New-York tribune., 1897-01-18
uOVEy AVID BUSINESS.

large increase since January began, ana '"c
heavy purchases OF wool by large mills at the
East amounting to 1.G1.j.:iO0 pounds at Bos'o"
alone and about 0SOOOW for the week al '"e
three chief markets. are distinct Signs vi
an Improvement which began In OCTOBER IN
soon as tn. result Of the election was considereu
certain. The tardiness of spectators IN ge''"s
loaded up with stocks. and the influence ol
Washington wires in connection with foreign
affairs have belated the stock market. which
gave signs Of movement toward the end or last
week The Industrial gain is still hindered by
the perncious influence Of tarin framed 10
stimulate foreign lmportations. and by the ex-
cessive stocks Of goods which have accumulated
As every day brings closer the hour or relief
Improvement In this direction also may be eX-
pected to gain impetus from week to week.
The output OF pig iron. 1j9 720 tons weekly
January ]. was only 112.IS2 October ]. having
gained Al q per cent in three months and several
other furnaces Of large capacity have started
this month The sales Of billets at prices little
II any above about x1J at Pittsburg in large con-
tracts were so enormous after the pool col
lapsed that It's reconstruction and control Of
future sales seem to be scarcely expected. If
desired But the demand for finished products
Is not yet equal TO the supply of material. and
the prices OF pig iron a shade lower. Heavy
purchases at Pittsburg have scarcely affected
the price OF Bessemer. while Eastern and South
mill irons a little lower: Tennessee
concern has sold 10000 tons at SO SIl2 for ex-
port and 1t Is also stated that Pttsburg mill
gets only SO for 1000 tons billets sold for ex
port to Manchester Most forms Of finished
iron and steel are shade lower either In quota
tion or in concessions TO secure sales. and steel
bars are quoted at cent. But the works which
have been most iercely competing seem now
TO have secured orders for some time to come.
while a number Of bridge and building contracts,
including 1000 tons for the Pennsylvania bridge
at Columbia and high buildings at Philadelphia
and Boston, besides some buying of rails, prom
Use better employment for the industry. The
Connellsville coke output is W.342 tons weekly
against 10000 about October |.
The cotton mills at least in some important
branches. ran far beyond the consuming demand
last year and while importations have been
smaller than in 1896 they have still exceeded
those of 1892 by about 20 per cent No arrange
ment has yet been effected To get rid Of the sur
plus print cloths or to curtan production. and
while some brown goods have been quietly sold
at Is cent reduction buyers are waiting for a
decline in bleached goods also. The effort to hold
up prices only 2la to , per cent lower than
from SIS to -. cents. 1873 per cent. is doubt
less largely due to persistent speculative efforts
to create belief that the supply Of cotton must
run short and the price rise. But 666l 1913
bales have already come into sight. 81 .36I in
January, about a quarter more than last year
while spnners' takings have been less than last
year since September l. and I'm January only
1000 bales more. The price Is an eighth lower
than week ago.
The enormous purchases Of wool at Boston are
said to be for mills not now working. but based
on the belief that new duties Will be imposed and
that prices will grow stronger in advance Of that
change on all hands IT Is admitted that the
goods market Is very slow and disappointing
and in spite Of the decline I'm imports of goods
about 2O.ON.OOO pounds OF cloths and 5000 900
pounds Of dress goods marketed in ten
months Of 1896. while foreign goods Of So 600 900
nvoiced value remained in Warehouse The
purchase Of large quantities Of leather by
some shops appears to indicate that after long
refusal some jobbers have given orders for shoes
at the advances asked. But the buying is not yet
by any means general. Shipments from Boston
In January have been thus far 81 131 cases larger
than last year. or 22 per cent
The wheat market has gained only u cent and
corn not at all during the last week, and the ex-
been only 100000 bushels greater than last year
from both coasts while 900 600 less from Allan
tic ports. Western receipts have been 900 900
bushels smaller, or 46 per cent. and Western
dispatches state that many farmers are holding
back for higher prices. point which deserves
their attention Is that. with corn selling at ii
cents less than half the cost OF wheat exports OF
corn have been over 100000 bushels In six
months. and are likely to increase and to take the
place Of wheat to some extent. The Atlantic X
ports in two weeks have been 4,674,472 bushels
against 3.4S4.317 Of wheat and flour This month
no such excess OF merchandise exports can he ex-
pected az appeared in October, for 80 far all ex-
ports from NewYork have been only 100000
greater In value. while imports have been greater
by $4,000 than for the same weeks last year
Outside Of New-York. however. there has been
increase Of about S3,3OO.OOO in value Of cot
ton exported. and about $1.OOO.OOO in value of
wheat and -four from the Pacific Coast.
Railroad earnings in the first week Of January
have been 40 per cent less than last year. and
in December on United States roads alone 23 per
cent less and S3 per cent less than In 1892 Rail-
road stocks closed 81 cents per share higher than
a week ago. and trust stocks 81 OS higher Pay
ments through clearing houses In January thus
far have been only u OF per cent less than last
year. though Do per cent less than in 1892 The
supply OF money has increased with receipts of
$15O0OOO from the interior. and while banks
are anxious to get good commercial paper even
taking some Of the best from Minnesota banks.
rates have been marked down to 2I2 per cent for
60 and 30 day paper. against 3la January l. part
ly because Of effort to raise the rate for call
loans. which brought out large amounts from
trust. insurance and other companies Move
ments In the exchange market appear TO indicate
that renewal Of the long exchange on London
which has been boarded here eagerly sought.
and II the amount so held Is $40 O0OOO OOO as many
believe. It puts quite out OF the question exports
OF gold for some time to come. unless In an ex-
traordinary contingency not now anticipated.