New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-15
MONEY AND BUSINESS.


pood thing. 1t ought to have brought an
enormous volume OF business to the steel worhs
at fairly remunerative prices. But II state
ments apparently given out by some or the ieao-
ing companies are true they sold nearly OF
quite a years production at prices ranging
between SIS and S1J per ton. and then care
fully put back the price to S21 or thereaoou's'
so that the other competitors should nave
chance to take the rest Of the business at pe'-
ter profits As the sales at low prices are
yariously estimated at 100000 tons and up
ward. somewhere from S2.0OO.OOO to S3'oVo'o"
appear to have been given away TO the rah-
roads as present. 1t IS more likely usat 'he
stories current in some respects uh'rus'-
worthy But II is evident that very large con-
tracts have been made for rails. and WORKS ell
blowing many thousand hands have been started
with full forces, although, In part, at least. WITH
reduction OF wages
This great increase Of work in the iron indus
try has not yet affected prices much except OF
rails as Bessemer pig remains about unchanged
at Pittsburg. and Anthracite No. at the EAST
while Grey Forge at Pittsburg is shade higher
and Southern pig a shade lower at Chicago
Nails are stronger, with greatly increased de-
mand, but tnpates decidedly lower, Owing
to competition of American works and ample
and shoes has also increased. although the
manufacturers are demanding higher prices for
| most qualities. and the shipments from Boston
published by "The Shoe and Leather Reporter
are almost as large this year thus far as IN
any preyious year and In February larger than
in any previous year. Lead Is also In strong
demand at better prices.
In a very practical sense the transfer or
| 10000 pieces print cloths from producing
| mills to Mr.. Borden. to be worked into prints
| hereafter. simply anticipates and cuts OFT the
demand for several months and thus leaves
| the 3arket with so much less stock ana Win
so much less support. But purchase or such
quantity impresses everybody as evidence
| that able men are ready to stake large sums
on the future prosperity OF the country, ana
induces rapid buying by others in the expecta-
| ton that prices will rise. Print cloths nave. IN
fact risen at least quarter OF a cent, ana
other cotton goods are stronger In tone, though
not as yet in quotations The only quotaDle
| charge in woollen goods Is q sensational reduc-
ton of ~ cents in Clay mixtures. but there
appears a somewhat better demand for woollen
goods generally. though as yet without change
in prices. Reports name thirteen more woollen
| mills that have started during the last week
The sales Of wool at the three chief markets
|
equivalent to about nine days consumption OF
all mills usually supplied by those markets If
| all were running fairly FULL whereas the pur-
| chases of the previous week were about eQuiVa-
! lent TO thirteen days full consumption. and
| purchases in January were about equivalent 10
two months full consumption. The transac-
lions are largely between dealers, and obVi-
ously of a speculative nature.
Wheat and cotton have again disappointed
those who looked for an advance 1t seems 10
make no difference what stories are told by
spectators or by officials, and cheap money does
! not embolden people to hold either wheat or
cotton. Wheat declined last week BIZ cents, or
course paying attention to the fictitious
quotations without any sales OF No. red
winter; and the Atlantic exports. flour Included
were In two weeks Of February 3,soo,U36 bushels,
against BOSSES last year. This makes over
5SOOOOOO bushels exported from four Atlantic
ports in five and half months of the crop year,
and about 1l2OO0000 bushels from all ports.
and again the Western receipts, though not as
large as last year. were 1928 bushels for the
week, large enough to indicate that there Is
| no expectation OF materially higher prices on
| the part Of Western holders Cotton suddenly
fell three -sixteenths on Saturday making de-
cline of fve-sixteenths for the week. although
only 22S.200 bales have come into sight in
twelve days Of February. against 3l1.463 bales
in fifteen days in 1885, from the big crop. In
that year 16i4526 bales came into sight later
and a decrease from now to September !, cor
responding to that which has appeared in Feb
ruary thus far. would make the crop a little
more than Mr. Elisons estimate, S6JOOOO bales
But the main fact is that consumption is dimin-
ished by the stoppage Of many Eastern mills
and also by shrnkage Of the demand for India
paper during the last week. and there is yet
no indication of the sharp improvement in rates
or In demand upon which some bankers have APP
parently been calculating Exports Of domestic
products in February thus far have been slightly
smaller from New-York than last year. and cot
ton exports from other points have also been
smaller, while imports have for some weeks been
increasing and for two weeks have been practi-
cally as large those Of last year, although for
six weeks Of the new year the aggregate from
New-York has been 81. 100000. or about per
cent smaller than in 1896. The stock market.
so called. finely illustrated by the fact that
out Of 695. 600 shares sold OF all kinds Of stocks
100000 were OF Sugar alone, $4,000 OF four
other Trust stocks and only 32S 900 OF all other
stocks railroads included. The net result was
a moderate decline. mere betting place for
people who like to gamble about the prices OF
the things OF which they know least, Is In no
sense an indication Of public feeling But II the
Trust stocks were out, apparently some brokers
would have to go without lunches. The COM
parson OF clearings at the principal cities ind-
Gates for the week fair gain Of "a per cent
compared with last year. although a heavy de-
cline in comparison with the corresponding
week of 1892. when speculation was unusually
active
1t would be less expensive to extend the River
side Drive to Spnyten Duyvil Creek now than a
few years hence.