The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-13
STEEL RAIL POOL.
Dun Attaches Much Importance to
It's Disruption.

Dun Attaches Much Importance to
It's Disruption
New York, Feb. Pr. G. Dun &
Co., viii say in their weekly review OF
trade tomorrow:
No other event of the week ap-
proaches in Importance the disruption
of the steel rail pool. In two days
after it. a greater tonnage of rails was
probably purchased than the ehtlre
production last year, reported as SOo'-
600 tons and instead of SIS in December
and S25 in January, 81 IS now the
price at which works east and west are
seeking orders. the Carnegie company
even selling at SIT at Chicago delivery.
The sales viii employ many thousand
hands. with an important increase In
the cost of track laying or renewals 10
railroads Even more important IS
the result that reconstruction of the
billet pool will be impossible as long
as the contest over rails continues,
and the manufacturer of structural
forms. bars. rods, wire nails, tin plates
ard many other products has cnance
10 secure cheap material. In the near
future, also. is the struggle between
the two great companies producing
Messaba iron ore. one allied with the
Illinois Steel and the other with the
Carnegie company which is expected
to bring about lower prices for ore
and to push many mines 10 their ut
most capacity. But in the war of rival
interests wages are alre; dy reduced
by some large concerns.
Another event of influence is the
purchase of 100000 pieces of print
cloths by NJ. c. D. Borden at 2.56 cents,
which has already caused an advance
TO 269 cents, with stronger tone for
prints and other cotton goods. The
moral influence of such purchase,
manifesting confidence in the future,
is apt to be great. As the contract TO
shut down, part-time, many mills pro-
ducing print cloths is going into effect,
the productive capacity and wages of
operatives will be for a time reduced,
but if a demand Of traders to replenish
stocks is started, the effect may be al
together beneficial. The wooden in
dustry also means an increased demand
for new medium goods. and dozen
more mills have started against three
stopping for various reasons. Specula-
ton in products has hardly been more
than active of late and. prices gen
orally tend downward.
About every week some new specula-
tive guess, by somebody, inpresseS
many traders more than the current
records of actual movements The
cotton market has been depressed in
like manner by Mr.. Ellison's estimate
that the American crop would prove
S,650000 bales, but the quantity COM
ing into sight has also surpassed pre-
vious guesses. and indicates a larger
crop than most spectators estimate.
The curtailment of consumption in the
mills is not a guess although some
over-estimate, since probably not more
than q fifth of the sDindles viii be
stopped, third of each week for a
quarter of the year The price de-
clined only an eighth for spot, but over
a quarter for the May option. The
money market continues easy.
Rates are not materially changed,
but commercial offerings are unusually
light
Failures for the past week have been
267 in the United States against 321 last
year and 81 in Canada against 81 last
wear