The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-02-12
UUMMtRCIH[ CUhDIIIOh0
As Judged From Dealings Dur.
ing the Week
THE RAIL POOL COLLAPSE
Led to Enormous Buying by the Rail.
road Companies
Europe Stands Ready to Invest In Good Secur-
ities-rlovement Of Prices Is Gen.
orally Favorable
Associated Press Special Wire

review of general trade on saturday Will
say: The more favorable features OF
the business week include sales of $780,
900 tons of steel rails on the collapse NJ
the pool which promises work for the
mills for months to come; the advance
in the price of print cloths, following the
sale of 750 900 pieces from accumulated
stocks, and the starting up of number
of important metal and other industrial
establishments throughout the east and
middle states. The recent reduction in
the price of steel billets of S. ton.
while rails were reduced only 49, fore
Swallowed another cut in rail prices
on the breaking up of the pool. The
latter finds prices for IS to 50 lower
than last week. One effect will be to
domestic Bessemer pig iron and for ore
and consumption of iron and steel gen.
orally. There is a moderate increase in
demand for Pig iron at Pittsburg, and
purchases have been made by st. Louis
stove makers. Considerable activity
is reported in hemlock leather, for which
the price is higher, and American pur-
chases of wool at the late London sale
amount to $4,000 bales, the heaviest to-
tai at any one such sale since the spec
ulative buying there by Americans pri-
or to the going into effect of the McKin
ley tariff The movement of prices Is
on the whole favorable.
Exports of wheat, flour included as
wheat, from both coasts of the United
States and from st. Johns, n. B., amount
to 2,O51, 946 bushels from February 5 to
February 10. inclusive, (the week being
one day shorD as compared with 3,16S,-
900 bushels last week. 2.I1S,000 bushels
in the week year ago. 2,5I2,0O0 bushels
in the week two years ago, zoos, 900
bushels three years ago, and as contrast
ed with 1850 900 bushels in the cores.
ponding week of 1898. Exports of In
dian corn during the same period show
a very large gain, amounting to 4196,2Ti
bushels, as compared with 1863, 900
bushels last week, 3141 900 bushels in
the week a year ago.
Bradstreet's review of the New York
stock market will say: No difficulty
could be found in describing the course
of this weeks market. The activity
was entirely professional and took the
form of a bear movement in industri-
ais. The coal stocks were also unsteady,
under the same kind of pressure, but
the general railroad share list was firm
and at intervals showed more or less
strength, while the bond market has
been very we'll held, with symptoms
of public and foreign buyers in num-
Der of the speculative issues. The prin-
cipal incidents of the week We're con-
nected with the inNestga lions of in
dustrial trusts and monopolies by com.
mittee of the New York legislature,
causing a stop to be put to buying sup
port and liquidation of speculative hold
ings. The firmness of the railroad share
list and the strength of bonds in the
face of q break in the industrials was
a subject of general remark There was
considerable European buying of GER
tain classes of bonds, particularly the
Northern Pacific and Atchison issues
The market is bare of really high grade
investments, and this, with the high
prices they command. has turned the
inquiry toward the more speculative
classes. Europe did nothing in our
stocks. Speculation in London has been
dull and depressed on the fears of flu
ture complications in the east The
weakness in the coal stocks is the result
of continued dullness in that trade 1t
would seem that competition by low
priced bituminous is hurting the market
for anthracite.
STEEL RAIL SITUATION
PHILADELPHIA, Feb. 1.-THE fur
~ and excitement of the iron trades here
caused by the dissolution of the rail
pool and the cut to ST. per ton in Chicago
subsidized today and the belief that
recovery will follow before the close of
the week is felt. 1t is officially stated
this afternoon that no sales had been
made by any of the companies in this
state below the $40 rate, and Joseph
Wharton, a director of the Bethlehem
company, said he did not believe the
cut rate made by the Illinois Steel
company would be made in Pennsyl-
Vania.
1T is difficult to tell" he continued,
just what the result of the disturb
ance will be. Much will depend on the
course of the Illinois company. At pres
ent the outlook favors cessation of the
So-called battle
Mr.. Wharton denied that any meeting
of the various companieskhad been called
and stated that it would be folly to en-
deavor to have conference in the pres
ent condition of affairs.
WILL START THINGS
CLEVELAND, o., Feb. 1.-THE Iron
Trade Review this week will say: Though
not like bolt out of a clear sky-for
the clouds have been plentiful of late
the announcement that the steel rail
pool had gone to pieces shook the iron
trade profoundly. 1t meant the sweep
ing away of the chief bulWark of the
steel manufacturers against a profitiess
struggle for supremacy, and the belief
that the giants are now willing to try
conclusions in an open field excites the
llVeliest speculation as to the outcome
The first effect of 500 quotation by an
eastern mill was to make the agreed price
at the adjournment of Mondays PITTS
burg meeting, with $21 as the Chicago
basis. But on Tuesday it was evident
that continued agreement was impos-
sible, and in the past two days quotations
have gone as low as SIT a the Pennsyl-
Vania mill in response to low quota
tions in the Chicago district. That the
railroads. Will appreciate that the pres
ent opportunity warrants the straining
of a point to make the necessary finan-
cial arrangements to buy now, is a nat
ural inference. The two sales already
reported are $4,000 tons to the Illinois
Central, by the Illinois Steel company,
and 10000 tons to the Santa F'e by the
Carnegie Steel company both reported
at about ST., mill The extent of the
complaint by railroads of the $25 basis
would indicate the market will receive
with the stimulus the market will re-
accompanying tonnage of track supplies,
it is only reasonable expectation that
the start will come which has so long
been delayed.
MEANS GOOD BUSINESS.
NEW YORK, Feb. 11-Stuyvesant
Fish, president of the Illinois Central
railway, was asked today if he could
give some explanation of the reported