Omaha daily bee., 1899-01-07
ADVANCE In IRON AND STEEL
New Year Begins with Sustained Active
Demand for Finished Product.
GRAIN MOVEMENT ABROAD STILL GOOD
Exports Compared with Imports Con,
tinuc TO Indicate Enormous Hal
nncc in Cash Due This Coun-
try-Tradc nnd Finances.

NEW YORK. Jan. 6.-R. G.. Dun & Co 8
Review of Trade will say tomorrow:
The year begins with the kind Of business
demand that counts. For months there has
been a rising demand for materials but now
the crowdng demand for finished products
begins TO advance prices, in the iron and
steel industry about l per cent. without
quotable changes in pig except at the east.
Beams have advanced So per ton, angles 81,
bars 81 and plates are strong, with an Aus
tralian order for $4,000 tons refused at Chi
cago because the works are already over
crowded Many thousand cars are covered
by orders at Pttsburg. 10000 tons OF bars
are taken for agricultural works at Chicago,
10000 tons Of rails are taken by the Penn
sylvania company, the Midland Railway COM
pany of England has ordered twenty locomo-
tives from the Baldwin works and many
other home and foreign orders are reported.
The demand has never been greater at the
beginning of the year than it is now
The woolen manufacturer has a similar
embarrassment. While all quotations of
wool by Coates Brothers average 1903 cents,
against Pol a year ago. the market Is grad
ually yielding, because people appreciate the
magnitude OF stocks on hand. which the
Boston Commercial Bulletin reports at col
100000 pounds, an increase in its account
Of 11i.OOO,OO pounds for the year. Obvi-
ously, this means a great movement from
the farms to mllers' stocks and eastern
markets. but prices are not low enough to
encourage large buying or consumption by
the manufacturers.
The only heavyweight goods yet opened
are at reduced prices. as had been expected,
and it is still uncertain how far the trade
for the coming season may prove satsfac-
tory
ton at SIS cents and while nobody can guar
antee that the price will not go lower, it is
believed by competent observers that the
market for goods is so far removed from
accumulations that prices are not likely
to decline materially, even if cotton falls.
The movement OF cotton thus far indicates
a crop over 800, 900 bales larger than that
of last year, in spite Of all natural DISPOSE
tion and concerted efforts to hold it back.
AS producers are not this year in unusual
need. movement so heavy hnders any ad-
vance in price, although takings of spin
ners have been as large in 1898 as in any
other year and exports larger than before.
The wheat movement has to sustain it
the largest foreign demand movement ever
known for wheat and corn together and At
lantic exports Of 5.424519 bushels -four in =
cluded, against 2,4SO.s1S bushels last year,
with Pacific exports of 614,S33 bushels,
against S72.446 bushels last year would give
some reason to anticipate higher prices,
were not the western receipts 4. 101 ,532 bush
els, against 2,S76,072 bushels for the same
week last year.
The wonder is that the foreign demand
for corn continues so heavy, 3,572, 412 bushels
having been exported this week, against
. 1854 $50 in the same week last year
The country is on the upgrade and the
men who expect 1t to take a downward
road have some time to wait. There are no
Indications OF a reaction which always fol-
lows large and rapid business inquiry and
existing conditions in the industries and in
foreign trade by no means forbid the hope
that the increase may continue as 1t did
in 1879 and for several years. Exports, COM
pared with imports, continue to indicate an
enormous balance in cash due this country
and imports begin again.
Failures for the week have been 243 in the
United States. against 322 last year and
twenty four in Canada against thirty-two
last year.