve
ment in the steel rail situation. The ira
dition that the iron trade is a gauge to the
general business situation, and the record
of that industry apparently justites the
relation between it and commerce IN most
leading lines. Iron is generally first to
1 feel an approaching decline, and likewise
earliest in the field with symptoms of
something better. At present, reports from
most Of the western pig iron producing
centers mention a somewhat increased in
quiry and nUticably improved feeling
among producers and dealers. AT some
points prices are quoted fairer, and at al!
fewer concessions in prices can be obtained
on cash orders. 1t is especially noteworth!
that some moderately large contracts fol
delivery, month by month during thu
year, have been contracted in New Yorl
at $50 per tor. This is significant a
indicating the existence-even the growtl
of the opinion, that bottom prices il
iron have been reached, and that n
better bargains are to be gained by wait
ing Once let this opinion prevail through
out the trade, and the turn will have bee
made. Demand will increase and price
advance. Production is now about equt
to the hand-to -mouth species of consumI
ton which has been current so long. Stet
rails have been quoted at S35 per ton sine
last fall. Sales have been made at lowe
figures, in few instances: Now S35
more firmly asked. One small sale III
been made at S37. This however, is hard
to be taken as warrant to higher pric'
at once.
HOW THE MARKET WAS STRENGTHENED.
At the risk of being somewhat person.
II
was used during the week in market ma
l ipulation. From unquestioned authorit
in the steel rail producing trade learnC
of the sale on Friday last January lit
| and mentioned the small sale of rails
81 in the market report of a leading Ne
} York commercial and financial week
journal, adding as well that it was an e
ceptional transaction and of small volum
Said iron trade report was telegraphed
advance of publication here, to the Phil
I delphia Press and published in that jou
. nal simultaneously with its public appel
in New York. The trade in the quiet o
Quaker town were evidently interested
the statement and it was photographed
q New York, ton Saturday, day before ye
> erday) to the Stock Exchange. There
appeared in the shape of "a Philadelpl
dispatch stating that steel rails had Q
vanced to S37, gain of S2per ton. TIL
and rumors" of more satisfacto
solution of the northwestern railway pC
Z troubles than had been expected, was &C
sidered probable strengthened the I'M
ket" in the afternoon. At least the n
York EUeHiRg Post said so. 1T ) -
rs SMALLER VOLUME OF TRADE.
The volume of general trade. 6.
distribution of merchandise is small
q than in a like period in 1883 Rallw
earnings of the roads centering at Cine
natl and at Chicago distinctly show IL
70 The severe cold weather since the OPP
~ ing of the year, has decreased cattle sh
ments, and the heavy fall of snow has {
j layed railway transportation IN varlc
portions Of the east and west. The 81
den change in temperature during
week melted the snow fast and the Ol
3 and other rivers tributary thereto hi
risen so high as to interfere with navii
ton and cause damage from overflow; ]
this will not account for all the deere
in the movement of goods noted.
SENSATION.
The sensation in commercial circles
=. been the perverse decline in wheat I
SIC houses failed yesterday owing to the Z
sistent decline in the price of that gr
when it should, if foreign food buy
would only send over their orders for j
materially advance Saturday wheat DIR
ped 81 cents per bushel to about 81
and two cents more again this morni
lon December 18th, it stood at about ST.
The aggregate of stocks of wheat IN
United States-the so-called visible sup
is over 35000,O00 bushels, larger than G
before. We have been banking this s
ply in the expectation that by January
IS the United Kingdom would have ca
pretty well into what she had on hi
three months ago and would want mt
The Russian ports being closed at I
time, and the Indian shipment being
terrupted, it was calculated that the he
N supplies in the United States would
wanted abroad, and at our own pri
But British stocks are larger than L
were three months ago. That tells
- whole story.
us TARIFF TALK.
I'll In Congress there is much tariff [
IN and little present prospect of much be
done in the way of reducing the excess
revenue by cutting down rates of inn
duties The protectionist element of
democracy appears to be strong enou
UT if voting with the republicans to block
action which the Carlisle or revenue
form democrats may attempt.
PERRY BELMONT
Perry Belmont, second instead OF
q best man on the Committee on Fore
IA Affairs, was pointed out to me from
m, gallery of the House of Representa-
D. the other day. | wish he could go out