The record-union., 1897-01-16
TRADE CONDITIONS REVIEWED.
A STEADY IMPROVEMENT NOTED
THE PAST TWO MONTHS.
Money Markets Easier, Larger Order
for Manufactured Products, and
Mills Resuming.

NEW YORK, Jan. 15-R. G. Dun &
co. Will say tomorrow in their weekly
review of trade:
The greatest growth and prosperity
the country had ever seen came sud
denly in 1879. after several months of
disappointment, because specie reSu1np-
tion had not yet brought the benefits
expected. 1t takes time for new con-
f1dence to reach through easier money
markets, larger orders, resuming mills,
expanding employment and larger dis
tr1bution to the results which make
still greater and lasting gain possible.
Such gradual and steady improvement
has been in progress for more than two
months. The output of pig iron has
gained 4l.6 per cent. since October lst.
The output of coke has increased SS.i
per cent. since October 1st. Sales of
wool have again become large. Money
markets feel a steady increase in de-
mand for commercial and manufacture
ing loans. Additional works have gone
into operation each week in January,
and the working force is larger than at
any other time for six months. The
gain may be ascribed to the deliberate
judgment of the ablest and most pru-
dent men in business.
1t is not time for high prices. Many
who are anxious to get early hold on
the market are making Tor the moment
lower prices than they could afford to
maintain. With the increase in output
of pig iron to 159, 720 tons weekly.
against 142, 21S last month. the price is
a shade lower at the East and Chicago,
but heavy purchases already advance
Bessemer a shade at Pibtsburg. Steel
bars have been reduced to one cent and
some other finished products 81 per
ton, but the demand is on the whole
steadily growing. The coke output
has risen from 10000 to 94,342 tons
weekly and minor metals are a shade
stronger
Textile manufacturers have not been
encouraged by the demand for goods,
though more print cloths were sold than
for many weeks. Lower prices are ex-
pected in goods, and slow buying is not
unusual since cotton has fallen us
per cent. from September 18th, print
cloths per cent, bleached goods 312 to
512 and brown goods 211a, to per cent
Though woolen goods do not improve,
there have been purchases by large
mills, which cover for two weeks of
January II, ,110.300 pounds ait the three
chief markets, against II, ST 600 last
year. Some large purchases of leather
indicate that some shoe manufacturers
are seeing their way to more active
work, and shipments from the East in
January thus far are 20 per cent. lar
ger than last year. Hides at Chicago
are 212 per cent. lower.
Clearing house exchanges for the
month thus far are less than l per cent
below last years, though still 25.2 per
cent. smaller than the year 1892, the
year Of greatest prosperity. The rail-
road earnings and tonnage for Janu-
ary thus far are light, owing to West
ern storms, but December returns cover
S3S, ,5S6,912 on roads in the United
States alone, only % per cent. less
than last year The Pennsylvania and
some other roads have commenced to
buy rails, and several costly improve
ments have been ordered, the Columbia
bridge alone calling for 1000 tons of
steel, and terminal improvement of
the Erie will cost S1,OOO,0OO.
The wheat market has varied but
slightly, closing a quarter cent lower.
Western receipts at the West are
checked by storms and by current
prices in view of farmers expectations
Atlantic exports were ,456, ,40S BUSH
els, flour included, and for two weeks
3,484,317 against 4,483, 100 last year.
Traders begin to realize that enormous
exports of corn are taking the place of
wheat in foreign consumption. Cotton
took a rise of an eighth on a traders
estimate, without change In conditions
The money market has been disturbed
by a combination of large bankers re-
fusing to lend ON call below 2, which
resulted in all sorts of institutions TAX
ing to the market. Time loans were
sharply marked down.
More was done in commercial paper,
though offerings increased but moder-
ately. Receipts from the interior ex-
ceeded shipments by S1,500,OO0.
Exports continue to exceed last years