The morning news., 1889-03-16
A QUIET WEEK In TRADE
THE FALL IN THE COST OF COPPER
HAS COME TO STAY.

A Slight Increase in the Output OF the
Iron Furnaces-The Market for Bar
Iron the Poorest in Years-Stocks
Lower-The Weeks Failures.
NEW York, March 15--R G. Dun g.
Co. S review of trade for the week says:
The past week has been free from excit-
ing events, and the news has been mostly
negative. War with Germany has not be-
gun at Apia; the copper syndicate has not
been suddenly reconstructed; the March
report of the agricultural department does
not foreshadow famine in wheat; the new
administration has not suddenly disturbed
finance; the consent of Commissioner
Walker to serve as the executive Of the
interstate association has not lifted prices of
stocks. Business is still quiet, but slowly
improving, and the great strike at Fall
River is not expected to last long enough to
disturb trade.
CoPPER's COLLAPSE.
The great fall in the price of copper at
London appears to have come to stay.
Liquidation is a confessed necessity at Paris,
and consumers in this country are looking
for much lower prices when contracts run
clined severely, there are no signs of dis
turbance there, and rates for money are
comparatively easy. Prices are nearly
nominal, with scarcely any trading.
OUTPUT OF THE IRON FURNACES.
The monthly report of the iron furnaces
in blast. contrary to the general expecta-
ton, shows a slight increase in February,
the output reaching 149, ,775 tons weekly,
March 1, against about los, 500 last year.
Persistent over-production has not affected
prices during the past week, and they re-
main unchanged, but there are fewer signs
of disposition to buy beyond immediate
needs. While holders hope that prices are
at bed rock consumers urge that the de-
mand for finished products is scanty.
BAR IRON FLAT.
The market for bar iron is pronounced
the poorest for many years; the demand
for car building and skelp iron has fallen
Off to almost nothing, and while there is
more demand for plate iron, and the move
ment OF plpe is fair for the season, struct-
ural iron is gloomy. Nails show no i'm
pro vement and are demoralized, and steel
rails are $27 80. The sales to March have
been 800, $50 tons and the deliveries 142, ,7S7
tons, and makers have decided not to in
crease the allotment. Pig iron producers
at the east are hoping for relief through
lower rail rates and cheaper coal and ore,
and some further reductions of wages are
announced.
FOOD PRODUCTS.
Wheat has fallen cents for the week
with sales of IS, 600 900 bushels here; corn
is cent lower, and oats cent. Pork
products are unchanged, but cotton has
again advanced a shade, though the receipts
continue up to last years. No change ap-
pears in coffee, and but a fraction In oil,
though in the latter there was a break and
partial recovery. Except in wheat, the
speculative markets for products have been
comparatively quiet.
STOCKS LOWER.
The stock market has been weak and
prices declined an average of 81 per share,
with considerable selling by foreigners,
perhaps, occasioned in part by fears Of dis
turbance in Paris. There was increased
Encouragement as to railroad prospects
The consent of Commissioner Walker to
manage the interstate association does not
outweigh the fact that rates are again being
cut and that part of the roads deemed
sential to the success of the plan have
not yet assented. Traffic returns continued
fairly ahead of last years., however and
the root Of the difficulty is still the dissat-
istaction of investors with the manner in
which the corporations have been man
aged.
FOREIGN EXCHANGE.
While foreign exchange is shade higher,
no large demand for money yet comes from
abroad, and the official statements show
that the exports of cotton, breadstuffs, pro-
visions, cattle and oil exceeded in February
those of last year by per cent, amounting
to $42, 81 ,057. For the first half of March
the exports from New York show an in
crease of 22.7 per cent, while the imports
for the first week gained only per cent.
Reports from the interior this week almost
uniformly indicate some Improvement in
business, though complaint OF slow collec-
tions is about as general as before.
TRADES IMPROVEMENT.
On the whole, while the impro vement in
trade is slow and narrow, it is clearly helped
by the failure of wheat and copper specula-
tions and by the movement Of prices toward
n lower level. For the week the decline In
the average price Of commodities has been
nearly one-hah of per cent, aud since
March about three quarters of per cent.
The business failures during the week
number 26!, against 281 last week and
232 the week previous.