Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-02-13
THE BUSINESS SITUATION.
Importance OF Disruption of steel
Rail Pool.


NEW YORK, February 12-Messrs. r.
G. Dun & Co. will say in their weekly re-
view Of trade tomorrow: No other event
Of the week approaches in Importance the
disruption Of the steel-rail pool. In two
days after It "a greater tonnage of rails
was probably purchased than the entire
production last year, reported as SO'VD
tons, and instead of $2S I'm December and
$25 in January, ST. Is now the price at
which works East and West are seeking
orders the Carnegie Company even SELL
ing at 81, Chicago delivery. The sales
will employ many thousand hands, with
an important decrease in the cost of track
laying or renewals TO railroads. Even
more important is the result that re-
construction Of the billet pool will be i'm
possible as long as the contest over rails
continues, and the manufacture OF strIc-
turaI forms, bars, rodsI wire nails tim
plates, and many other products, has a
chance to secure cheap material. In the
near future, also, is the struggle between
the two great companies, producing Mes
saba iron-ore, one allied with the Illinois
Steel, and the other with the Carnegie
Company, which is expected to bring
about lower prices for ore, and to push
many mines 10 their utmost capacity. But
in the war Of rival interests, wages are
already reduced by some large concerns.
Another event Of influence IS the pur-
chase Of 10000 pieces Of print-cloths by
Mr. ". c. ID. Borden, at 1856 cents, which
has already caused an advance 10 Z0g
cents with a stronger tone for prints ana
other cotton goods. The moral influence
OF such a purchase, manifesting confidence
I'm the future, is apt TO be great As the
fff,a. n L
mills producing print-cloths Is going into
effect, the productive capacity and wages
Of operatives will be for time reduced
but If a demand OF traders 70 replenish
stocks is started, the effect may be alto
gether beneficial The improvement in
the woollen industry also means an in
creased demand for new and medium
goods. and a dozen more mills have start
ed. against three stopping for various
reasons.
Speculation in products has hardly been
more active than OF late, and prices gene
rally tend downward.
About every week some new speculative
guess by somebody impresses many
traders more than the current records OF
actual movements The cotton market
has been depres sed I'm this manner by
Mr. Flllson's estimate that the American
crop would prove S.6jO,COO bales, but the
quantity coming into sight has also sur
passed previous guesses, and indicates
larger crop than most spectators esti-
mate The curtailment Of consumption in
the mills is not a guess, although some
overestimate it, since probably not more
than a fifth Of the spndles will be stop
ped a third Of each week for a quarter OF
the year The price declined only an
eighth for spot, but over quarter for
the May option.
The money market continues easy with
money accommodating here rapidly Rates
are not materially changed. but CONNER
cial offerings are unusually light
The failures for the past week have been
267 IN the United States, against go last
year. and 81 in Canada, against o. last
year.