The Saint Paul globe., 1899-02-11
BUSINESS BASE SOLID
SPECULATIVE REACTION HAS HAD
NO APPARENT DAMAGING
EFFECT
WHEAT AGAIN TENDS UPWARD
Cotton Market i'm Slightly Strong
er POsitiOn-WOOI Conditions
Continue Uncertain-IrOn Indus
try Affected by the Exploitation
of Consultations, but Prices
Held Firm--Decrease In Failures.

NEW YORK. Feb. 1O-R. g. Dun s.
Co.'S weekly review Of trade tomorrow
Will say: THE solid basis for good
business has not been shaken by specu-
lative reaction. Stocks have been
slightly lower. and the market is all
the SAFER, because much unsoundness
ana unreason have been shaken out
speculation in wheat, which for a time
depressed prices, has also taken a turn
ana with heavy exports the market
tends upward again. The cotton move
ment IS not essentially speculative,
but based on reported injuries and
holds its advance. Meanwhile dispatch
es from all parts Of the country show
extraordinary activity In the chief
branches Of trade, and a business much
larger than year ago in nearly all.
The heavy excess of exports over i'm
ports continues. New York exports
having been in five weeks 16 per cent
larger than last year. while imports
were by per cent larger.
In wheat Americans are getting
profits even though prices are lower
than they were some months ago.
"The cotton market is In slightly
stronger position because foreign buy
| Ing continues beyond precedent, while
| home indications now point to a small
\ er crop than was expected. The stocks
On hand are heavy, both commercial
and MILL but foreign buying supports
| the rise In price thus far. Mill opera
| tions help also, though at this season
they are naturally small, for the heavy
demand for goods Of late leads buyers
| to remember the material has not ad-
vanced in prices as much as staple cot
tons since the lowest point was reach
ed. Goods are rapidly rising with the
| expanding demand, but the material
has advanced only an eighth.
What wool is worth in view Of the
| great stocks yet unconsumed. few are
able to judge. and that fact hinders
adjustment of prices for goods. Sales
have been small, only 6,475,4O pounds
at the three chief markets for the week
against 5,303, 200 last year, and 9,175,900
| In the same week Of 1897, but this year
and in 1897, the buying has by no means
represented consumption only. While
quarter and half Blood wool and de-
laine have been in demand and firm,
| the quotations indicate weakness In
Ohio and other fieeces. The goods mar
| ket Is Of similar character, strong for
| cheviots and serges. but not for fine,
| high grade or plain goods.
1.-The iron industry is so exploited by
consultations and. attempts Of that
nature that it is wonderful prices have
not reflected distrust. Instead there
have been general advances In pig
iron because the demand has been
large, for Bessemer at Pittsburg to
140 and Gray Forge to $10.75, and In
finished products because nearly all are
in demand beyond the capacity Of
works for some time to come. The
advance Of 10 cents per keg In wire
nails by the association was not caus-
ed by amy especial pressure for sup
plies, but rails have advanced 81 per
| ton and bars 81, because Of urgent de-
mand, especially at Philadelphia and
| Chicago, for several thousand cars,
and plate mills are everywhere over
crowded. At the same time the many
negotiations for consolidation Of inter
ests arrest trade in some quarters and
/ disturb it in others, causing unusual
irregularity in price. The pipe con-
solidation appears to be stopped for
the moment by Opposition of one COM
pany, but the activity is greater than
ever before. About 20, 600 tons rails have
been sold at New York, half for Nova
| Scotia road. In hoops there Is no ad-
vance and the Standard Oil company
has made contract for 100000 tons at
very low figures. The demand for
black sheets is beyond the capacity of
mills.
| Failures for the week have been 27
| In the United States against 295 last
year. and So in Canada against 43 last
year."