The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-01-07
The Year Opens With Bright Pros
poets in Iron Industry.
Demand for Finished Products Greater
Than Ever for the Season.
Account of Works Already Be-
ing Overcrowded-The Largest
Foreign Demand Movement Ever
Known for Wheat and Corn.

0OAAA@SAA$A
Known for Wheat and Corn.
NEW YORK, Jan. 6.-R- G. Dun &
Co.'S weekly Review of Trade" will
say Tomorrow:
The year begins with the kind of bus
mess demand that counts For months
there has been a rising demand for ma
terials, but now the crowding demand
for finished products begins to advance
in the iron and steel industry about 1
per cent, without quotable changes in
pig except at the East, Beams have
advanced 50 per ton, angles 81, bars 81
and plates strong, with an Australian
order for $1,000 tons refused at Chi
cago, because the works are already
overcrowded. Many thousand cars are
covered by orders at Pittsburg, 10000
tons of bars are taken for agricultural
works at Chicago, 10000 tons of rails
are taken by the Pennsylvania Com
pany, the Midland Railway Company
of England has ordered twenty loco
motives from the Baldwin Works, and
many other home and foreign orders are
reported. The demand has never been
than it is now.
The wooden manufacturer has a SIM
liar embarrassment While all quo
tations of wool by Coates Brothers of
Philadelphia averaged 1903 cents,
against 2O-71 a year ago, the market
is gradually yielding, because people
appreciate the magnitude of stocks on
hand, which the Boston Commercial
Bulletin" reports at 291 900, 900 pounds.
an increase in its account of 14,O00,-
600 pounds for the year. Obviously
this means great movement from the
farms to nillers' stocks and Eastern
markets, but prices are not yet low
enough to encourage the large buying
or consumption by the manufacturers.
The only heavyweight goods yet opened
are at reduced prices, as has been ex-
pected, and 1t is still uncertain how far
the trade for the coming season may
prove satisfactory. Cotton goods are
In fair demand, with cotton at 5S7
cents, and while nobody can guarantee
that the price will not go lower. it is be-
lieved by competent observers that the
market for goods is so far relieved of
hn1are0 Surplus that prices are not
likely to decline materially, even if cot
ton falls.
The wheat movement has to sustain
it the largest foreign demand movement
ever known for wheat and corn togeth-
er, and the Atlantic exports of 5.214,-
42O bushels, flour included, against D.
S4O,31S last year, with Pacific exports
of 614,S33, against S72446 last year,
would give some reason to anticipate
icrho ~,
ceipts 4OO1 $50 bushels, against q
S16,O12 for the same week last year.
The country is on the upgrade, and
the men who expect to take a down.
ward road have yet some time to wait.
There are no indications of a reaction.
which always follows a large and rapid
business recovery, and existing condi-
tons in the industrials and in foreign
trade by no means forbid the hope that
the increase may continue, as it did
after the revival in 1879 for several
years. Exports, compared with i'm
ports, continue to indicate an enormous
balance in cash due this country and
gold imports begin again.
Failures for the week have been 243
in the United States against 800 last
year, and twenty-four in Canada.
against thirty-two last year.
NEW YORK, Jan. 6-Bradstreet's
tomorrow will say:
The situation is one of quiet sus-
tanned strength. In wholesale distrib-
utive trade annual inventories have &C.
cupied attention, and distribution in this
branch is, therefore, of only seasonal
bic proportions. Retail trade reflects
the quieting down Of the eager demand
ruling before the holidays, but it is sig
nificant that the majority of the reports
received since January LIST, in this and
in the wholesale branch, refer to collec-
tons as almost uniformly good.
Export trade, particularly in cereals,
continue we'll up to maximum figures,
while reports from the new great in
dustries of the country are favorable.
The cruder forms of iron and steel have
been in rather less demand this week
at leading centers, and large orders are
few in number, heavy consumers hav-
ing pretty Wei covered themselves for
some weeks to come by their liberal
buying in December. In finished pro-
ducts, however, and particularly in
steel, rather more has evidently been
doing, this being reflected in advances
at both the East and the prices of steel
rails, steel beams, plates and sheets.
Some heavy orders for railroad account
are reported booked, and the export
trade continues of liberal proportions.
partly aided, no doubt, by the shading
in ocean freight rates occurring during
the past month. Aside from the ag-
gressive strength of steel prices quo
tations are little changed from a week
ago.
Bank clearings for the week reflect
exceptionally heavy annual settlements.
In total of 81, 765, 100000, nearly $40
100000 larger than ever before report
ed, % per cent. larger than last week.
"A per cent larger than in this week a
year ago, "a per cent. larger than in
1897, 10 per cent. larger than in 1895.
and 20 per cent. larger than in 1894.
Business failures are exceptionally
small for the opening week of the new
year, numbering only 237, against 21S
last week, 1913 in this week a year, 4SS
in 1897, 446 in 1896 and 4O5 in 1895.
The steadiness of wheat this week, |
participated in by other cereals, ex-
change explanation in continued for
eign buying, the strength of the statis- |
tical position, the normal time for de- !
creases in American stocks having ar.