The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-02-24
I HOPEFUL SIGNS.
Trade Situation Presents Many
Pronising indications.

New York. Feb. 20.-R. @. Dun & Co..
in their weekly review of trade. say:
"A large Increase In the iron and steel
business. on account OF sales covering
to IL months production OF the largest
works. better demand for wooden goods,
and slightly better prices for wheat. cot
ton, wool and iron, and a money market
well adapted to encourage liberal pur-
chases against further Improvement I'm
business. have rendered the past week
more hopeful than any other since early
In November. The heavy excess OF mer-
chandise exports over imports I'm Janu-
airy. the continuance OF exchange rates
showing that Europe is still largely In
debted 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 undertake
ings.
"In nearly every branch the great iron
and steel industry feels the upward i'm
pulse supplied by purchases of steel rails.
said TO be 100000 tons each from each the
Illinois Steel company and from the Car
negie company. besides some from other
companies in part as low as SIS per ton,
about 100000 to foreign purchasers at III
TO SIS. but all recent sales at $50 at eastern
and $2l 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 enormous orders have advanced Bes-
semer pig at Pittsburgh only 10 cents per
ton, with gray forge a shade lower there.
and no considerable change appears In
finished products. although plates are un-
changed in price with good demand and
nails are held at recent prices. The bar
association no longer controls anything.
and iron bars are quoted at s1.05 per 100
pounds. while steel bars are quoted
at 95 cents per 100 pounds. Struc-
tural forms are steady, although
100000 to 10000 tons are said TO be
required in New York alone this year. and
American tin plates are still selling at
1920, which is 20 cents less than the price
for foreign.
THE larger wooden mills have acquired
full supplies 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 ex-
panded materially, and no quotable change
in prices has appeared during the week.
THE heavy exports In January, follow
ing the unprecedented excess of exports
ever 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-
troIled by speculation. Wheat dropped
10 1913 cents, but rose to S3.25 cents, with
no important impulse except the conviction
that the recent prices have been low
enough.
THE volume of business is not accurate
ly represented by clearing house ex-
changes, owing to the extra holiday this
year at some commercial centers. But the
daily average appears to be 34 per cent.
smaller than last year The railroad earn
ings begin TO show Improvement, being
81 per cent. larger than last year for the
second week OF February.
Failures for the past week have been
303 in the United States. against $50 last
year. and IS in Canada. against 66 last