The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-02-20

8 a LIZ tCl4tACAAS4 VI S&4 6Atl AaA1l a.
earnings is to increase, and a majority
of reports of railroad earnings for the
! second week of February show increases.
Gross and net earnings for the year 1886
are in sharp contrast with those for 1895.
While promising we'll, the depressed trade
ana political excitement had an unfavor-
able influence. But it is encouraging to
| note that decreases from corresponding
totals in 1885, a year of exceptionally fav-
orables railway earnings. are small, both
gross and net. Total gross earnings OF
143 companies, which include 50 per cent.
of our railroad earning capacity, aggre-
gated $685., 1874, 21 last year, a decrease of
one-fifth of l per cent. from the like total
in 1895. while total net e~arnings-S2SS 929,
W4-ShoWed q. similar falling off of IL
per cent. The southwestern, %southern
and Pacific groups of roads report in
creases. both gross and net. as compared
with 1895. Heaviest decreases are by CEN
tralwestern, t~runk~line and granger
groups, in the order named, the last nam
ed reporting an increase of 2.5 per cent.
in gross, but a decrease of rs per cent.
in net.
Among more important staples for
which prices have decreased are wheat
flour, wheat, oats. coffee, cotton, rosin
ard turpentine. The unexpected weak
ness in wheat and wheat flour prices
forms the best evidence of the lack of
confidence by the trade and general pub
lie in official reports of the size of the
domestic wheat crop last year. 1t is now
probable the unofficial 450, GOO. 600 bushel
estimate of the domestic crop will have
to be increased. Judging recent bull call
! culations, we are now exporting wheat
which will be needed at home before
Total business failures throughout the
country have increased, numbering 325
this week. compared with 301 last week.,
276 in the third week of February, 1896.
327 in the like week of 1895, 25 in the
| corresponding period in 1894, and 2O2 in
the like week of 1893. There were 1917
suspensions and failures of banks, bank
N~- anI 1aa-o q NJ r.ta[ 1tA - IL
United States. as reported to Brad
Streets last year, compared with 1875 in
1895, only SO in 1894, and contrasted with
59S in the panic year 1898, when the total
of estimated liabilities, amounting to
more tina 70.000.0 09, was less than total
| indicated assets. Only one-thfrd the
number Of banks national, state. savings,
private and trusts ccmpanies) failed or
| suspended last year that were reported
embarrassed in 1898, and the reduction in
| total estimated liabilities was in the same
proportion. But that such embarrass-
ments were in one sense more serious in
| 1886 than in 1893 is plain. as total indicated
assets of embarrassed banks in 1896 were
So. 600. 600 smaller h the total estimated
| liabilities.
The New York stock market is entirely
in professional hands. Its general tone,
however, is steady to strong. The inter
| vention of the powers between Greece
and the Turk has checked decentralization
in the European markets, while the trust
| 10VeSIlSatIOI ny d New 4OIh ieSiS-dliN0
committee has thus far turned to the adj
| vantage of the industrial corporations.
| Covering of shorts in the better class of
| stocks has been the feature, and the only
| really weak spot is the coal stocks. I'm
| Favorable conditions in the anthracite
trade fully account for the heavy decline
of Lehigh Valley in Philadelphia and the
weakness of Jersey Central here. Europe
| is not a factor in American stocks at
present. Foreign exchange is firm at
| around 4.S7 for demand sterling.
Exports of wheat flour included as
| wheat) from both coasts of the United
States and from Halifax, N. s., and st.
| John, N. B., this week, aggregate 2s120,Ss6
bushels. compared with 2,051, 600 bushels
| last week, 3,149.000 bushels in the CORE
spending week of 1886. 1,S0S,G bushels in
the corresponding period of 1894, and as
contrasted with 1856, $50 bushels in the
| like week of 1893. Exports of Indian corn
this week are the largest on record for
a like period, amounting to CALLED BUSH
| els. as compared with 4,169,000 bushels
| last week. 2.925, 000 bushels in the week
a year ago, 1900 bushels IN the week
two years, 1,s55,e0 bushels three years ago,
| and as contrasted with S65,oU0 buShels IN
| the week of 1888.
| From r. G. Dun & Co.'S Weekly Re-
view")
A large increase in the iron steel
| business. on account of sales covering
! eight to twelve months production of
| the largest works. a better demand for
| woollen goods. and slightly better for cot
tons, a gain which may prove lasting IN
wheat. cotton, wool and iron, and a
money market well adapted to encourage
liberal purchases against future improve
ment in business, have rendered the past
week more hopeful than any other since
early in November. The heavy excess Of
| merchandise exports over imports in
January, the continuance OF exchange
| rates hoWin that Europe is still largely
Indebted to this country on current ac-
count. and the prospect that Congress Will
adjourn without ann disturbing action,
! all have their favorable influence upon the
| money market, and upon Iutufe UNDER
takings.
In nearly every branch. the great iron
| and steel industry feels the Upward inn
| pulse supplied by purchases of steel
from the Illinois Steel Company and from
the Carnegie Company, besides some
from other companies. in part as low as
SIS per ton, about 100000 to foreign pur-
| chasers at SIT to SIS, but all recent sales
at $50 at Eastern and 81 at Western
| mills. Nearly all the great railroads of
| the country have seized the opportunity
to supply themselves with rails for one
or two years requirements. These en-
ormous orders have advanced Bessemer
| pig at Pittsburg only Is cents per ton,
and no considerable change appears in
finished products, although plates are I'M
changed in price with good demand and
nails are held at recent prices.
Other industries are gaining also, though
less conspicuously. The shipments of
boots and shoes in February have been
about 5000 cases larger than IN any pre-
vious year to date, and the increasing or
ders have enabled some works to start,
although very many buyers still hesitate
to pay the advanced prices demanded.
The heavy exports in January, following
the unprecedented excess Of exports over
imports of merchandise in the four pre-
yiots months are largely due to the fact
than neither the wheat nor the cotton
markets have materially controlled specu-
lation.
The volume Of business is not accurately
represented by clearing house exchanges,
owing to the extra holiday this year at
some commercial centres. But the daily
average appears to be about 3.4 per cent.
smaller than last year, and 800 per cent.
smaller for the month thus far than in
1892. The railroad earnings begin to
show Improvement being 81, per cent.
larger than last year for the second week
of February and 79 per cent. for the
month, and only So per cent. less than
in the same weeks Of 1882 The fuller
returns for January now show a decrease
of So per cent. from last year and 81
per cent. from 1892. There is a noteworthy
stubbornness in the stock market, which
has declined but little, although
foreign and domestic influences have
favored decline, and the average or rail-
road stocks has fallen but TO- cents pei
share and trust stocks SO cents.