orders, considerable stock changed hands, resulting in the concentration of same. In consequence of this a sharp advance of 4 cents was asked by the few holders, and a further advance of 5 cents in December, the article closing at 30 cents in a very strong position.

Root Golden Seal.-22 cents was asked until April, when 23 cents was demanded, owing to the small supplies and higher prices in the country. In July, 22 cents ruled, and the following three months it went a begging at 21 cents. November's quotation read 22 cents, as did December's. The article closed strong, there being more demand from manufacturers here, as also from buyers abroad.

Root Senega opened dull at 574 cents, which price was maintained until April. In this month a decline of 24 cents was made by holders, and a further drop of one cent occurred in July. Quotations coming in from the producing districts, the price dropped suddenly to 40 cents in August. The new crop arriving freely and holders being anxious to realize quickly, 38 cents was quoted in September, and 37 cents would buy during the next month. In November, the price was put up by one of the exporters, who was forced to purchase a high priced large lot in our market, in order to fill the orders he had contracted for, his shipper in Minnesota having disappointed him in not delivering a large quantity of root, as per agreement. The market closed rather weak at 42 cents.

Mexican Sarsaparilla_fluctuated between 8 and 83 cents the the first four months. In June, in consequence of heavy arrivals and a small demand, the price dropped to 8 cents. The next month it rallied to 84 cents, but went back again to 8 cents in August. Arrivals being small and far between, holders declined to entertain less than 10 cents in September, but, for want of business, agreed to accept one-half cent less in October. Several inquiries coming in, the market improved to 10 cents in November and 11 cents in December. Freer arrivals, however, served to weaken the market considerably, so that, at the end of the month, there were sellers at 10 cents. The arrivals for 1893 equalled 1,680 bales, against 2,900 in 1892, and 1,788 in 1891.

Beans, Tonka-Angostura opened at $2.20, and declined to $2.00 in February. In April, $1.85 was quoted, at which they closed rather weak.

Oil Peppermint-Bulk fluctuated between $2.50 and $2.60 until September, when $2.45 was the quotation. This drop was owing to the offering of the new crop. In October, $2.40 would buy. Reports from the country, to the effect that the bulk of the yield had already gone forward, and that the little stock left was held by strong parties, served to enhance the value to $2.50 in November, and $2.75 in December, at which it closed. During the months that the prices were lowest, large lots were shipped abroad, the Japanese mint crop having been almost a total failure, and consumers there being forced in consequence to use American oil. The

exports of all grades in 1893 amounted to 93,879 pounds, valued at $244,716, against 79,690 pounds in 1892, valued at $219,359.

Spermaceti opened at 28 cents, advanced to 29 cents in February, to 30-31 cents in March. Owing to lack of demand, the export inquiry being nil, the price dropped to 26 cents in September. In October, business in this market started to boom, and the price advanced sharply to 28 cents. In November and December, nothing below 29 cents would buy. The trade during the year was satisfactory. The exports for the year amounted to 358,792 pounds, valued at $105,063, against 304,508 pounds in 1892, valued at $95,147.

IMPORTS OF DRUGS AND CHEMICALS DURING THE PAST THREE YEARS.

IMPORTS OF DRUGS AND CHEMICALS (Continued.)

QUANTITIES IMPORTED DURING THE
FISCAL YEARS ENDING

ARTICLES.

The foregoing statement does not include all drugs and chemicals imported, but a selection from the general list.

COMPARATIVE CLOSING PRIGES OF A FEW DRUGS FOR THE LAST FIVE YEARS.

REVIEW OF THE IRON TRADE OF NEW-YORK,

FOR THE YEAR 1893.

THE year opened with a feeling of depression and uncertainty in all branches of the iron and steel trades-consumers as well as producers-which became much more pronounced after the first

quarter.

Silver legislation had some part in this, but fear of the results of the proposed tariff changes was apparently the greatest factor in paralyzing trade.

A severe struggle for business, especially in the last half of the year, was witnessed among the miners of ores, makers of pig iron, steel billets and rails, and of rolling mill products generally.

There were more than one hundred failures in these trades, including some of the largest steel mills in the country, and the difficulties were intensified by financial trouble among railroads, more than seventy of them having gone into receivers' hands.

There is no question that the iron trade of this country was more disastrously affected in 1893 than in any previous year, and the distress prevailing throughout its course can hardly be surpassed though it may be paralleled by what may follow on the completion of the imminent violent reductions in the present tariff on iron, steel and their products.

American Pig Iron.-Prices at the beginning of the year were, for Pennsylvania makes of standard quality, $15 for No. 1, $14 for No. 2, and $13 for Gray Forge at tide water. The average Southern irons were quoted at same prices as the Pennsylvania irons of corresponding grades. A few of the choice makes of Pennsylvania and Virginia sold at 50c. to $1 per ton more than the figures given above.

In the latter part of January there was a downward variation of 25c. to 50c. a ton for some of the Southern makes. In March 2,000 tons of No. 1 Southern iron were offered at New-York at $14.25. At the same time there was an order in this market for 2,000 tons of No. 1 iron at $14, but no seller was found at the price. Desirable Pennsylvania makes of No. 1 could be had at $14.50, and good Southern makes of No. 2 were obtainable at $13.50. Gray Forge, at this time, sold at $12.50, deliverable at Philadelphia and Reading, Pa. In June the same grade sold at $12 at Philadelphia.

Throughout the first six months of the year trade generally was adversely affected by a feeling of fear, and a marked decline in the production of pig iron had begun, the decrease in May and June from 1892 being at the rate of 1,000,000 tons per year.

Product first half 1892, (in United States,).. gross tons, 4,769,683

66

1893,

....

4,562,918

206,765

737,946

1893,

In July there was a forced sale of 20,000 to 25,000 tons of pig iron at some furnaces in Western Pennsylvania, on which advances had been made, when No. 1 sold at $8.95, No. 2 at $7.05, and Gray Forge at $6.15, f. o. b. cars at furnace.

In September was reached the lowest weekly production of pig iron in this country for several years. On October 1st there were in blast in New-York State, one furnace out of thirty; in Pennsylvania, 51 out of 197, and in New-Jersey, 4 out of 14, about the same ratio holding good for the rest of the country.

In December there was some increase in production, though the consumption rather decreased. Closing prices were nominally $14 to $14.50 for No. 1, and $13 to $13.50 for No. 2 of the better makes, but there was underselling in many cases, and it is impossible to say what were the lowest figures accepted, though there is no doubt that some Southern makes sold down to $13 for No. 1 and $12 for No. 2.

CONSUMPTION.

The consumption of pig iron was, as estimated, 6,953,189 tons, being 2.40 per cent. (171,313 tons) less than the production, as appears by the following figures :

7,685,012

707,218

6,977,794

Deduct stocks, December 31, 1893, including 45,150
tons in warrant yards, not owned by makers,.....

Deduct exports in 1893 (foreign 35, American, 24,570,)

24,605

6,953,189

The production in 1893 was 2,032,498 tons less than that of 1892 -22 per cent. decrease.

The importation of pig iron, including Spiegel-Eisen, into NewYork in 1893 and four preceding years was:

The total imports of pig iron, including Spiegel-Eisen, into the United States in 1893 and the four preceding years were: