The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-16
pRINrCLOrH AND siLLA "a : ''''
Sot,ble and Important irans'o''on' "
-. revival of Business

xot,ble and Important 'rahs"''''"
Hath Coming Revival OF
rho Now York Financial ChIon'c.e me-
IN. following remarks upon al
sale of cotton print COINS anu '''.
in price of steel rails. . .t...fr-
Two very important trans , 49,.
cuish the weeks record ne "i' ~
the purchase on Monday uy M -
Borden, Of the American iiii''i-s -
uanv FaU River, of 10000 pieces VtA'p
nrint cloths. $1,000 pieces FOR immediate
daverv and 2OOUO0 pieces FOR futLre de-
livery. said TO be at = g-l6 cents per yatu'
or lid cent higher than the ruling quo
tatiOn. The price at which the purchase
was made Is below the average cost oil
the cloth. though the mills with newest
machinery can weave cloth al thal price
with cotton selling as now quoted. Ihe
total stock Of print cloths reported last
Saturday was $4,000 pieces. of which
there were at Providence $4,000 pieces
,6ixGD. and at Fan River 10000 pieces
(CiNGD and 1900 pieces odd sizes. This
purchase consequently calls for little
more than all OF the print cloths (rcgu-
larsj IN stock at Fall River 10 is re-
ported to be the intention of Alr. Borden
not to sell the goods In their present
condition. but TO print them az his MIL,
which has capacity Of about $1,000
pieces per week. but has boen. We under
stand. running al only 1900 pieces during
the last few months.
Since the transaction referred 20 above
became known. the whole character ot
the dry goods market has changed. We
do mot mean that prices have advanced
materially or al all I'm most cases that
he NOT a matter Of day or Few oalH'
Tho whole tone. though. has changed
4 great many weak spots existed the
previous Monday; they have ah closed up
and disappeared now. No one se'in1u tn
want any goods then. while every one
was eager 10 sell: as We write there are
buyers. not yet in crowds, nor with
shoulders broad enough nor bank ace
counts big enough 20 carry Nr. Borden 8
undertaking: but that IS not ncodcd-the
inquiry has begun. and IL viii surely
increase. confident Of that result holders
are no longer anxious sellers IL is hard
Is possible 10 ovcrestimate the depressing
effect on demand Of an OLD and heavy
stock in sight. That influence has now
in large part hocu removed. Another in-
nuoncc. acting in The same direction. and
which viii also hc p 20 stimulate demand.
Is the shOrt-time movement az Fali River
and elsewhere Within the thirteen weeks
this agreement covers the demand ought
10 broad n enough 10 force the mills On
full time again.
An event likely 10 exercise oven etHl
wider and moro decided impulse towards
general Industrial revival is the disso-
ljtlon OF the steel rail pool Indeed. il
looks almost ms If tho two acts. the rrint
cloth and steel rail movements had neon
timed 10 happen iust as they have. and
hence 10 have come about by design. they
both tend so directly towards tho same
end. each contributing. I'm its way 10
hasten the start OF general business ac-
iivity Tho break I'm the stool-rau pool
| (which seems % have been an affair of
last week but only known 10 the public
this week. resulted iu drop at the close
| or last week I'm the price Of steel rails
| from SO 10 500 per ton. and then this
| week 10 SlN and some say 10 Sl7 per ton.
| followed by the placing OF very large or
ders Tor rails with producers When
| we recall the fact that it was only i'm
/ December that the price dropped from
( S2N 10 So. and that now 10 is down to SIS
| the strength Of the inducemcnt for rail-
roads to make immediate purchases is
/ evident
! Railroads. too have no doubt been
/ holding or waiting for this break. know
4 ing that DO was pretty sure 10 occur. The
! important feature in the market leading
/ 10 that belief has been that steel rails
! were held az 49, while billets were SELL
/ ing AT the price or BIG and even lower.
/ when hillets can Doe bought ~ SIG rails
, can probably be sold az SIS. A. the price
OF rails an ~ last year was s2S. here is
am inducement in 1897 10 the railroads N
! $40 n ton, or about 81 200 a mile for e.
| pound rails. 10 send I'm their orders II is
no surprise, therefore. 20 sec 81 stated that
! tho roads are busy making their arrange
ments FOR tho year How many orders
! the stool rail companies will he WILLING
20 book before raising the price no one
can know II an these figures there is "a
loss ON both blllefs and rails tho natural
conclusion would De that the fight cau-
! not be expected 10 continue on that basis
long The entire Bessemer steel rail
! production last year reached only 1000
Oo1 tons. n has IN some previous wears
got as high as 100000 tons Whether
the mills can az present produce as much
as the larger figures indicates Is quite
/ questionable. some OF the mills having
changed their plant so as 20 do other
work they can though produce very
much more than thev ala last wear The
promise at tho moment f. that the ma
chinery will soon be running on fun time
that their employees will make better
hours. and that the railroads will 20 n
work as soon as the weather will LET
them DO so.