The record-union., 1896-11-14
WEEKLY REVIEW OF TRADE.
BUSINESS SHOWS A GREATER
CHANGE FOR THE BETTER
Than Has Ever Before Been Known
Within the Same Number
of Days.

NEW YORK, Nov. 13.-R. q. Dun &
Co. will say tomorrow in their weekly
review Of trade:
No one doubts that brighter day is
dawning, and it Is common remark that
never before has business shown so
great change for the better within
a single week. Dispatches telling of
about 500 works which have opened
or materially enlarged their forces give
only partial report, for throughout
the country the gain has been surpris-
ing even to the most hopeful.
Foreign need of American wheat con-
| tinues an important factor, and the
price went to 88 cents, gaining six
cents for one week, ten cents for two
weeks and twenty-four cents since ear
ly in September. The price is the high
est since June, 1892. Western receipts
were only 4,493, $50 bushels, against
e,2O2.o64 last year, but the election cut
off much work during the days In
which these receipts were started to
market.
| Many textile works have been started
or increased in force, many on orders
booked weeks ago, but there has not
been much increase in the demand
After purchases OF 100000 pounds
of wool in five weeks, the transactions
fell to 6,243. 700 pounds last week, but
prices were strong. and in some grades
one cent higher and even greater ad-
vance is demanded at the West, while
foreign markets are higher and Aus
tralian fully one cent per pound up.
| The market for cotton goods is not
yet active, but more liberal estimates
of the cotton crop are generally cred
tied. causing 1-S cent decline to s cents
| The output Of iron furnaces in blast
| November 1st was 124,077 tons week
| ly, having been increased 22,295 tons,
| or III per cent, in the latter part of
| October by confidence In the future.
All the markets We're stronger, al
though the enormous purchases of pig
| iron In advance of needs causes COM
parative inactivity at present Plates
and steel bars are 81 to So per ton
higher, and sheets in better demand
Anthracite and Bessemer pig have ad-
vanced a shade, and the average Of
prices IS 21a cents higher. The billet
| pool Is in protracted meeting here this
week to decide upon its course, and is
still undersold. The beam, bar rail
and wire nail associations met this
week, and the underselling of wire
nails by outsiders has gone so far that
! a decline Of 45 cents is openly quoted.
1t Is noteworthy that the prevailing
expectation, Notwithstanding the gen.
| eral improvement In business, is that
some, II not all, these combinations
viii decide to reduce prices.
The coke conbinat ton, 1t now ap-
pears, has not prevented large con-
tracts for future delivery at less than
S2, its fixed price, and even less than
81 rs, but the output last week de-
creased.
A heavy sale of copper to foreigners,
said to cover ten million pounds, has
raised the price to II 1-8 cents, and tin
actually sells at 13 cents, though less
| is quoted.
| The change In the money market is
striking Instead of 50. 100000 going
out to the interior, as before, $4,000, 900
have come In this week; instead Of 80
cents discount, New York exchange at
Chicago Is at 20 per cent. premium;
instead OF merchants and n1anufactur-
ers vainly hunting loans, banks are
/ hunting for more commercial paper
| Commercial rates are down to 3 per
cent. on best paper. Foreign exchange
Is higher, owing to sales OF $4,000, 900
Government bonds taken by the Bank
of England as a member of the syndi-
cate of 1895. to payments Of 5000, 900
sterling loans, but all these are in ef-
feet taking profits from confidence In
American honor
Failures have been 276 In the United
States. against 2S3 last year, and 46
in Canada, against 40 last year.