The evening tribune. (Pawtucket, R.I.) 189?-190?, 1897-02-27
Bradstreets Weekly Letter on
Condition Of Business.
Many WO0Ien Mills in New
England Have Started Up.
Surprising Weakness In the Price Of Wheat
Outlook Regarded Very Favorable.

>.
The placing Of orders for nearly L.
500. 900 tons OF steel within the past three
weeks Is the most important influence
for improvement in general trade since
the November election. good share
OF these orders Is for blooms and billets,
placed with the more modern among
the larger steel mills, the latter find
themselves well supplied with work for
months The Bessemer pig iron and steel
billet markets have been duly influenced
and are firm, with moderate advances
on heavy sales. The contracts for steel
rails taken since the break in the price,
together with the expenditure necessary
to lay the rails, means the placing in
circulation OF no less than $50, ,000, 900.
The meaning of sales of rails for ex-
port has been exaggerated, as some
orders placed abroad were due to Eng
llsh mills being temporarily engaged
on other forms of steel. The rush fol-
rails appears TO be about over, and the
outlook is for higher prices. Consump-
ton Of Bessemer pig iron Is in excess
of production, and wire and wire nail
mills are running full time. Many
woollen mills in New England have
started up. Manufacturers are buying
in expectation of a duty being placed
on raw WOOL Recent Improvement in
cotton goods is maintained.
At most cities there has been no change
in the volume or temper of the trade
Demand has been quiet, and while eX-
pectations favor an early Improvement
progress thus far has been somewhat
disappointing. The most marked
gains are at Chicago and st. Louis
where visiting merchants have made
relatively heavy purchases of dry goods
clothing and groceries. Jobbers at
Cleveland. Cincinnati, Milwaukee and
Louisville in some instances regard the
outlook as more favorable. Unfavor.
able weather on the South Atlantic
coast and at the Northwest has inter.
rupted business, and reports from Gal.
weston and Nashville are that the move
ment Of merchandise has been dis
appointing.
The surprising weakness in the price
of wheat corroborates earlier express
sons of opinion that the size of the DOM
estic wheat crop in 1896 is understated
i'm the government report. With total
weekly exports of wheat (fiour included
as whCaO continuing to show falling
off Of from one quarter to one third,
notwithstanding the reduction in price
the worlds estimate of the supply and
demand of wheat evidently favors the
purchaser more than at any previous
time in the current cereal year.
The holiday on Monday restricted tn.
volume of bank clearings more thar
the corresponding holiday a year ago
which occurred on Saturday, a half
holiday The weeks volume of clear
ings is $7S3, ,420. 055, II per cent less than
last week, but IA per cent less than in
the lik- Weeee.i.. one year ago, and only "
Der cent larger than In the correspond
ing week in 1885. Even when compared
with the last week of February in 1894
this weeks clearings show a decrease
Of per cent. Contrasted with the
corresponding total in 1893, the falling
off is q per cent, and with 1892 it is 26
per cent,
The price movement is more favorable,
with advances for hides, and in some in
stances for shoes, for Bessemer pig iron,
steel billets, cotton, Indian corn, oats
cheese and turpentine. Leather re-
mains firm at the recent advance, Gnd
lumber, Southern pig iron, bar iron, steel
rails, resin rice, wheat flour, sugar and
coffee are practically unchanged.
There are 25S business failures re-
ported throughout the United States
this week, compared with 325 last week,
271 in the week cne year ago, 234 in the
last week in February 1895. 272 in the
corresponding week in 1884, and as con-
trasted with 217 in the like week of 1888
Railway earnings continue TO improve.
Total gross earnings Of 20 leading rail
roads for the third week OF February
show n gain Of sc per cent over the cor
responding period Of last year, III per
cent gain over two years ago and nearly
16 per cent over 1894.
Exports of wheat (fiour included as
wl,eaD from oath coasts of the United
States this wecN Zone holiday and from
st. John. n. H., have fallen off sharply
the total amounting TO 1,372, 2l6 bushels
the smallest Ike total since the last
week In April 1896. compared with q.
10000 bushels last week, 2, 2,2O6. 900 bush.
els i'm the last week OF February 1896
2,e99.00) bushels in the correspondin,
week Of 1895, 2.S72, 900 bushels in the like
week Of 1894. and az contrasted with g..
PSI, 900 bushels In n similar period I'm 1898
Exports of Indian corn amount to 4,
T44,c00 bushels this week. compared Will
6i4i 900 bushels last week. 3,l5S, 900 bush
els in the like week last year. S47, 90
bushels IN the week two years ago. 1,
70c0 bushels three years ego. and o.
| contrasted with 1,U76,000 bushels in th
| like week Of 1892. Total exports o
Indian corn during February aggregat
approximately 20.0O0,0O0 bushels, tn
| largest monthly total OF corn export
| i'm the history of the trade.