The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-20
Indications Point to Gem
eral Improvement.
A Remarkable Revival in
Steel Industry.
Other Industries Gaining
Sales Continue Heavy.

New York, Feb. 20.--R. c.. Dun & Co.,
In their weekly review OF trade, say:
A large increase in the iron and steel
business, on account OF sales covering
eight to IL months production OF Tie
largest works; better demand for wool
en- goods and slightly better fer cottons.
gain which may prove lasting In boots
ana shoes. slightly better prices for
wheat. cotton, wool and iron, and a
money market well adapted to en-.
courage liberal purchases against futurs
Improvement in business, have rem
dered the past week more hopeful than
any other since early i'm November. The
heavy excess of merchandise exports
over imports in January. the continu-
ance OF exchange rates showing that
Europe Is still largely indebted to this
country on. current account, and tho
prospect that congress will adjourn
without any disturbing action, all have
their favorable influence upon the
money market, and upon future UNDER
takings.
In nearly every branch the great iron
and steel industry feels the upward i'm.
pulse supplied by purchases of steel
rails, said to be 100000 tons each, from
the Illinois Steel company and from the
Carnegie company, besides some from
other companies, In part as low as $1a
per ton; about 100000 to foreign pur.
chasers at SIT to SIS. but all recent sales
at $50 at Eastern, and s21 at Western
mills.
Other industries are gaining ALSO
though less conspieuously. The ship
ments of boots and shoes in February
have been about 5000 cases larger than
in any previous year To date, and the in.
creasing orders have enabled some
works 10 start. although very many
buyers still hesitate to pay the advanced
prices demanded But leather Is well
supported at the recent advance In
prices by larger purchases and is a
shade stronger, white hides, although
Irregular and peculiarly sensitive al
Chicago. are also a shade stronger i'm
quotations. The recent decline and
subsequent rise in raw cotton have not
materially affected the manufacture,
which is gradually getting rid OF its ac-
cumulated surplus. though there seems
to be but little increase as yet In the
demand for goods. The sales OF wool
have sharply declined. amounting to -
409. 300 pounds for the week, against o.
$4,000 for the previous week. but owing
to the heavy transactions early in the
month. the sales for three weeks have
been 80. 1870, 900 pounds. of which S,057. 300
were domestic. against 13. 16s. 700 pounds
last year, of which 5,997 500 were domes-
tic. and 16, 996. 200 in 1892. of which 1894.
200 were domestic. The larger mills
have acquired full supplies for the pres
ent, and, at any advance of prices. they
appear ready to drop out of the market
The demand for woolen goods does not
seem to have expanded materially. and
no quotable change in prices has ap.
peared during the week.
Wheat dropped to S0.75 cents, bat rose
TO 1926 cents. with no important impulse
except the conviction that recent prices
have been low enough. The Atlantic ex.
ports (fiour included) were only 1858
bushels for the week. against 1,Si0, 0,30i
last year, but for three weeks have been
6,090,471 bushels. against 5.44S429 last
year. The Western receipts are still
small for the week. only 1907 $40 BUSH
els, against 2.415.55s last year. and for
the past three weeks only 1850, ,240 bush-
els, against S,32S,771 last year. Mean
While the western recelptS OF corn nave
been well nigh double last years. and
for three weeks Atlantic exports havs
beeen 6,3l7.214 bushels, against 1924. 500
last year. Evidently this movement is
displacing many million bushels OF
wheat in foreign consumption.
Failures for the past week have been
sos in the United States. against zs1
last year, and So In Canada, against q
last year.