The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-11-14

New York. Nov. 13.-R. G. Dun &
Co., will say tomorrow In their week.
ly review of trade:
No one now doubts that the brighter
day is dawning, and it Is the common
remark that never before has business
shown so great II change for the bet
ter within single week. To the
change of conditions and Of spirit de-
scribed last week, there has already
answered large increase In the work.
ing force and in the volume of trade.
Dispatches telling of about five hun
dred establishments which have opened
or have materially enlarged their force.
though they fill many columns. give
only part of the fact, for throughout
the country the gain has been sur
prising even to the most hopeful
Foreign need of American wheat
continues an important factor, and the
price has advanced to IS cents. gaining
six cents for one week, ten cents for
early in September The price is the
highest since June. 1892. Western re-
ceipts Were only 4,494,0S3 bushels.
against S,2O2. .S64 last year. but the cleo
tion cut off much work during the
days in which these receipts We're
started to market.
Many textile works have been start
Ing or increasing force, mostly on or
ders booked weeks ago. but there has
not been much gain in the demand as
yet. After purchases of 46,O00.O0O
pounds wool in five weeks, the transact
tions fell to 6,243,7GO pounds last week,
but prices We're strong and in some
grades cent higher and even greater
advance Is demanded at the west,
while foreign markets are higher and
Australian fully l cent per pound. The
market for cotton goods is not yet ac-
tive. But more liberal estimates of the
cotton crop are generally credited,
causing an eighth decline to s cents.
IN THE IRON TRADE.
The output of iron furnaces in blast
November 1st was 124.077 tons weekly,
having been increased 1926 tons, or
10 per cent in the latter part Of October,
by confidence in the future. All the
markets were stronger, although the
enormous purchases Of pig iron in ad-
vance of needs causes comparative in
activity at present Plates and steel
bars are 81 to So per ton higher. and
sheets in better demand. Anthracite
and Bessemer pig have advanced
shade, and the average of prices is 2h
per cent higher. The billet pool is in
protracted meeting here this week to
decide upon Its course, and Is still un-
dersold. The beam. bar. rail and wire
nail associat atoms meet this week, and
the underselling of wire nails by out
siders has gone SO far that decline of
45 cents Is openly quoted. 1t is note
worthy that the prevailing expectation,
notwithstanding the general improve
ment in business, is that some, if not
all these combinations will decide to
reduce prices. The coke combination,
1t now appears, has not prevented large
contracts for future delivery at less than
81. its fixed price. and even less than
$l.75, but the output last week de-
creased. a heavy sale of copper to
foreigners. said to cover 10000, 900
pounds, has raised the price to 1lh
cents, and tin actually sells at 13 cents,
though less Is quoted.
The change In the money market Is
striking Instead Of $500, 900 going out
to the interior. as before, $2,5O0.0O have
come in this week; instead of so cents
discount New York exchange at Chi
cago is at 20 cents premium; instead of
merchants and manufacturers vainly
hunting lenders. banks are hunting for
more commercial paper. Commercial
rates are down to per cent on best
paper. Foreign exchange is higher.
owing to sales of $4,000. 900 governments
taken by the Bank of England as a
member of the syndicate early In 1895,
to payments of $3,00O,OOO sterling loans,
and to foreign realizing on s., ,000, 900 of
securities. But all these are in effect
taking profits for confidence in Ameri-
can honor.
Failures for the week have been 276
in the United States. against 2S3 last
year, and 46 in Canada, against 40 last
year.