The morning news., 1889-11-16
BU SINESS Is ALL RIGHT.
THE CROP YIELD ABOUT THE
LARGEST EVER KNOWN.

Trade Therefore Healthy, Confident,
and Unprecedented In Volume-The
Weekly Production of the Iron Fur
naces Greater Than That of Great
Britain-Banks Still Very Cautious.
NEW YORK. Nov. 15.-According to
Erastus Wiman of r. G. Dun & Co, busi-
ness continues healthy, confident and
unprecedented in volume. Long ago it was
held that the years results would turn upon
the crops, and it is now certain that the
yield has been, on the whole,
about the largest ever known. The
question whether the wheat yield is &c, ,000,-
600 or 100000 bushels below the maxi
mum is not important; the cotton crop will
much exceed any previous one if the latest
official figures are correct; the corn crop
will exceed any preceding by 100, 200, 900 to
Oo,OOO, 900 bushels; the oat crop is ais the
largest ever known, and the shortage in
potatoes and fruit is immensely overs aad-
owed by the gain in meats. The exports of
provisi MS and cattle in October were Sl2,-
7O4, o57 In value, against 81, ,5S5, ,277 last yea r.
gain of 6S13 per cent, and while the
breadstutfs movement was $145, 900 short of
last year, the increase in cotton has been
enormous.
Bank clearin1s show gain exaggerated
because of the presidential election last year
and its interruption Of business, but the in
crease at New York was 80 per cent. for
last week; at Boston, PHILADELPHIA and
Chicago II per cent, and at all other cities
Is per cent.
THE IRON BUSINESS.
The capacity of the iron furnaces in blast
Nov. l, was much greater than ever re-
corded, no less than 165, 765 tons weekly,
against ISL, ,059 Oct. l, gain Of nearly 10
per cent. for the month; and against 14i ,064
Nov. l, 1888, gain Of II. 3 per cent for the
yeaI@ 1t appears too that several other
furnaces OF large capacity are about to
begin work Weekly production is now
greater than that of Great Britain and
| close to the greatest ever recorded in that
country, it being at the rate of about
| S,30O,000 tons yearly, after allowance for
the difference between the capacity and
actual output. Yet no excess of production
has been perceived, and prices are
| firm at recent advances, an actual
but small sale Of rails at S35 being
reported at Plttsburg, bar iron being
| strong at 81 95, nails in fair demand at
| 81 10, and plate, structural and sheet mi lis
| full Of orders. One point Of doubt is
| whether the warrants system may not
| operate for time to conceal an excess of
output over real consumption, and thus
prepare for disastrous reaction later.
| THE COAL BUSINESS DULL
| The coal business is still dull, with in
dividual sellers cutting prices as before.
Copper has risen to 121S bid for lake,
| though the production is large; lead is dull,
| and tin weaker at 2l$4.
| The cotton branch Of the dry goods trade
is active. with some talk Of higher prices
on leading makes. The receipts of raw
cotton again exceed last years, but the ex
cess of exports for the week has been oYeI
$4,000 bales, and the price is unchanged
although specula tive sales of COG, 900 bales
here are reported.
| Woolen goods are moving fairly at con-
cessions in price. manufacturers have
been buying more freely, and Boston's
sales exceeding 3, 100, 900 lbs. but this years
sales thus far aggregate only l09, ,341, ,1S0
pounds at Boston against l40, ,416, 300 to the
same date last year.
| CAUTION OF THE BANKS.
| The caution Of banks in advances tends TO
restrict trade, and moreover last weeks
business in mems woolens was the dullest
for long time. 1t is also reported that i'm
| porters' sales Of spring goods have been the
heaviest ever known, which, if true, threat
| ems more competition than the manufact-
urers have anticipated.
The boot and shoe trade continues large,
with steady prices, and leather is steady,
excepting that large sales Of kip are re-
ported at Boston.
SPECULATION IN PRODUCTS.
Speculation in products has been more
active, with some advance in prices For
eign reports helped rise Of 2 cents in
wheat, but it came out on Thursday that
heavy operators who were buying at
| Chicago were selling here and the saIea at
| New York were over 10, 000, 900 bushels for
that day. Corn is but quarter stronger,
and pork is unchanged, with slight ad.
vance in lard. Petroleum is only shade
higher. Oats are cent higher. Coffee has
been advanced again five-eighths of cent,
| with speculative sales of $4,000 bags, but
the distribution is dull, Philadelphia
noting that the high price repels consumers.
| ALL THE REPORTS FAVORABLE.
| There is more than usual uniformity In
the accounts from all parts Of the country.
| The reports are all favorable as 70 the vol
ume of business and in the main as to col
lections. Large exports lessen the demand
on this market, the increase in the mer.
chandise values sent out from this port
having been PAT per cent. for the month of
| November, though the imports are also
large.
The treasury has again avoided accumu-
| lation of money, having paid out during the
week $3.50 900 more than it has taken in.
Ii national hopsfulness does not engender
excessive production in some branches, and
mischievous revival of speculation, the
prospect for heavy business is excellent.
The business failures occurring through
| out tue country during the week number
| for the United States 235 and for Canada
80, total of 265, against 267 last week.