The herald., 1897-02-28
IMPROVEMENT IS COMING
And Every Week Shows Slow but
Steady Gain
Collapse Of the Steel Rail Pool Continues to
Stimulate Business In rrany Lines.
Cereal Exports
Associated Press Special wire

6tc QdHi-WitH a iuoh. HC & w III
for some weeks has been encouraging.
because in nearly all lines 1t has been
gradual and moderate. The rupture of
the steel rail and other combinations in
the iron business has brought out vast
quantity of trade which has been held
back and has set many thousands of
men at work, while the slow but steady
gain in other great industries has given
employment to many thousands more;
but the full effects will not appear unit,
increased purchases by all these swell
the distribution of goods. Meanwhile.
It is substantial ground for confidence
that months which were regarded by
many with serious apprehension have
passed without disturbance and with
steady gain in the position of the coun-
try and of the treasury. The breaking
up of the bonds which have restricted
many branches of the iron industry has
been followed by an enormous increase
in demand and in orders booked and by
the starting of many works. Nothing
Is settled yet about the price Of lake
ores for the coming season, but some ex-
psot for Mesaba the price of 1895, while
others expect a lower price. The rapid
increase in the coke output In the Con-
rellsville region which is now over 10O,-
900 tons, gives prospect of moderate cost
OF fuel and the addition of important
furnaces to the producing capacity pre-
vents large rise in Bessemer pig, which
nevertheless advanced 10 per cent at
Pittsburg with increasing demand. Pur-
chases of rails. estimated at one mill
lion tons within two weeks, whereas
the production last year was 1,102. .9S?
tons, and sales said to be only 100000,
insure employment for the works far
ahead. and eastern works are taking
desirable contracts at SIS per ton. Bars
are unchanged but orders for 900 cars
by one railway, with numerous others,
increase the demand, and plates are
required for two great elevators at Chi
Caso. Important contracts for export
continue and American makers under
sell foreigners in tin plate by 20 cents
and are selling cotton ties below IS cents,
for which $1.10 was charged year ago.
Sales OF wool have been 3S, ,317 200 pounds
in four, weeks, against %, 366, 500 in the
largest previous year GS92) and the
great establishments are believed to
have supplied their possible wants for
some motnhs ahead, single purchase
OF 100000 pounds of South American
cross bred being the most important
noted this week. Wheat enjoyed brief
rise, then dropped over cents and closed
cs cents lower for the week. While east
ern receipts are 40 per cent smaller than
last year the past four weeks Allan
tic exports (fiour included) In the same
weeks have been G, $40. AIS bushels against
I,0l3,515Nlast year and exports of corn
have been 8,435.b52 bushels against 4, 1885,
282 last year. The increase in corn more
than makes up in foreign consumption
for the decrease in wheat.
Failures for the week have been 296
In the United States, against 26S last
year and 80 in Canada against 58 last
year.
BRADSTREETS REPORTS.
Bradstreet's review of general trade
tomorrow will say that the placing of
orders for nearly 100000 tons of steel
within the past three weeks Is the most
important influence for Improvement in
general trade since the November cleo
tfon. The contracts for steel rails taken
since the break in the price. together
with expenditures necessary to lay the
rails, means the placing in circulation
Of no less than $35.000 900. The rush
for rails appears to be about over, and
the outlook is for higher prices. Con-
sumption OF Bessemer pig iron is in ex-
cess Of production, and wire nail mills
are running full time. Many woolen
mills In New England have started up.
Manufacturers are buying in expecta-
ttor of a duty being placed on raw wool.
Recent Improvement in cotton goods
Is maintained. At most cities there has
been no change in the volume or temper
OF trade. Demand has been quiet, and
while expectations favor an early i'm
provement progress thus far has been
somewhat disappointing. Exports of
wheat (four included as wheat) from
both coasts of the United States this
week Gone holiday, and from St. John,
N. B., have fallen off sharply, the total
amounting to 1,87s.216 bushels, the small
est like total since the last week in
April, 1896, compared with 2120, 900 bush
els last week. and 2,206, 600 bushels in
the last week of February, 1895. Ex-
ports of corn amount to 4,44S, 600 bushels
this week. compared with e,A41, 900 last
week and 3.15S.o00 in the like week last
year.
There are 26s business failures re-
ported throughout the United States
thiS week compared with 1926 last week
and 271 in the week one year ago. There
are 80 failures reported from Canada
against 6S last week and 81 in the week
q year ago.
Bradstreet's financial review will say:
Transactions on the stock exchange this
week were absolutely professional, and
the market has been more than usually
Irregular In it's tendency. Large finan-
cial interests are inclined to wait upon
events, while the factors which influence
ed the smaller traders were Of an uncer-
tain and changeable character. The
principal events Of the week in this con-
nection were the Cretan question and
relations to the European money and
securities market and the revival of the
Cuban discussion in Washington. AS to
the first OF these, the earliest develop
ments indicated that the powers would
probably interfere between Greece and
Turkey and thus prevent a breach of the
peace. This checked anything like a
panic in the London and continental
markets, but the later information con-
cerning the lack of definite program
on the part. of the powers and the re-
calcitrant attitude Of Greece seems to
be a wet blanket upon the entire
European financial situation. London's
Influence has, consequently, been a neg
ative one. At home the discussion of
the Cuban situation in the senate, ani
the rumors concerning the attitude Of
the American consul general at Ha-
vana, together with the newspaper
comments and rumors on the subject,
were used with bearish effect, even IL
the street on the whole displayed leE
susceptibility to such disturbing infiu-
enoes. This, however, may be account
ed for in large degree by appreciation
OF the fact that the advent OF new. ad-
ministration and the expiration of the
old congress in a few days limits the
probability Of any serious action In the
premises 1t may also be mentioned
that the certainty Of an extra session Of
congress Immediately after March 4th.