Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-12-31
BUSINESS OUTLOOK.
Holiday Trade Il Large, But Con-
fined to Cheap Goods.
Enormous Iron and steel Product Pre-
dieted-stocks Affected by Possible
War with Spain Business
Failures for a Week.

New York. Dec. 19.-R 6. Dun g. Co,
in their weekly review of trade, say:
Cuban reports. unusual cioseness Of
money in Germany, and the decision that
there viii be no action on the tariff at this
session, have not really changed the stu
alton but nave been talked about 4
they might change it. The holiday trade
is generally large. though at some points
more confined to cheap goods than usual
and the influence OF an increase in the
working force is felt IN other ways. Bue
until the new year the only material
changes expected are such as prepare for
a large business next year. In the iron
and steel Industry these appear OF the Ut
most Importance.
Since events for some months 10 come
viii turn largely on the state of foreign
trade. II Is cheering that produce exports
IN November were S1O9. 00i 937 ia Value
amounting for three months to 1901. 1851
more than double the value of imports
which were $l5I 36i, 35i. The enormous ex-
cess, which has brought hither IN three
SGs,Gi9 l43. besides establishing credits of
many millions in London, which virtually
pay IN advance for future imports, has nor
prevented, Il is believed. a special shipment
OF goods to Germany next week for which
the German bank pays a premium TO meet
demands January !, supposed to be on Rus
sian account. London affects the ship
ment by borrowing more millions here SO
tIdk TIE amount OF SuCn SlEFllN2 advances
IS now reckoncd at $780, 1000. More of such
borrowing may cause advance in the rate
Of interest, realizing on exchange drafts.
of which many become due before or short
~ after January /, and a sharper demand
on London than may be convenient But
with 81 worth Of produce going out for
every 81 worth of goods brought in, nothing
of an ordinary nature can cause gold ex-
ports Of consequence. In two weeks OF De-
cember exports from New York have beel
per cent larger and imports here Il per
cent smaller than last year.
The control of the Mountain Iron Mes
saba mine has been leased for 50 years or
purchased by the Carnegie interest from
Mr.. j. ID. Rockefeller, the ore to be shipped
by his new steamship line on the lakes
and by the new railway which the Carnegie
company is building to Lake Erie. This,
with the erection of 16 new open hearth
furnaces, making 36. insures enormous in
crease of product at extreme low cost, and
will affect all combinations In steel prod
ucts or in ore. The rail association has
been in session. and our Philadelphia dis
patch states that rails are sold at $25
against S2S, so long maintained. Bessemer
pig and gray forge are a shade lower at
Pittsburgh. Virginia and Alabama iron
are offered 25 cents lower at the east, anu
with so much uncertainty regarding great
changes In progress. very little is done in
finished products and generally at conces-
sions.
Wheat rose about cents Monday but
declined still further and closed one-haIf
cent lower for the week.
Stocks have been weak. Almost a panic
occurred on Friday when the Cameron
joint resolution was adopted by the SEN
ate committee. Spectators Immediately
felt the war with spain beginning, and St.
Paul. Burlington and Rock Island broke
five points. while the whole list lost over ID
point
Failures for the week have been SS7 in
the United States. against 81 last year,
and IL in Canada, against 81 last year."