The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-02-13

Wages Already Reduced by some
Large Concerns But HunG-reds OF
Men Assured of Work at Some
Price where IdIeness Faced Them
BefOre-The Big Purchase of Print
Cloths Affects the Market Favor
ably.
New York, Feb. 12.-R. G.. Dun & Co.
will say in their weekly review of trade
tomorrow: mo other event of the week
approaches in Importance the disruption
of the steel rail pool. In two days after
it a greater tonnage of rails was probably
purchased than the entire production last
year, reported as 100000 tons and, instead
of $2S in December and $25 in January, Sl7
is now the price at which works east
and west are seeking orders. the Carne-
gle company even selling at SIT, Chicago
delivery. The sales will employ many
thousand hands, with an important de-
crease in the cost of track laying or re-
newais to railroads Even more import
ant is that the reconstruction of the bill
let pool will be impossible as Ions as the
contest over rails continues, and the man
ufacturer of structural forms, bars rods,
wire nails, tin plates and many other pro-
ducts has q chance to secure cheap mate
rial. In the near future also, is the struS-
gle between the two great companies pro-
ducing Mesaba iron ore, one allied to the
Illinois steel and the other with the Carne-
gle company, which is expected to bring
about lower prices for ore, and to push
many mines totheir utmost capacity. But
in the war of rival interests wages are al
ready reduced by some large concerns.
Another event of influence is the pur-
chase of 100000 pieces of print cloths by
G. d. Borden at 2.56 cents, which has al
ready caused an advance TO z;o5 Genus,
with a stronger tone for prints ana
other goods. The moral influence OF such
a purchase, manifesting confidence III the
future, is apt to be great As the con
tract to shut down part time many nllls
producing print cloths is going into ell
feet, the productive capacity and wages
of operatives will be for time reduced,
but if a demand of traders to replenlsh
stocks is started, the effect may be al
together beneficial.
SThe Improvement in the WOODEN indus
try also means an increased demand for
new and medium goods and DOZEN more
mills have started against three stopping
for various reasons. Speculation in prod
ucJs has hardly been more active than of
late, and prices generally tend downward.
About every week some new speculative
guess by somebody impresses many trad
erS more than the current records OIL ac-
tual movements. The cotton market has
been depressed in like manner by Mr..
Iillison's estimate that the American crop
would prove S,650,000 bales, but the guam
THY coming into sight has also surpassed
PREVIOUS guesses, and indicates larger
crop than most spectators estimate. The
curtailment of consumption in the mills
is not a guess. although some over-es-
innate it since probably not more than d
fifth of the spindles will be stopped third
of each week for a quarter of the year.
The price declined only an eighth for spot,
but over l4c for the May option.
'"The money market continues easy, with
money accommodating more rapidly here.
Rates are not materially changed, but
commercial offerings are unusually light.
Failures for the past week have been
267 in the United States, against 321 last
year, and 81 in Canada, against 81 last
year."