The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-20
DUN Is HOPEFUL.
There is a Dark Tint in the Picture
He Paints, However.

He Paints, However
New York. Feb. 19.-R. G. Dun & Co:
will say tomorrow in their weekly re-
view of trade:
A large increase in the iron and steel
business on account of sales covering
eight to II months production OF the
largest works, a better demand LOT
woollen goods, and slightly better
prices for wheat, cotton, woodland iron
and a money market we'll adapted to
encourage liberal purchases against fu-
ture Improvement in business, have
rendered the past week more hopeful
than any other since early in NoVem-
Der. The heavy excess OF merchandise
exports over imports in January, the
continuance of exchange rates showing
that Europe is still largely indebted 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
undertakings.
In nearly every branch the great
iron and steel industry feels the up
ward impulse supplied by purchases
of steel rails, said to be 100000 tons
from each the Illinois Steel company
and from the Carnegie company, be-
side some from other companies, in
part as low as SIS per ton, about 1O0,-
600 to foreign purchasers at 81 to S1S,
but all recent sales at $50 at eastern
and 81 at western mills. Nearly all
the great railroads OF the country have
seized the opportunity TO supply them
selves with rails for one or two wears
requirements. These enormous orders
have advanced BeSSemers at PittSburg
only Is cents per ton, with Grey Forge
a shade lower, and no change appears
in finished products. although plates
~ Do
mand, and nails are held at recent
prices. The Bar association no longer
controls anything, and iron bars are
quoted at Sl.05 per 100 pounds, while
steel bars are quoted at 80 cents per
100 pounds. Structural forms are also
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 $500, which
is 20 cents less than the price for for
eign. The sales of woods have sharply
declined, amounting to 100000 pounds
for the week. against 9,157 800 for the
previous week, but owing to the heavy
transactions early in the month the
sales for three weeks have been 80 $780,
900 pounds, against 13,16S,7O0 pounds
last year. The larger mills have ac-
CURED full supplies for the present,
and at any advance of prices they ap-
pear ready TO drop out of the market.
The demand for wollen goods does not
seem to have expanded materially, and
no .quotable change in prices has ap-
peared during the week.
The heavy exports in January, fol-
lowing the unprecedented excess of ex-
ports over imports of merchandise in
the four previous months. are largely
due to the fact that neither the wheat
nor the cotton markets have been ma
terially controlled by speculation.
Wheat dropped to s0.75, but rose to
1925, with no important impulse ex-
cept the conviction that the recent
prices have been low enough. The At
lantic exports, flour included, were
only 1,235.375 bushels for the week,
against 2.S10.504 for last year, but for
three weeks have been 5.090,471 bushels,
against 5.44S. 429 last year. The west
ern receipts are still small for the
week, only l ,507 .S45 bushels. against 3
415,55 last year. and for the past three
weeks only 1892 40 bushels, against
S,32S, III last year. Meanwhile the west
ern receipts of corn have been we'll
nigh double last years, and for three
weeks the Atlantic exports have been
6.317, PA bushels, against 3,234S99 last
year Evidently this movement is dis |
placing many million bushels of wheat
in foreign consumption. Figures at
this season not count for much in |
cotton, though large supplies and di-
unfinished domestic demand on account |
of the partial closing of many mills |
have materially Influenced the market |
Prices have been comparatively steady, !
middling uplands declining to 4, but |
recovering an eighth.
The volume of business is rot accur-
ately represented by clearing house ex-
changes, owing to the extra holiday |
this year at some commercial centerS.
But the daily average appears TO be q
per cent smaller than last year The
railroad earnings begin to show I'M
provement, 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
sc last year.