The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-02-20
DUN'S COMMERCIAL REVIEW.

The Most Important Event of the Week
was the Collapse of the Steel Rail Pool
"A Decline of Ten Dollars n Ton Since
December Has Resulted in Enormous
Orders, Equal to Those of All Last Year.
New YORK, Feb. l3.-R. G. Dun &
Co. say in their weekly review of
trade to-day:
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 entire
production last year, reported as $780,
900 tons, and instead of SIS in Decem.
Der and SIS in January, SIT is now the
price at which works last and west
are seeking orders, the Carnegie Co.,
even selling at SIT, Chicago delivery.
The sales will employ many thousand
hands, with an important increase in
the item of track laying or e wals
to railroads.
Even more important is the result
that reconstruction of the billet pool
will be impossible as long as the ON
test over rails continues, and the man =
ufacture of structural forms, bars,
rods, wire nails, tin plates. and many
other products, has a chance to 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 Co. and the other with the Car
negie company, which is expected to
bring about lower prices for ore, and
to push many mines to their utmost
capacity. But in the wal of rival in
terests wages are already reduced by
some large concerns.
Another event of influence is the
purchase of 75O, 900 pieces of print
cloths by NJ. C. d. Borden, at 2.56
cents, which has already caused an adj
vance to 2 90 cents, with a stronger
tone for prints and other cotton
goods. The moral influence of
such a purchase, manifesting con-
be great. AS the contract to shut
down part time many mills producing
print cloths is now going into effect,
the productive capacity and wages
will be for a time reduced, but if a de-
mand sufficient to replenish stocks is
started, it may be altogether benef-
cent.
The wool industry also means an in
creased demand for new and medium
goods, and a dozen more mills have
started against three stopping for
various reasons. Speculation in prod
uct has hardly been more active than
of late, and prices generally tend
downward.
Wheat rose a cent to Tuesday, but
has since declined 2.37 cents. West
ern receipts are increasing, but for
two weeks have been only 3,l9l, 1876
bushels, against 5,S23,213 last year.
While Atlantic exports, flour in
Guided, have been for the week about
q quarter larger than for last year,
and for W. weeks $500, 9G6 bushels,
against 3,s6S,l2 last year. About
every week some new speculative
guess by somebody impresses many
traders more than the current rec
ords of actual movements.
The cotton market has been de-
pressed in like ANN by Mr.. Eli
sons estimate, that the American crop
would prove $3.50, 900 bales, but the
quantity coming into sight has also
surpassed previous guesses, and indi-
Gates Il larger crop than most specu-
lators estimated. The curtailment of
consumption in the mills is not d
guess, although some over estimate
i~t,since probably not more than u fifth
of the spindles will be stopped a third
of each week for a quarter of the year.
The price declined only an eighth for
spot, but owe a quarter for the May
option.
The money market continues easy,
with money accommodating here rap
idly. Rates are not materially
changed, but commercial offerings are
unusually light.
Failures for the past week nave been
267 in the United States, against 32l
last year, and 81 in Canada, against
e. last year.