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

Il furnaces between January lSt, lNNo, and
January 1st. 1881 Prices had declined
during the year from $3.50 70 ~, and
many Of the less efficient stocks found 1t
impossible to do business probably Some
few steel rail mills have shut dowu-ur
practically 50 One at Joliet, IL and the
Vulcan az St. Louis While the latter
may not have actually banked its fires it
i known 10 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. Ii
appears to rest mainly on q slight gam IN
the pig iron. and q still greater improve
ment in the steel rail situation. The ira
dition that the iron trade Is q gauge 70 the
general business situation, and the record
Of that industry apparently iUstifes the
relation between II aud commerce IN most
leading lines Iron j. generally first To
feel an approaching decline. and likewis1
earliest in the field with SYMPTOMS uf
something better. At present. reports from
most Of the western pig iron producing
centGrs mention q somewhat Increased IN
guiry and q nOticably improved feeling
among producers and dealers. At some
points prices are quoted fuirgr, and az all
fewer concessions IN prices can be obtained
on cash orders. 1t Is especially noteworthy
that some moderately large contracts for
delivery, month by month during the
year. have been contracted in New York
at SO per ton. This Is significant Is
indicating the eIistence-cyen the growth
Of the opinion. that bottom prices IN
iron hsye been reached and that no
better bargains are TO be gained by wait
inE. Once let tins opinion prevail through
out the trade, and the turn VIII have been
made Demand viii increase and prices
advance Production l. now about equal
to the hand-to mouth species Of c0nSunp-
ton which has been current 80 long. Steel
rails have been quoted at S55 per ton since
last fall Sales have been made at lower
figures. IN few instances: Now S35 Is
more firmly asked One small sale has
been made at S3T This however, ! hardly
TO be taken as a warrant to higher prices
al once.
E1w TEE NLAEEEr Vas STRENGTHENED.
At the rIsk Of berg somewhat personal
l may as well relate to you how this fact
was used during the week IN market man
ipUlatior. Fr0m unquesti01ed authority
II the steel rail producing trade 1 learned
Of the sale on Friday last JANUARY l1thl
and mentioned the small sale Of rails 40
81 IN the market report Of . leading New
York commercial and financial weekly
journal. adding as well that It was an eZ-
cepional transaction and Of small volume
said iron trade report was autographed in
advance Of publication here to the Phila
delphia Press and published IN that Jour
nal simultaneously with It's public appear
IN New York. The trade IN the quiet old
Quaker town were evidently interested BY
the statement and It was photographed to
New York. ton Saturday, day before vest
erisyi to the Stock Exchange. There 1t
appeared In the shape Of "a Philadelphia
dispatch stating that steel rails had al
vanced TO S5T. a gam Of S2per ton. This,
and rumorsn Of a more satisfactory
solution Of the north western railway pool
troubles than had been expected, was con
sidered probable strengthened the mar
ket7 In the afternoon AT least the New
York E1sH5sg Pes, said 50. EH.
sMALLEs voLCsE OF TRADE
The volume Of general trade the
distribution Of merchandise : smaller
than In a Ike period n 1855 Railway
earnings Of the roads centerinE az Cincin-
matt and at Chicago distinctly show this
The severe cold weather since the open
in- Of the year. has decreased cattle ship
ments. and the heavy fall Of snow has de |
lsyed railway transportation IN various |
portions q the east and west The sud /
den change II temperature during the I
week melted the snow fast and the Ohio 1
and other rivers tributary thereto have |
risen 80 high as 70 interfere with naviEa /
ton and cause damage from overflow: but /
this VIII not account for all the decrease /
IN the movement Of goods noted
A SENSATION
The sensation IN commercial circles has /
been the psrverss decline II wheat Two .
houses failed yesterday OWING 10 the per
sistent decline II the price Of that gram 1
when 1t should. If foreign food buyers
would only send over their orders for it
materially advance. Saturday wheat drop
ped p cents per bushel 70 about S1L4l
and two cents more a-aIn TINS morning
On December 18th It stood a about Il LII
The aggregate Of stocks Of wheat u the
United States sO-CsIed visible supply
i over 100000 bushels. larger than ever
before We have beeu banking this sup
ply IN the expectation that by January Ist
the United kingdom would have eaten
pretty vel into what she had on hand
three months agu and would want more
The Russian ports beng closed al this
tine. and the Indian shipment being IN
terrupted It was calculated that the heavy
supplies II the United States would be
wanted abroad and az our own prices.
But British stocks are larger than they
Egrs three months ago. That tells the
whole story
TAHITI TALE-
In Congress there L much tariff talk
and little present prospect OF much beng
done IN the way Of reducing the excessive
revenue By cutting down rates Of import
duties. The protsctionist element Of the
democracy appears to BE strung enough.
If voting with the republicans to block any !
acton which the Carlisle CT revenue re
form democrats may attempt. II
FEzRT EELM0ST
Perry Belmont secund instead Of first :
lest man On the Committee On Foreign :
Affairs. Ess pointed out 70 ne from the !
-aIlery Of the House Of RepresentatiTes
he other day. I wish be could 90 cut 10 J