Evening journal., 1897-06-24
rHE BuslNEss OUTLOOK.

THE BUSINESS OUTLOOK.
Signs OF reyiving confidence in COM
mercial, financial and agricultural in
terests continue to crop out The latest
illustration OF this is found in the con-
dition OF the iron and steel trade. which
has taken a decided turn for the better,
with every appearance OF having finally
turned the corner. Higher prices for
pigiron steel billets and Bessemer pig
at Pittsburg, with large transactions in
the last named, have been followed by
broadening demand for other pro-
ducts, and, altogether, the feeling is
more hopeful than at any previous time
this year.
Consumers have apparently become
convinced that the worst is over, and
have placed orders with greater free
dom than for a long time past. Trans
actions for foreign account continue a
feature OF the situation, one mill hav-
ing secured an order for steel rails for
India and another having sold a round
amount OF steel billets to Russia. Apro-
pos of this foreign business the figures
just complied by the American Iron
and)SteeI Association show that the ex-
ports OF iron and steel from the United
States for the year 1896 were $4S, ,67O,
21S, an increase OF $13 .59S ,655 over 1896,
while the imports were only $19, SOC, ,5S7,
decrease OF s6,265,549. This gain in
exports was due largely to the .-low
prices that prevailed, but aside from
this there is no doubt that the United
States is destined to take much higher
rank in the future as an exporter OF
sron and steel manufactures. The pro-
duotion OF the eicountry in 1896 was s..
62S, 1877 tons of pig, 1913, 900 tons oi
Bessemer steel ingots, 1928, 700 tons OF
open-hearth steel and 5515.S41 tons oi
finished iron and steel, including rails.
This large output in a year. OF depres-
sion affords ample explanation OF the
low. prices current at the close OF 1896,
and, for that matter, up to the present
time. The iron and steel industry is
one OF the greatest OF the century,
hence the improvement chronicled is
matter for general congratulation.
Notwithstanding the various checks
which business has received of late. II
is an undeniable fact that the volume
is larger than last year, although prices
are low and profits narrow. The bank
clearings afford an illustration
OF the movement of a greater bulk OF
commodities Railway earnings also
attest heavier movement. The May
gross figures OF all roads reporting hav-
ing been per cent in excess of last
year. The Southern and Southwestern
roads were particularly favored, as
those sections of the country have
been more prosperous than others. Tn,
boot and shoe manufacturers have re
ceived liberal orders, leather has exhib.
tied a steadier tone and hides have fur
ther advanced. The resumption o.
work by the carpet mills at Philadel
phia Is an important and encouraging
feature. In the produce market whea
has risen cent higher. Cotton lef
on one-sixteenth OF a cent lower, chief
ly on account OF the increased acreag,
planted.
A further revival OF confidence in Sc
curity values is reflected In a genera
and important advance in both stock
and bonds The public is taking create
interest in the stock market than for
long time past. London is taking NOR
interest in our stocks. For the wee
ending June 70 sterling exchange wa
dull throughout, and gold export
dwindled down to s26O,OOO whic
amount was shipped on a special ordei
Money ruled extremely easy ON call @
very low rates, but near the close tim
money showed a hardening tendenc
under a better demand from stoc
brokers. Commercial paper met wit
a good inquiry and everything deslrs
bic found a market.