The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-14
WAS NEVER STRONGER
FINANCIAL CONDITION OF AMER
ICA EvOKING COMMENT FROM
EUROPEAN FINANCIERs
ALL EYES ON NEW YORK
As London Formerly Financed
America, the American MetropO-
lis Is Now Financing Europe
Rapid Advances In Prices of Iron
and Steel Fully Sustained-N0
Evidences of Weakness.

NEW YORK, Jan. 13.-R. G. Dun &
Co.'S weekly review Of trade will say
tomorrow: Contrary to the French
saying, the expected has occurred.
Rapid advances in prices of iron and
steel products have had their imme-
d1ate effect, perhaps not to the last
Ing benefit of the industry for there
are the same reasons for doubt as to
its permanence as in 1895, when such
shrinkage of buying and reaction soon
carried prices lower than before. But
there is now larger demand for many
other products, and without unwieldy
combinations all are doing we'll.
Throughout, the country was never as
strong financially, as even governors
OF London banks admit, one stating
that, as London had financed America
heretofore, now for the first time New
York is financing Europe.
No evidence of weakness is seen in
the other branches of industry, nor in
those upon which the great excess of
exports most depended. Wheat and
cotton still go out largely. Europe is
buying because it has needs, and New
York is lending toEurope nobody knows
how many millions, because there is
for the present no need to call loans.
The receipt of $2,500,00O gold from Aus
tralia is announced at San Francisco.
Americans are in the humor to in
vest in their country and have great
amount of money to put out without
recalling any of their loans to Europe,
so that the heaviest transactions ever
known in the stock exchange have oc-
CURED during the week without the
evidence Of reaction for which many
strong operators have been looking.
In products also the position Of the
country grows, nor is there evidence
Of weakness in the great industries.
The output of pigiron Jan. 1 was 243,-
SIG tons, against 235, 1928 Dec. 1, showing
product of about 5000 tons weekly
more than has been estimated with a
further decrease Of 237, 444 tons in
stocks unsold during December. But,
While the Australian order for $1,000
tons is still on the market with an
other European order for $4,000 tons
plates, the mills are so crowded that
prices are moving up rapidly. Besse-
mer pigiron is only 10 cents higher at
Pittsburg, and grey forge Is cents,
| but plates advanced 10 cents by the
combination. Minor metals are also
stronger, tin having risen in sympathy
with London to % cents and copper to
1852 and lead to cents, heavy con-
Stunning demand helping in each case.
The new combination in tin plates has
advanced the price to So per box at
the works. There have also been large
demands for structural work, 10000
tons in bridges and buildings at Chi
cago.
Wool is stif1y held at the West. al
though at Boston Ohio Xxx is quoted
at 261a cents, although much higher at
Philadelphia. The wooden industry has
been hampered beyond all expecta-
lions by the prices demanded for wool.
with the extraordinary stocks yet I'M
sold. The market for cotton goods has
been fairly large and at rather better
| prices, in accord with the price of cot
ton which has risen to 6.06 cents. Re-
ceipts at the South are for the moment
much smaller than heretofore, while
there is accommodating evidence that
the crop gathered late and under I'M
| favorable conditions of weather does
not grade as we'll as was expected.
Failures for the week have been 31S
in the United States, against $40 last
year. and "a in Canada. against As last
year.