The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-20
THE CONDITION OF TRADE.

Iron is rightly considered the barome-
ter of trade for its fluctuations correctly
mark either prosperity or depression.
When iron is in good demand and prices
are firm the general state of trade
throughout the country is good. Activ-
ity in iron denotes healthy, prosperous
condition of affairs. With the iron
market depressed and unsettled there
has never been any permanent pros
perity. 1t is among the quickest of
materials TO respond TO returning
prosperity. when a genuine feeling of
renewed confidence shows itself, but it
is not affected by the false symptoms of
prosperity in little bursts Of forced rallies.
The reasons are apparent. Iron enters
into every branch ot building and con-
struction, from the humble saw-mill in
the wildness of the forests Of Michi-
gan, 10 the most palatial structure of
the Fifth avenue millionaire in ships
and in the construction of railroads.
The first signs of coming prosperity
cause demand for iron.
In looking at the business situation,
therefore, the condition of the iron
market must be scanned as the master
mariner watches his barometer TO tell
when the clouds of depression are TO be
lightened and the fair weather Of pros
perity to begin.
The American Manufacturer of Pitts
burg in its yesterdays issue,
commenting upon the status of
the iron and steel markets says:
"The most prominent feature of the
iron and steel market today is the steady
lowering of values and the decreasing
amount of business in all lines. The num-
Der of changes in rates is larger this week
than usual, and worse feature is that
they are all in the way of reductions.
Nowhere are there any signs of higher
quotations. In raw material u sale of
Southern iron marks the lowest figures
ever reached here. Furnaces are push.
ing for immediate sales and consumers
are not inclined to pile up stock. Soft
steel is growing lower, and further re-
duced prices are reported. Prices of
finished iron and steel are not as strong
as they were last week, and prices in
the hardware trade seems to be getting
softer. Taking the entire trade. the
situation today is, if anything, more
discouraging than it has been at any
time since the present depression set in,
and there are no indications of change
for the better"
The commercial agencies which last
week noted turn in the tide toward
prosperity, which was unnoticed by
anyone else, declare that the gain has
been held. and even added TO, but state
that exceptions are noticed at some of
the larger Eastern manufacturing cities.
These indications of returning pros
perity when carefully examined and
sifted down to their foundation consist
simply in the band-to-mouth sys-
tenn of replenishing stocks, as witness
the report from Boston to Bradstreets.
Boston reports increased sales
in several lines, due to buyers
who have held off so long they are
obliged to replenish stocks" The other
"signs" are "a better feeling at Buffalo
is based merely on the approach to
better trade"-not a very substantial
pointer; travellers from Baltimore say
the condition of business throughout the
South is such that revival there must
appear in short time"
While legislation ON tariff and finance
are in such shape in congress as they are
at the present time it hardly seems as
though prosperity could be expected to
settle down upon the country. No one
would be more glad to note revival of
trade than THE News, but it does not
believe procaiming u state of affairs
that does not exist and which at present
shows no sign of approach.