The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-18
IRON MARKET IMPROVED
GfyIVIL ~ IRON And STEEL
PRICES IND CEREAL EXPORTS.
The Favorable Features the Weck-Gen
cral Trade shows Deciine-Nool
Stronger, but business small.

NEW YORK. Jan. 1.-Bradstrcets to-
morrow will say:
While general trade has not shown a
widespread tendency 10 revive FROM the
holiday depression. there are laNJfanie
features in q revival In iron ana steer
prices and continued heavy cereal cA-
ports. Except at Baltimore, New Oileail''
Hunalo. and I'm certain lines II cnicdso'
ST. Louis st. Paul. and Minneapolis, jon
bers I'm staple lines report business SLOW.
Travellers are on the road, nut returns
are irregular, in only few instances m
dicating the usual volume OF orders Tor
spring delivery
Cotton goods makers report having
shaded prices Of some goods on hand. Dul
hold quotations firm on orders Cor future
delivery. the advance iu raw cotton sun
being above a parity or that OF prodIcts
Raw wool is stronger. though The VOL
umc Of business is small
While hides are nouinaly firm az I'M
changed prices. offerings OF leather haNr
been frccr and quotations have weakened
circumstances which have shown them
selves in the wholesale price for shoes.
ADVANCE Is IRON AND STEEL.
The feature OF the week Is the advance
I'm iron and steel and the revival Of en-
enlargement at the outlook. Bess ner
pig and billcts are up from siNtN-llNe
cents TO -cVenty-lNo cents PEI ron %
Pittsburg ano $L25 81 Chicago, with The
interests controlling the production OF
coke and of Lake superior iron ore naN-
ing determined that prices OF those pro-
ducts shall not react 20 the level oL
1879 producers OF Beaeomer pig and
bliets. in the face OF the restricted out-
put eff furnace and mill since the nrst OF
the year. together with the improved de-
m6nd OF the week. md them enabled 10
advance prices. Other advances include
those o. tobacco, Que 10 occurrences ih
Cuba. wheat based on continued free eX-
ports. and pork and lard on the advance
in cattle and hogs.
Bank-cleariue totals Heein 20 record The
decline in the volume of general trade,
which has made itself apparent now for
more than a month.
The total of clcarngs throughout tho
United States was II, lr'. 5000. nearly II
per cent. less than last week and $50 per
cent less than IN the third week of Jam
DUN 6 COMPANY.
r. g.. Dun and Company Will say to-
morrow in their Weekly Review OF Trade;
Failures for the nine days q January
have shown Liabilities or N.olNWN,
against Si.5zZ,53l, last year En- ten days,
and s9oil,225. IN eleven days of 1894.
Failures for the past week have been
mucn larger IN magnitude. numbering $40
IN the United States. against 53 last
year, and 81 in Canada, against U last
year.
The condition could hardly Dee more
merchants. manufacturers, or bankers
can have littla sympathy for those who
minimize their difficulties. None doubt
that the government VIII raise money
10 meet its obligations. bat how far tlfs
money market VIII bc disturbed or the
Treasury reserve first diminished none
can say.
The business world cannot know ass
yet how far foreign questions MAY nn-
set calculations. though there seems
every reason 20 expect peaceful settle
ments. ~ cannot know what may be the
duties ON any important class OF linz
ports month hence, whether imports
are likely Go exceed exports ana draw
away gold. whether the deficit of revenue
will continue, or what other taxation
will Doe levied.
Failure of the Senate thus far TO take
any action upon financial measures pro-
posed by the President. or those passed
hv the House. affects unfavorably AN
branches of business Under sucl a0-
verse circumstance. it is actually cncoHr-
aging that shrinkaro ln transactions ana
resulting commercial disasters have not
been greater. Bat four large failures
within day or two indicate that me
same condition cannot continue without
Domestic trade. shown by clearing
house payments BE- SIS per cent. larger
than last year. but Zi.o per cent. lesa
than in 1893, and in nearly aii trades there
is much hesitation.
Cotton receipts stil indicate yield
neither a. small as Mir. Neills reiterated
estimate OF t.aNuN0N bales. nor as large
as tie 100000 bales estimated Dy others,
bur III lis yet 90 br seen whether supplies
held for better prices are OF consequence.
TIE price declined AN eighth with acc
counts of narrow demand by sninneis
abroad and declining prices for goods III
this country
Cotton goods are not quotably lower.
hut concessions TO secure business are Tee
pOrted in many Instances, and many of
the mills have been running largely in
anticipation of orders not yet receives.
There is little better inquiry for sta
pies. with indications that dealers stocks
The opening OF fine and fancy woollens
has brought no change in prices, and rec
visions caused by recent openings OF
Worsteds have been generally toward
lower prices
The big iron output weekly January lst
was 2J1.fI tons. decrease of 35l5 tons,
or A3 per cent in December and unsold
stocks increased % .l25 tons. or over 10000
weekly while the great steel companies
whose stocks are not reported produced
ia December 3i2.s55 tons.
The production BIS so far beyond the
present demand for finished products that
temporary stOpuaee OF many furnaces rs
expected Yet Iis iron is higher, BESSIE
mer about fifty cents. and gray forge
and anthracite twenty-five cents although
finished products are generally weaker.
with Jess demand Controller of the coke
and ore output are said TO have agreed
10 maintain prices above those OF 1850.
which means dearcr pig iron. but = orders
for finished products do not materially
increase the advance I'm materials can
hardly be maintained.