Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-02-06
THE BUSINESS SITUATION.
and Dun Reports-NO I'm
portant Change.


NEW YORK. February Brad
streets tomorrow will say: General
trade. which was retarded by unfayor-
able weather a week ago, has recovered
somewhat at Chattanooga, Memphis,
Birmingham, and New Orleans. While
the cold weather cut into stocks Of heavy
goods, it delayed the sale OF spring goods.
Other relatively favorable trade re-
ports are from st. Paul. Chicago, Min
neapolis. and st. Louis. At most CEN
tres. iobbers report business with no
prospect of immediate Improvement The
restriction Of the production or cotton
goods has not strengthened the market
or advanced prices yet. The heavy IN
crease i'm sales of wool-4O,cO,WO pounds
at Boston alone. since January LIST,
AGAINST 100000 pounds last year-is
based largely on the expectations of a
higher duty on wool. More woollon-
mills have started up. and those which
have hit the popular taste in style and
fabric are full of present business.
One of the most unsatisfactory indus
trial features is the lack of demand for
iron and steel, the prices OF which in
the Central-Western States have gotten
below nominal quotations. Eastern and
western iron-makers are attracted by
the expansion of the southern pig-iron
export trade within a few months
The downward tendency of the prices
NJ staples noted during the past two or
three weeks is checked in part. there
being almost an equal number OF the
nroducts and commodities usually quoted,
which are higher. or lower, or I'M
changed. compared with last week.
Among those which have advanced are
Habana tobacco. wheat corn, and oats,
and refined and crude petroleum. Those
which are lower include rosin. hides,
wheat. -four. pork lard. coffee, and raw
sugar Practically unchanged quotations
are recorded for refined sugar, rice. tea,
lumber. wool, cotton. and print-cloths.
The check i'm the number of business
failures reported last week appears again
in the total for the current week
905 throughout the United states. as
compared with 326 last week, and SSS IN
the same week last year.
Messers. r. G.. Dun IL CO., VIII say
tomorrow In their weekly review OF
trade: No important change IN business
annears. but the number Of manufactur-
ing establishments starting much exceeds
the number of those stopping during the
week and so much that the curtailment
of working time in many cotton mills
nrobablv does not lessen the aggregate
production force. or the amount OF wages
Maid There is distinct Increase IN
the number of orders for woollen goods,
some gain i'm silk manufacture. a walt
ing condition with gain In SILK manu-
facture. a waiting condition with gain In
one branch of boots and shoes. and indi-
cations Of better things coming in the
iron and steel manufactures.
Cotton fell to II Ia cents, after the
agreement to close the Fall River ana
other print-coth works became known,
but recovered the quotation of week
ago 7.31 cents. without further news.
Spinners' takings have been so small
this year, those Of Northern mills about
100000 bales less than in iS9i-'6, that
the admitted narrowness Of demand for
goods has at present considerable weight.
1t appears that foreign trade is also
somewhat restricted by the narrowness
of demand.
The sales of wool have been smaller
than in other recent weeks, and yet are
far in excess of the consumption OF all
mills for week If all were fully en-
poyed. At the three chief markets, the
aggregate for the week has been B563,-
700 pounds. There has been only a slight
stiffening in prices but more foreign wool
will be taken and stored, 1t is believed,
If western holders continue to demand
higher prices
Pig and grey forge at Pittsburg have
slightly advanced. with a much more
hopeful feeling, Notwithstanding the COM
parative narrowness Of the demand for
finished products and in plates and wire
and wire nails there is much more bust
quoted at Sl5.25, with scarcely any de-
mand at present. and rods at 81, while
No. q black sheets are quoted at only
2 cents. Reports that 5000 tons of steel
plate and sheet bars have been exported
to England are only indications of the
temporary excess Of supply over demand
in this country and are not supposed 10
have realized any profit. Yet IL is stated
that the prices of cast pipe are from -
TO g per ton lower at New York than
at Scotch works. Bars are quoted at
the lowest price ever known at Phila-
delphia, without much improvement in
the demand, and steel rails are still in
active demand, and unchanged in price,
the railroads waiting for decline cor
to the fall in bllets. But
on the whole the demand for iron and
steel products is slowly gaining, and a
proportion of the work is
fully employed, though the gain is not
yet enough for those who have taken
large stocks of material or products on
SPECULATION.
In the money market, there appears
no embarrassment. and the large sale of
Northern Pacific and Oregon Naviga-
ton securities to European capitalists.
has given additional assurance that
balances due TO this country will not be
cancelled for some months TO come so
that the point of possible gold exports
is removed still further.
The failures for the week have been
81 in the United States. against 323 last
year. and 63 in Canada. against 81 last