The herald., 1897-02-06
But Better Times Appear 10 BE on the
Way
Iron and Steel Are still Low But Demand
Gains Slowly-European
Confidence

will say: No important change in busi-
ness appears but the number of manu-
featuring establishments starting must
have exceeded the number of those stop
ping during the week so much that the
curtailment of working time in many
cotton mills probably does not lessen
the aggregate productive force or the
amount of wages paid. There is dis
tinct increase in orders for woolen goods,
some gain in the silk manufacture, a
waiting condition, with gain in one
branch of boots and shoes. and indica-
tions of better times coming in the iron
and steel manufacture. All symptoms
are favorable in the money market and
large sale Of securities in connection
with the Northern Pacific and Oregon
Navigation interests to European pur-
chasers will put off still further the pos
ibility of gold exports. 1t is also cheer
ing evidence of confidence among Eu-
ropean investors. To many it is the
most perplexing feature of current
events that wheat does not rise much
though it has advanced 1ss for the week.
Atlantic exports have been only l ,696.06
bushels, flour included. against 1,965,456
IQT ille SdIilS Wetk ltSl Gstl, w lily NSSl-
ern receipts have been only 1,46S,110
bushels. against 2,400,472 last year. The
condition of the market is not explained
by any confirma ton. but current prices
show that no confidence is felt in the
estimates of supplies available for the
rest of the year. Sales of wool have
been smaller in other recent weeks
and yet are far in excess of the con-
sumption of all mills for week, if all
f,,1I ,N1n hpnn
only slight stiffening in prices, but
more foreign wool will be taken and
stored, it is believed, if western holders
cortinue to demand higher prices. The
prices of Bessemer pig and gray forge
at Pittsburg have slightly advanced
with a much more hopeful feeling, not
withstandirg the comparative narrow
ness of the demand for finished pro-
ducts and in plates anG, wire nails there
is much more business with good pros
poets Billets are quoted at Sl5.25 with
scarcely any demand at present, and
rods at $21. while No. q black sheets are
quoted at only , cents.
Reports that 25 900 tons of steel plate
and sheet bars have been eXporteSSo
England are only indications of the
temporary excess OF supply over de-
mand in this country, and are not sup
posed TO have realized any profits. Yet
it is stated that prices of cast pipe are
from S. to SO per ton lower at New York
than at Scotch worlla Bars are quoted
at the lowest price ever known in Phll-
adelphia without much improvement in
the demand, and steel rails are still in
active ana unchanged in price, the buy
ers waiting 16r a decline corresponding
to the fall in billets. But on the whole
the demand for iron and steel products
is slowly gaining and a considerable
portion of the works is fully employed,
though the gain is not yet enough for
those who have taken large stocks of
material or products on speculation.
Failures for the week have been 311
in the United States, against S2S last
year, and SO in Canada, against 81 last
year.
BRADSTREET'S REPORT.
Bradstreet's tomorrow will say: Trade,
which was retarded by unfavorable
weather a week ago, has recovered some
what in the south. While the cold
weather cut into the stocks of heavy
goods, it delayed the sale of spring
goods. Other relatively favorable trade
reports are from st. Paul, Minneapo-
lis and St. Louis. At most centers job
bers report prices unchanged. The re-
striction of the production of cotton
goods has not strengthened the market
nor advanced prices ahead. The heavy
Increase in the sales of wool for the
week, COCO 900 pounds, at Boston since
Jaunary /, against "a ,0000 900 pounds last
year, is based largely upon the eXpecta-
ton OF high duty on wool. One of the
most unsatisfactory industrial features
is the lack of demand for iron and steel,
prices of which in the central western
states have got below nominal quota
tions.
Exports of wheat. -four included, from
both coasts of the United States and
from ST. John this week amount to s.
900 bushels as compared with 2,215,-
600 bushels last week. 2.907 900 in the
week a year ago, 2220,000 bushels in
the week two years ago, 2GTS 900 bushels
three years ago. and as contrasted with
S39l 900 bushels in the like week of 1898
Exports of Indian corn this week show
a marked increase. amounting to 3.659,-
800 bushels. compared with 3,011 coo last
week and 1922 000 bushels in the week
d year ago The check to the number of
business failures reported last week
appears again in the total for the pres
ent week, 300 throughout the United
States, as compared with 326 last week,
33S in the first week of February last
year; 253 in the like week of 1885; 336
in the corresponding period in 1894; as
contrast with 223 in the first week of
February, 1893, three months before the
panic. There are 5s business failures
reported in Canada this week, against
56 last week
Bradstreets financial review will say:
In the main the current speculation is
of purely professional kind and re-
quires no description nor comment. In
spite of the dullness and the DISPOSE
tion it naturally creates on the part of
the regulars to act on the bear side,
there were evidences from time to time
that the underlying tone of the market
is bullish, that stocks are in firm hands
and that liquidation is matter of the
past. Europe took little or no part in
the proceedings except in the case of
Northern Pacific, which was the real
feature of the week. The circumstances
connected with the sale of a large block
of Northern Pacific securities to Ber-
lin interest were widely commented on.
1t should. however, be noted that the
friends of the property bought the stock
| in this market with a confidence based
on knowledge of the circumstances in
question, as well as the alliance for the
present situation Of rates which has
been formed with the Great Northern
railroad. One of the fruits of this is
| seen in steps which it is said have been
taken by the two companies to obtain
representation in the Oregon, Railway
| and Navigation, with the object of pre-
venting that property being used ad-
! Versely to their interest in these factors.
Pacific preferred and common, which
began last week, continued attracting
considerable outside buying and carry
| ing the quotations on last Monday up
| to 1875 for the preferred stock and 16as
For 1nnnIInnanoanf