The herald., 1897-02-20
COMMERCIAL CONDITIONS
AS Seen and Reported by Expert
Observers
THE PROSPECT IMPROVING
The Rail Pool Collapse Leads to Large
Business
Heavy Purchases by nany Railroads nean
Work for 1any r'o,ths to Come.
Exports Continue Heavy
Associated Press Special Wire

|
Co.'S weekly review of trade tomorrow
will say: A large increase in the iron
and steel business on account of sales
covering eight to twelve months pro-
| duction of the largest works, a better
| demand for wooden goods and slightly
| better 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 encourage liberal purchases
against a future improvement in busi-
| ness. have rendered the past week more
| hopeful than any other since early in
November. The heavy excess ofmerchan-
disc exports over imports in January.
| the continuance of exchange rates, show
| ing that Europe is still largely indebt-
| ed to this country on current account.
and the prospect that congress will ad-
| journ 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 impulse supplied by purchases
of steel rails, said to be half a million
tons from the Illinois Steel company and
the Carnegie company, besides some
from other companies, in part as low as
SIS per ton; about 100 900 to foreign pur-
chasers al SIT and SIS, but all recent
sales at $40 to eastern and $21 at the
western mills. Nearly all the great rail-
roads of the country have seized the op-
portunity to supply themselves with
rails for one or two years requirements.
These enormous orders have advanced
Bessemer pig at Pittsburg only 16 cents
per ton, with gray forge shade lower,
and no considerable change appears in
finished products, although plates are
unchanged in price, with good demand,
and nails are held at recent prices. The
Bar association no longer controls any,
thing, and bars are quoted at $1.05 per
100 pounds, while steel pars are quoted
at 95 cents per 100 pounds. Structural
forms are steady, although from 100, 900
to $50, 900 tons are said to be required in
New York alone this year. and American
tin plates are still selling at $500, which
is 70 cents less than the price for foreign.
The sales of wool have sharply declined,
amounting to 7,409, 800 pounds for the
week, against 9.157, 300 for the previous
week, but owing to the heavy transac-
tions early in the month, the sales for
three weeks have been 30,130,9 900 pounds.
of which Is, ,057 300 were domestic, against
10, loo, IU pOuIlOS ldSl year, VI WHICH
5.997. 500 were domestic, and 1886, 200 In
1892, of which 10,994 200 were domestic.
The larger mills have acquired full sup
plies for the, present, and at any advance
of prices they appear ready to drop out
of the market. The demand for wooden
goods does not seem to have expanded
materially. The heavy exports in Janu-
ary, following the unprecedented ex-
cess of exports over imports of merchan-
in he nrnUio1IS Yr1npfhc
largely due to the fact that neither the
wheat nor the cotton markets have been
materially controlled by specula ton.
Wheat dropped to 80%, but rose to 83A,
with no important impulse except the
conviction that recent prices have been
low enough. The Atlantic exports, -four
included, were only 1.223,375 bushels for
the week, against 1880, 1884 last year, but
for three weeks have been 5.09o,4 AIT BUSH
els, against 5,4SS 429 last year. The west
ern receipts are still small for the week,
only 1907. .S45 bushels, against 2,41555S
last year, and for the past three weeks
only 4.699,240 bushels, against S,S281T
last year. Meanwhile the western re-
ceipts of corn have been wellnigh double
last years. and for three weeks the At
.antic exports have been 6,31S,2S0 BUSH
els against 1884, ,S99 last year. Evidently
this movement is displacing many mil
lion bushels of wheat in foreign con-
sumption.
Failures fer the past week have been
903 in the United States, against $50 last
year, and IS in Canada, against 66 last
year.
BRADSTREET'S REPORTS.
Brdstreet's will say: General trade
shows that 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 print cloths with
an upward tendency for leather, togeth-
er with a number of metal and textile
establishments. which have reopened
within the week. and an improvement in
recent railway earnings. Among the
more important staples for which prices
have decreased are wneat, flour, oats,
coffee, cotton, resin and turpentine. The
weakness in wheat and
wheat flour prices forms the best evil
dence of the lack of confidence by the
trade and general public in official re-
ports of the size of the domestic wheat
crop of last year. Exports of wheat,
flour included as wheat, from both
coasts OF the United States and from
Halifax. N. s., and st. John, N. B., this
week aggregate 2.12OS95 bushels COM
pared with 2,051 900 last week, BIAS. 900 |
in the corresponding week of 1896 1,S0S,-
900 in the like week of 1895. 1,730. 900 bush
els IN the corresponding period of 1894, |
and as contrasted with 2,596, 900 bushels |
In the like week of 1893.
Total business failures throughout the |
country have been increased, numbering
'25 this week, compared with 301 last !
week, 276 in the third week of Fe ebruary
last year, 327 in the like week of 1895, |
,35 in the corresponding period of 1894,
and 202 in the same week of 1S93 There
we're 1872 suspensions and failures of |
banks, bankers and loan and trust COM
oanies in the United States, as repored
to Bradstreet's last year. compared with |
LS5 in 1895, only SO in 1894, and contrasted |
with sos in the panic year. 1893, when the |
total of estimated liabilities, amounting
to more than $170 600, 900, was less than |
the total indicated assets. Only one third |
he number of banks (national, state, |
:avings, private and trust companies) |
failed or suspended last year that were |
embarrassed in 1896, and the |
reduction in the total of estimated LA !;
'ilities was in the same proportion. But |
hat such embarrassments were. In one |
sense. more serious in 1896 than in 1893 |
s plain, as the total of indicated assets |
II embarrassed banks in 1S96was ss,000,-