Warren sheaf., 1897-01-21
NJ - n. y Z ~ q y
IT TAKES TIME.
Dun 4 Co. Claim That Business II Grad.
uaNY Improving.

uallv Improving.
New York. Jan. l6.-R. G. Dun d Co.
In their weekly review Of trade say:
''The greatest growth and prosperity tho
country had ever seen came suddenly in
1879. after several months Of disappDirt-
ment because specie resumption had not
yet brought the benefits expected Ittaxes
time for new confidence to reach through
easier money markets, large orders, re-
Stunning mills, expanding employment and
larger distribution. to the results which
make still greater and lasting gain pcssi-
pie. such gradual and steady Improvement
mas neen In progress for more than two
A.6 per cent. since October L The output
OF coke has increased 1877 per cent. since
october l. Sales of wool have become
large. Money markets feel steady.in tn
crease IN demand for commercial and man
u1acturing loans Additional works have
gone into operation each week in January,
ana the working force Is larger than at any
other time for six months. The gain may
De ascribed to the deliberate judgment of
the ablest and most prudent men in busi-
ness.
1t IS not time for high prices. Many who
are anxious to get early hold on the mar
ket are making for the moment lower
prices than they could afford to maintain
With the increase in output Of pig iron to
los,12O tons weekly. against 142.27S lsst
east and Chicago. but heavy purchases
already advance Bessemer shade at
Pittsburgh.
Textile manufactures are not en-
couraged by the demand for goods. though
more print cloths were sold than for many
weeks. Lower prices are expected in gouds,
and slow buying Is not unnatural since cot
ten has fallen 17.8 per cent. from Septem-
Der II. print cloths 7 per cent, bleached
goods 81 to 51s and brown goods to 2h, 8
and per cent Though woolen goods do
not improve. there have been purchases
by large mills which cover for two weeks
OF January lilo. $50 pounds at the three
chief markets, against II, ST. 800 last year
Some large purchases of leather indicate
that some shoe manufacturers are se=ing
their way to more active work, and ship
ments from the east in January thus far
are 20 per cent. larger than last year.
Hides at Chicago are 2h per cent. lower
"Cleartng house exchanges for the month
thus far are less than per cent below last
years. though still 25.2 per cent smaller
than the year 1892. the year of greatest
prosperity. The railroad earnings and
tonnage for January thus far are light,
owing to western storms but December
returns cover S38, ,5S6, ,912 ON roads in the
United States alone. only 2.2 per cent less
than last year. The Pennsylvania and
some other roads have commenced to buy
rails, and several costly improvements
have been ordered, the Columbia bridge
alone calling for 1000 tons of steel. ard a
terminal improvement for the Erie will
cost s., 100000.
"The wheat market has varied but slirht-
lv, closing one-fourth cent lower. Traders
begin to realize that enormous exports of
corn are taking the place of wheat in for
eign consumption. Cotton took rise of
an eighth on traders estimate, without
change in conditions.
THE money market has been disturbed
by a combination Of large bankers not to
lend on call below per cent, which in
vited all sorts Of financial institutions to
take the market, caused payment of bank
loans for some millions, and left supplies
of funds so heavy that time loans We're
sharply marked down. More was done I'm
commercial paper, though offerings in
creased but moderately. Receipts from the
interior exceeded shipments by $500. 400.
Exports continue to exceed last year'c for
the week per cent, while imports fell 10
per cent. below last years.
Failures for the week have been 455 in
the United States, against 1895 last year. and
Il in Canada, against 81 last year.