Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-02-27

Orders for steel an Important Innus
ence for improvements

ence for Improvement.
NEW YORK, February 2s.-Bradstreets
TOMORROW VIII say: The placing OF orders
Tor nearly 10000 tons OF steel within
the past three weeks is the most impor-
tant influence for Improvement in general
trade since the November election A
good share OF these orders Is for blooms
and blllets, and, inasmuch as the bulk OF
them are placed with the more modern
or the larger steel mills. the latter find
themselves well supplied with work for
months to come. The Bessemer pIg-iron
and steel-bilet markets have been duly
influenced and firm, with moderate adj
vances on heavy sales. The contracts
for steel rails taken since the break In
the price, together with the expenditure
necessary to lay the rails. means the
placing in circulation OF no less than
S35,000.O00 The meaning Of the sales Of
rails for export has been exaggerated. as
some orders placed abroad were due to
English mills being temporarily engaged
on other forms of steel The rush for
rails appears to be about over. and the
outlook is for higher prices The con-
cess of the production and the wire and
wire-nail mills are running fun time.
Many wooilen-mills I'm New England have
started up Manufacturers are buying
In expectation OF duty being placed
on raw wool. The recent Improvement
in cotton goods Is maintained.
At most cities there has been no change
in the volume or temper or trade. De-
mand has been quiet. and while expecta-
lions favor an early improvement. pro-
gress thus far has been somewhat disap-
pointing. The most marked gains are at
Chicago and st. Louis, where visiting
merchants have made relatively heavy
purchases Of dry goods. clothing, and gro-
ceries Jobbers at Cleveland, Cincinnati.
Milwaukee, and Louisville In some IN
stances regard the outlook as more IN
favorable. unfayorable weather on the
South Atlantic coast and at the North-
west has interrupted business, and re-
ports from Galveston and Nashvihe arc
that the movement OF merchandise has
been disappointing. 49,.
The week volume of clearings is NS5,-
42O055. u per cent less than last week.
but IA per cent. less than In the Ike week
one year ago.
The price movement Is more favorable,
with advances for hides and. In some m
stances for shoes. for Bessemer pig-iron,
steel billets, cotton, Indian corn, oats.
cheese. and turpentine. Leather remains
firm at the recent advance. ana iumper'
southern gIgiron 6ar-i sonsr ss snd coffee
are practically unchanged.
There were 25S business failures re-
ported throughout the United STATES,
compared with 325 last week, anu III I'D
Messrs. r. G.. Dun & Co. VIII say 10
morrow I'm their weekly review or trade.
Genuine Improvement In business ooes nos
come with a rush, like the breaking OF a.
great dam The growth for some weeks
past has been more encouraging, because
in nearly all lines II has been gfaduai ahn
moderate The rupture OF the stsei-raii
and other combinations In the IRON pu1
ness has Brought out vast quantity ol
trade which had been held back, and has
set many thousand men at work. whiie
the slow but steady gain In other great
industries has given employment 10 many
thousand more but the full effects Will
not appear until the increased purchases
by all these swell the distribution OF goous.
This comes more slowly ana later, Dus
IS already apparent. Certainty regafuins
the future Will help II miSh'ii, . sau hone
multitudes expected with strong noPe.'
Meanwhile IL Is substantial ground Ior
confidence that months whlch were re-
garded by many In the money iia i,,'s,.
with serious apprehension nav pe ~,
vvithout disturbance, and with stea9y gam
In tho nosition of the country and or the
Treasury. cha oxcoss
of exports over imports would continue az
large i'm January as II had heen ~ other
~anths and vet Il was surprisingly large.
The February returns have Maturity Dern
less favorable. as cotton exports mi ,,,, o,N
al this season, and set the aecieHss co,n.
pared with last year IL trihlns, Whlie Wy
Increase I'm imports, to be expected at thls
season has amounted during the rast
three weeks TO only $4,000 compared
with last year, or about per cent. No-
thing IN the state OF foreign exchange III
dicafes that the heavy credits I'm favor OK
this country have been liduidated or serl-
ously diminished. , -. oraar, FOR
iron bars are unchanged, but orders TOT
oO0 cars by one railway. with numerous
others increase the demand, ana plates
are required for two great elevators ~
Chicago Important contracts ior sAp s',,
continue. and American makers unue'ss
foreign ones In tin plates by " cents, ana ~.
are selling cotton ties below 70 cents, ior
which S.iO was charged by Importers
with less rapidly, but yet steadily, otner
industries are gaining. Although prown
lard sheetings are an eighth lower. an.
mint cloths a sixteenth lower, II Is louhu
mat several cOtton-mills nave starteo'
MOI covered by the restriction as 10 print
cIofh works. when IL carried out. IN
crea sing demand has also started quite
nvmher Sf woollen-mllls. including many
mskIng dress-goods and hosiery. Inc ae-
mend Tor mems woollens Is also somewhat
better especially for heaVy-~eights, aia'
there are improving sales OF better qua"
ties. -, .ho groutnc
belief that PRICES will not give way hh1
started many more shops, although many
iobbers still shrink from the prices asAe ...,
THE failures for the week have Deen lso
In the United States, against 20 sas. year
and 30 in Canada. against % last year