The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-02-13
WEEKLY TRADE REVIEW
No Event Approaches IN. lmportance the Dis.
ruptIOn Of the Steel Rail Pool.
a GREAT FLOOD Of ORDERS POURING IN
The Sales Will Employ Many Thou.
sand Hands, with an Slnporsamt
Decrcnse In the Cost Of Erncsx Lay.
ing GA Renewals to Railways, sIz
is Now the Price.

New York. Feb. 12-R. G. Dun & Co.
VIII say IN their weekly review Of trade
tomorrow: si2 .f
No other event Of the week approaches
IN Importance the disruption Of the steel
ran. pool. In two days after it greater
tonnage Of tails was probably purcha sed
Than the entire production Of last year,
reported as 100000 tons, and instead or
20 IN december and $25 in January, SIT
IS now the price at which works East
and West are seeking orders, the Car
negie company even selling at SIT Chi
cago delivery. The sales Will employ
many thousands of hands with an i'm
portant decrease IN The cost Of track
laying or renewals to railroads. Even
more important is the result that recon
struction OF the billet pool will be i'm
possible rs long as the contest over rails
continues. and the manufacturers Of
structural forms, bars, rods. wire, nails.
tinplates, and many other products has
cnance to secure cheap material III
the near future also is the struggle be-
tween the two great companies produc-
ing Mesaba iron ore, one allied with the
illinois steel and the other with the
Carnegies, which is expected to bring
about lower prices for ore, and to push
many mines to their utmost capacity
But In the war or rival interests wages
are already reduced by some large con
Germs.
Another event Of influence Is The pur-
which has already caused an advance
10 2.G9 cents. with stronger tone for
prints and other cotton goods. The mo-
raj influence Of such a. purchase, mani
testing confidence in the future, is apt
10 be great AS the contract to shut
down part time many mills producing
print cloths is going into effect. the pro-
ductiVe capacity and wages Of opera
tiVes will be for 4 time reduced, but if
demand Of traders to replen!sh stock
IS started, the effect may be altogether
beneficial. The Improvement in wool
len Industry also means an increased de-
mand for new and medium goods and
q dozen more mills have started against
three stopping for various rea sons. Spec
uiation In products has hardly been
more active than Of late, and prices gen
orally tend downward.
About every week some new spccula-
tive guess by somebody impresses many
traders more than the current records Of
actual movements. The cotton market
mas been dcprc ssed in like manner by
Mr.. Ell!son's estimate that the Ameri
can crop would prove $3.50 900, but the
Quantity coming into sight has also sur
prised previous Euesses and indicates a
larger crop than most specula tors esti-
mate The curtailment Of consumption
IN the mills is not q guess although
some over-estimate it since proba bly, not
more than q fifth Of the spindles will be
stopped third of each week fol-, 4 GUAR
Ter or the year. The price declined only
an eighth Tor spot, but over a quarter
for the May option
The money market continues easv
with money accommodating here rapidly
Rates are not materially changed, but
commercial offerings are unusually
light.
Failures for the past week have been
267 in the United States, against sol la 81
year, and 81 in Canada, against 67 last
year