Birmingham state herald., 1897-02-20
DEMAND FOR STEEL RAILS
Since the Break sy;of the Trust unprecedent-
 v1Iy Large.
MILLION TONS SOLD
NEARLY
one-Tent c Which Goes to Foreign Ports -RaI ., Earnings Looking Up M = V Market Encouraging to
 Liberal Purchases-Failures.

New York; Feb 1e.-Bradstreets to- morrow will say: General trade shows more improvement, features of which are the advances for Bessemer pig iron, steel billets steel rails, some grades of wool, raw sugar, Indian corn, pork and lard and for cloths, with an upward ten- dency for leather, together with a num- Der of metal and textile industrial estab- lishments which have re-opened within the weak, and an improvement in recent railway earnings.
 The demand for rails since the break in quotations has resulted in the sale of nearly 100000 tons, of which 100000 tons are for export. Not the least significant outcome is the demonstration of the abil- ity of American steel makers to success fully compete in the markets of the world.
 There is g. better demand for dry goods, clothing, shoes, paint, lumber and architectural iron, but material increases in request for general merchandise are more conspicuous at Chicago, St. Louis and New York than elsewhere.
 The holiday on Feb 12, while not gem eral, had an influence on transactions at New York, Chicago, Philadelphia and Boston and bank clearings for the six business days ending with Feb 19 amount to only SS92, ,0l4, ,000 a decrease of 56 per cent compared with last week and nearly 10 per cent. compared with the third week of February last year.
 The tendency of current gross railway earnings Is to increase and majority of reports of railway earnings for the sec ond week of February show increases. Gross and net earnings for the year 1896 are in sharp contrast with those for 1895. While promising well, the depressed trade and political excitement had an un- favorable influence. But it Is encour- aging to note that decreases from core spending totals in 1895 are small both gross and net Total gross earnings of 142 railroad companies, which include 80 per cent. of our railroad earning ca pacity, aggregated $956, 1884. .241 last year, a decrease of one-fifth of per cent. from the total in 1895, while total net earnings -$2SS, ,929, ,004-showed a similar falling off of 1,2 per cent. The southwestern, south ern and Pacific groups of roads, report increases, both gross and net, as com pared with 1895.
 Total business failures throughout the country have increased, numbering 325 this week, compared with 301 last week and 276 in the third week of February, 1896.
 DUN'S REPORT.
 New York, Feb. 19.-R. G. Dun & Co.,, will say tomorrow in their weekly re. view of trade: A large increase in the iron and steel business on account of sales covering eight to twelve months production of the largest works, a better demand for woolen goods and slightly better prices for cottons, a gain which may prove lasting in boots and shoes: slightly better prices for wheat, cotton. wool and iron, and a money market well adapted to encouraging liberal purchases against future improvement in business, have rendered the past week more hope- full than any other since early in Mo- vember. The heavy excess of merchant disc exports over imports in January, the continuance of exchange rates show ing that Europe is still largely indebted to this country on current account and the prospect that congress will adjourn without any disturbing action, all have their favorable influence upon the money market and upon further undertakings.
 In nearly every branch, the great iron and steel industry feels the inward im- pulse supplied by purchases of steel rails, said to be half a million tons each from other companies in part as low as s15 per ton, about 100000 to foreign purchas. CTS at SIT to SIS, but all recent sales at S20 at eastern and $21 at western mills. Nearly all the great railroads of the country have seized the opportunity to supply themselves with rails for one or two years requirements. These enor- nous orders have, advanced Bessemer pig at Pittsburg only 15c per ton, with gray forge a shade lower there, and no con- siderable change appears in finished pro- duets, although plates are unchanged in prices with good demand and nails are held at recent prices. The Bar associa- tion no longer controls anything and from bars are quoted at $1.05 per 100 pounds, while steel bars are quoted at 95c per 100 pounds. Structural forms are steady. although 100, 900 to 150,000 tons are said to be required in New York alone this year and American tin plates are still selling. at s3.20, which is 70 cents less than the price for foreign.
 The sales of wools have sharply de- clined, amounting to 7409,300 pounds for the week, against 9,157,900 for the previ- ouS week, but owing to the heavy transn actions early in the month, the sales for three weeks have been S0,130,900 pounds, against 13.168,7 700 pounds last year. The larger mills have acquired full supplies for the present, and at any advance of prices they appear ready to drop out of the ma rket. The demand for woo,en goods does not seem to have expanded materially, and no quotable change in prices has appeared during the week.
 The heavy exports in January, follow ing the unprecedented excess of exports over imports of merchandise in the four previous months are largely due to the fact that neither the wheat nor the cot ton markets have been materially con- trolled by speculation.
 Figures at this season dc not count for mucn Tn cotton, though large supplies and diminishing domestic demand on ac- count of the partial closing of many mills have materially Influenced the mar ket. Prices have been comparatively steady; middling uplands declinIng to 7c., but recovering an eighth.
 The volume of business is not accurate ly reported by clearing house exchanges, owing to the extra holiday this year at some commercial cente-s. But the daily average appears to be g. per cent. smaller than last year. The railroad earnings be- gin to show improvement being 9.7 per cent larger than last year for the second week of February.
 Failures for the week have been 303, against 2S0 last sear, and 5S in Canada agaiu~t Sc last year.