The sun., 1901-02-23
THE STATE Oh TRADE.
Comment by Dun's Review on the
Business of the Week.
EASTERN COMMERCE GAINS.
Iron and Steel Mills Reported TO lie
Rushed with Orders, New Com
tracts Being Taken Mt
Full Prices.


Co.'s weekly review Of trade says:
Business in the east and practically
along the north Atlantic coast has been
catching up with the rest of the coun-
try little this week. SO that in the
few lines where complaint has been
heard locally of late the tone is better.
This comes from the working off of re-
tail stock which owners feared would
have to, be carried over until next sea-
son. In builders hardware the buying
has been notably better, and the distri-
button in the grocery jobbing trade has
been given considerable stimulus.
Even the laggard dry goods market
has shown good measure of improve
inent, though in cotton goods there is
still much to be desired, for the larger
buying has not brought any improve
nent in general tone, and in some di-
rections the market is slower than a
week ago. From the interior advices
are almost uniformly favorable, with
Il very heavy movement of general
merchandise and farm implements over
the northwestern railroads.
Instead of being able to advance
prices of cotton goods in proportion to
the high quotations recently made for
raw cotton the mills are meeting with
light demand, and even at the reduc
ton to cents for print cloths there is
no activity. Many mills have already
restricted operations, and more will
stop spindles ON March 1. When the
NV Y,,ofari,l ,,-oS advouood to thn bigb.
est price in ten years, it could not defy
the law of supply, demand and prices,
which ultimately restores an equilib-
rum. On Tuesday decline of $13.75
a bale from the top point had occurred,
making 1t possible to manufacture at
profit, but this does not help mills
which have goods on hand made from
cotton purchased before the fall to the
lowest price in eight months.
Iron and steel.
No diminutlon appears in the move
ment of iron and steel products. Mills
are rushed with orders, and new con-
tracts are taken ut full prices. Pig
iron is freely bought, and prices tend
upward. Billets and other partially
manufactured forms are firner, and
finished goods would command high
prices if immediate delivery could be
secured. Structural shapes are still
feature, with large operations pending
in bridges ana track elevation. More
coke ovens are added to the active list,
making the output much heavier than
ut any recent date. Lumber and ma
telials are in good demand, owing to
extensive preparations for spring
building, and at Buffalo there is spe-
cial activity on account Of hotels and
other work in connection with the ex-
position. Grain markets are devoid
of wide fluctuations, although many re-
ports are circulated regarding the CON
dition Of winter wheat. 1t is too early
TO secure definite information. and
traders are not Influenced by rumors.
News from India and Australia indi-
Gates a larger crop than last years.
The speculation in stocks has not
been heavy. and the market has dis
played decided reactionary tone,
though without any change in the un-
derlying conditions. There has been
heayy liquidation IN the steel ana IRON
group by holders who have given much
attention to the reports that the pend
ing union of interests in the steel bust
ness will not he brought about on
terms very satisfactory to the common
stockholders, but the declines have
been made at the expense Of the crea-
ton Of large short interest," whose
covering stimulated the entire market
n little on Thursday when the eX-
changes closed for the week. Rail
road stocks were generally fairly well
supported, as holders do not share il.
the fears MS 10 the future of the money
market expressed by some of the pro
fessional operators
Failures for the week were 253 in
the United States against 201 last year,
and 80 in Canada against SO last year.