The times., 1898-02-26


New York Feb pr. G. Dun & Co. IS
weekly review of trade tomorrow will
say:
Foreign possibilities have much affect
ed speculation and caused hesitation in
some large business operations, possibly
accounting in part for a check in the
rapid advance of wheat, but Industrial
production continues larger than ever q
few more works being added to the active
list, with a decrease in the number OF
hands on strike. and renewed evidence
that the volume of business is larger in
February than any previous year. Nor
is there any symptom of senseless craze
based on rising prices. The legitimate
export and domestic demand pressed
closer to the capacity of works. and
though there is no fiighty advance in any
line, and in all narrowness of profit Is
matter of complaint, new business for
this dull season is unprecedented. Pay
ments through clearing houses have been
for the week 5I.5 per cent greater than
last year. The comparison of railroad
earnings shows increase over last year
of 120 per cent, and over 1892 of &c per
cent, all classes of roads sharing the in
crease, while the tonnage movement is
also beyond all records.
Such facts regarding the solid business
of the country make IL easier 10 appreci-
ate the speculative excitement which has
depressed railroad stocks 1913 per share
and trust stocks So 49. There We're strong
operations for decline, and weak holders
were frightened or frozen out, but invest
ment buying was at all points of decline
the conspicuous feature. and. curiously
reversing recent experience, foreign buy
ing was also heavy. reaching 100000
shares net for the week, which depressed
foreign exchange ga of cent.
The course of foreign exchange and the
strength of foreign buying toward the
close gave reason to expect that Il differ
ent temper would soon be produced, and
81, 500 900 gold was ordered on Friday.
Wheat continued its progress upward
until los "a was reached ON Monday. but
declined 31-4c. later as If there were
fears that Spain would somehow stop
British vessels from taking wheat across
the water. There is no abatement of
foreign demand. Exports were ssh
bushels -four included. for the week,
against 1926. lH last year, and Pacific ex-
ports Log, ,3I6 against 13G, 46s last year.
Corn exports for the week were AS per
cent less than last year. but the cash
price declined slightly. The spot price of
cotton was not affected.
1t is not the season for much improve
ment in textile manufacture. but the cot
ton branch has gained by the closing of
the strike in one Fall River mill and by
addition of some works at the South.
The woolen manufacture is doing more
than ever a this season. Sales of wool
are slow.
The silk manufacture shows a remarka
BILE increase during the last six months
having imported raw material far in ex-
cess of consumption in any previous year.
and at a rate of 120 per cent above the
imports in the last census year. Ship
ments of boots and shoes from the East
have been much the largest ever known
for February. Leather is 80 per cent
higher and hides 17.9 per cent higher.
The iron manufacture has more demand
for products and slightly better prices for
Bessemer pig, which has advanced to
5000 at Pittsburg. No finished products
have changed in price. and all are strong
in demand. Minor metals change but lit
tie. tin weakening shade to IA cents,
with larger receipts.
The money market has been stronger
with a net outgo of 81, 100000 currency
from New York, interior banks preparing
for spring settlements.
Failures for the week were 233 in the
United States against 296 last year and
80 in Canada against 30 last year.