The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-04-15
Despite the Sharp Reaction In Speculation
a Week Ago.
The Money Market in a Safer and
More Wholesome Condition, and
Has Grown Easier, Notwith-
standing Heavy Payments by
Large Syndicates, Amounting to
About Fifty Million Dollars.

NEW YORK, April 14.-R. G. Dun &
Co.'S Weekly Review Of Trade will
say tomorrow:
There is still increase in all legiti-
mate business, and the productive pow
er of great industries increases, even
though some of their stocks decline.
The sharp reaction in speculation
week ago in no way affected the pro-
ducing capacity of furnaces or mills,
and has been in part recovered, while
the disturbance of business caused by
the formation of great combinations
has in large measure ceased. The mon
ey market is in safer and more whole
some condition, and in spite of four
heavy payments by large syndicates.
amounting to about $50,000,0O0, has
grown easier. The only stringency has
been in call loans.
1t is not owing to speculation alone
that payments through the chief clear
ing houses have been so per cent.
larger than in the same week of 1892,
and 1888 per cent. larger than last
year. New York transactions far eN-
coed those of any previous week.
81 ,46S, SOP, 700 in amount, but outside
of New York the clearings We're 4lo
per cent. larger than 1898.
The truth is that no such expansion
in the general business of the country
has ever been seen before, and if such
records only were considered there
would be ground for fears that wild
passion of trading had again lifted the
whole business community off its feet
But instead, there is found surprising
increase in the chief industries.
Naming first some of which only re-
turns of raw materials imported give
definite indications, raw silk imports
increased per cent for eight months
of the fiscal year over last, hides 40
per cent. India rubber 26, tin y, and
fibers 10 per cent.
The output of pigiron April 1st was
245,746 tons weekly, against DDS, 19S
tons March 1st, with 1918 tons de-
creased in stocks unsold and 1860
tons in warrant stocks, indicating
consumption in manufacture of 1913
coo tons in March. The haste of forty
other furnaces to get into operation,
with their possible output of 10000 tons
more weekly, has helped to keep prices
of pig-iron quite steady. although
strong, but the demand for finished pro-
ducts is far from satisfied. The Mary
land Steel Company has orders for To-
COO tons of steel rails for the Chinese
Eastern. Large contracts were closed
in structural works, one for 1000 tons,
lust before the advance in prices, but
Chicago orders this week covered b,OoU
tons bridgework, and everywhere there
is much business in sight Bar and
sheet mills are hindered by prospects
of consolidation, but though few orders
for bars are taken just now at the
West. the Philadelphia market is more
steady Steel bars rose 81 per ton at
Pittsburg. and the heavy demand for
sheets makes prices very irregular, WITH
many orders refused
The Connellsville coke product, TO-
163 tons for the week, surpassed all
records, and prices are steady, as be-
fore quoted Lake copper is strong at
1850. and scarce, and tin went up with
London declining only to % per cent
In spite of some strikes, because
wages were, not raised as much as
hands expected. the cotton industry mas
a very good demand and most of the
mills are working satisfactorily A
Southern combination of fine goods
makers is proposed, like that OF Fan
River mills, which has kept prices
quite steady of late.
Wooden mills have begun to buy WOOL
more largely, though at prices much
of their own making, but there IS I'M
proving demand for goods, with light
weight purchases continuing surprising
for the season. Sales of wool at the
three markets have been 16,f92oUo
pounds in two weeks, against 3,3oo,ooV
pounds last year.
Wheat advanced about half cent
accounts of injury discovered since
April list experimenting the Govern
ment report. Were the worst of these
stories true, there is yet spring wheat
seeding to make up for deficiencies