The herald., 1896-03-14
COMMERCIAL CONDITIONS
As Seen and Reported by Ex-
pert Observers
MERCHANTS MICAWBERING
Large Hope is Cherished but Little
Business Done
MERCHANTS MICAWBERING
The Only ConspicuousIy Favorable Busine IS
Feature Is the February Report of
Gross Railroad Earnings
Associated Press Special Wire

Associated Press Special Wire
NEW YORK, March 13.-R. G. Dun &
Co.'s weekly review of trade, which issues
tomorrow, will say: Waiting is still the
rule. Large hope but little actual business
explains the strength of some markets and
the weakness of others. The feeling that
the spring of 1896 ought to bring larger
business will not suffice to meet expenses
all the season if the larger business does
not come. 1t is especially noteworthy that
prices of materials have varied quite diff
ferently from prices of manufactured pro-
ducts, although in most cases the advance
last fall was commenced by extraordinary
uplifting of prices for materials. Thus
cotton is 29.9 per cent higher than year
ago. but cotton goods average only 1917
per cent. Wool is but 5.3 per cent higher
than year ago, but wooden goods are on
the whole about per cent lower. Pig iron
is only 16 per cent higher than year ago,
while finished products of iron and steel
average 45 per cent higher. These COM
parisons are important, because they dis
close something of the grave dislocaton of
prices which inadequate consumption and
combinations have produced. The output
of pig iron March 1st was 50, ,5S3 tons
the unsold stocks have risen 69,764 tons
during the past month"; or ,44l tons
weekly, and the unsold stocks of the great
steel companies are not included. There
is reason to believe that actual consump-
ton is still at least 10 per cent smaller
than the production of pig, and the price
of Bessemer at Pittsburg has again de-
clined slightly to 1925, with exceptionally
large sales even below that figure. Prices
of finished products are not quotably lower,
although all markets are lower in tone. OF
the minor metals, copper is in moderate
demand at 81 LIZ and there is more move
ment in tin at $l3.4O, while lead is slightly
weaker at $3.15. Tin plates are weak, in
part because of the little demand, but
American Bessemer, l. c.. l4x2O, full
weight, are quoted at $3.50 against $685.
for similar foreign brands. Aluminium
rolling ingots are offered at 6 cents per
pound in ton lots. the Harvesting of Nj
agara having already reduced the cost of
this metal for the world. Sales of wool at
the three chief markets are the smallest in
five years and for two weeks they have
been only 6,6S3,900 pounds, of which
$780, 200 were domestic, against 9.54l,-
500 last year, of which 5,1oO,SO0
were domestic, and 12,017,67 pounds
in 1892, of which S,369,475 were
domestic. Prices are still maintained with
increase in Australian supplies. The mar
ket for wheat is weaker, with no better
reason than that the government report of
wheat in farmers hands, which is alto
gether out Of keeping with the government
estimate a year ago, yet is probably
more nearly correct. Western receipts
still exceed last years and for two weeks
have b5en 4,567,392 bushels against
3,636,715 last year, while the Atlantic ex-
ports, -four included, this week, little
smaller than year ago, have been for two
weeks 1921 ,097 bushels, against 80 II o.
4lJ last year.
Failures for the week have been $2,917,-
775 against $1,693,052 last year, and
$3,276.292 in 1894. Manufacturing were
$S96,915 against S7S5, 1906 last year. and
trading were S2,O05, $50 against $S97 1856
last year.
Failures for the week have been 800 in
the United States against 266 last year,
and sixty in Canada against fifty-seven
last year.