The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-24
PRICES ARE YIELDING
VERY GOOD THING FOR THE INDUS
TRIES OF THE COUNTRY.
Weeks Record of Failures-The Ger
enl Observation-Disclosures Earnings
simply Enormous for February.

NEW YORK. Feb. 2s-R. G. Dun & Co.'S
weekly review OF trade tomorrow will say:
Prices in materials are yielding. II not
the best news possible for some specula-
tors. IT is the best that could come for
the country. since industries could not long
prosper without reaction from the extreme
prices caused by actual or supposed
scarcity of materials last year. Some help
comes from new iron furnaces that have
opened or approach completion. some from
the famine in India, which sends hither
shiploads of hides, some from the much
increased stocks OF sheep which have
weathered the winter and some from the
opening of new iron. zinc and copper
mines.
The great iron industry has been en-
barrassed by prices for pig and billets.
which were no longer sustained by the
gradually yielding prices of products. Con-
siderable transactions are now reported at
Philadelphia 81 to $50 per ton below re-
cent quotations. At Pittsburg $4,000 tons
of billets, both iron and steel being re-
ported 81 per ton lower. The new fur
naces supplying foundry iron have been
competing sharply at the East, and small
burg delivery at so TO s. cents below
previous quotations. Sheets are strength
ened there by the new combination.
though IL does not embrace some large
works. but with this addition of $4,000
tons yearly and its sales to the hoop and
tin plate companies the National Steel has
secured large and rich mines In Minnesota.
Plates are still weak. as most consumers
are provided ahead. but the Pacific orders
cover 1000 tons and the Chicago & North
western has placed orders to the East for
$500 tons of bridge work Rail mills are
full, but have taken a small contract for
export, and better business enables tin
plate works which have been idle 10 re-
sumo.
Cheaper hides and leather enable boot
and shoemakers to take contracts for split
goods at 2Iz cents less than prices recently
asked, and some large sales have given
part of the shops work for some time
Others are getting very few orders and
some are stopping or expect TO stop In
two weeks. The yielding in split leather
began early this month and in hemlock
sole week earlier. and has reached cent
per pound. while this week union backs
and kip and glove grain upper leather are
cheaper. Hides at Chicago have again
yielded, making per cent. fall in month
and 73 since Dec 80. Supplies have ac-
cumulated on the wharves at Jersey City,
where 10000 hides were landed from India
At last IL is admitted that wool quota
tons, so long held. are fully cents per
secured pound higher than prices in large
actual sales last week and since, the de-
cline covering grades between one-quarter
blood and lower. which is in demand and
scarce. and fine fleece graded Xxx or above.
The explanations are many. The fact is,
that when mills made enormous sales OF
heavyweight goods and then bought no
wool the fable that their stocks We're ex-
hausted ceased to have force. Prices OF
cottons are still advancing. the Fall River
committee having raised all its goods an
eighth, and in spite Of heavy port receipts
spot cotton advanced to 9.06 cents.
Failures in three weeks have been S,24l,-
230 against $7.1297D last year and 1898. i39
in 1885, but in the previous year they ex-
S56536. against s3.643, s64 last year. and trad
ing We're s.. So. $50. against s3.237.472 last
year. Failures for the week have been in
the United States 20l, against 191 last year,
and 80 in Canada, against 40 last year.