The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-19
THE WEEK In BUSINESS.
ONLY THE STOCK MARKET AFFECT
ED BY THE MAINE DISASTER,
wheat Rises Due to Continued Exports.
Cotton Unchanged-Product OF Iron
Exceeds the Consumption,

NEW YORK. FEB. B-R. G. Dun's Re
view Of Trade says:
The dreadful disaster 70 the Maine
much as it has affected all hearts has
not much affected business. only In the
stock market. where there was selling
Wednesday by speculati0ns on thin mar
gins. but no other speculative market
was affected.
The advance Of ten per cent I'm wages
by some GOgebic mines rs expected 20 De
general throughout the Lake region eN-
cepting the Mesabi district, and prices OF
ore from the other ranges this year have
been advanced fifteen per cent. with an
allotment of six million tons outside Car
negis mines, which betokens an output
much the largest ever known.
WHEAT ADVANCES.
Wheat has risen 3-S and exports c0n-
tinue SO heavy that q material advance
Is natural Atlantic exports IN three
weeks have been Sfl6i9j bushels, flour
included. against 5.66l.9n last year. and
Pacific exports have been 2f6.6j2 against
147l.7S2 last year. Such shipments with
heavy engagements for the future In
spite OF II 1905 31 bushels corn exported
against 125OL24 bushels in the same
weeks last year. are conclusive proof OF
the urgency of foreign needs
Wheat receipts hold up we'll though not
exceeding last years as much as exc
ports I'm three weeks LTj,56s bushels,
against AS474O last year. The bottom
fact is that the world needs wheat which
this country only can supply for about
six months 10 come.
Cotton Is held unchanged. though q lite
tie lower for options. prospects of dee
crease I'm the next yield being the main
support.
Tho iron OUTPUT February lst with pee
ports Of stock on hand not held by the
great steel companies indicates cone
sumption at least 1900 tons per week
greater I'm January than the previous
maximum attained boz November. 1875. THE
production is at present greater Than
consumption. stocks having incr dsDd
9Ot tons weekly in January outside 'ho
steel companies. whose stocks presumably
decreased Some weakness iu pig would
naturally result but while gray forge
has declined at Pttsburg 90 $500 with
Southern iron offered at Chicago at cot-
cessi0ns no changes appear DO products.
Though new business has been
somewhat disappointing. the works
are mainly supplied for months
and wire nails. increased demand and
heavy business appear though bar and
pipe are weaker. and structural orders afe
scasonably slow
MINOR METALS.
Minor metals have advauccd-tin io
14g0 cents ON considerable consuming dee
mand. copper to d "a for lake on heavy
exports. and lead $50 and sre.ter to lN
cents on speculation but failure CD or-
ganizo tho tim pool causes weakness.
American selling at So and lower t- enc
west
I'm the cotton manufactures production
IS restricted by strikes. and some grades
are shade dearer. The recent openin-
of higher grade woollens at am advanced
price meet less demand and than was
expected with less activity m lower
erndos and unexpectedly numerous cane
cenations i'm light weights. indicating
larger buying than consumption
Failures ZOO the United states nave
been 2q5 i'm the week against Bob .a-t year
and IS I'm Canada. against 8, last year.
Brad,treots.
Nrw YORK. Feb. ls.-Bradstrcets toe
morrow will say:
Favorable features dominate the gone
eral situation as I'd whole ana Few come
morcial conditions present themselves
which can be regarded as BOB amy degree
disturbing. Celief among those FACTORS
which account for continued or grown
strength In commercial lines may hc meme
TONED the renewed tendency toward al-
yances in quotations of ah staple aillc.t5
and the steadiness of prices Boo other int
where the increases are not at me moo
ment repOrtable Perhaps second ODD ine
list OF suspicious features is the conun-
uance of marked activity ln nearly 1910
branches Of the iron and steel trade more
particularly in the central west where ll
IS auth0ritativoly reported over ninety pct
cent OF the pig iron furnace capacity i
i'm blast.
Tho failure of the Southern furnace
men 20 reach "a price agreement i5 'L
course DEPRESSING feature boz that pare
ticular section which however. hnbs a
countorbalancing factor in tho intention
90 advance prices reported from t"e A-7
semer ore producers
The volume of distributiye trade shows
an increase notably iu dry-eoods and gro-
ceries. also many widely spread articles.
Al the West iron and steel mills are zee
ported generally busy and unwilling to
take orders for early delivery Al CHE
cag0 10000 tons of steel rails have been
sold i'm the past two weeks.
BICYCLE TRADE.
The bicycle trade is reported starting up
well at the West. but is stu slo" at the
Fast where however. the cotton goods
situation is one OF hopeful strength owing
90 the strength of rIW material and rae
restriction OF production due to the NeW
England mill strikes. The strength OF
cotton. sugar and rice and the demand
for iron an favor the Southern trade SITE
uati0n which is also beine helped ly tne
growing foreign trade in cotton goods.
The activity I'm Alaskan shipments Keeps
vessels busy ON the Pacific coast ana
freight rates are hrm California crop
prospects are not encouraging as whole.
Brsiuess failures continue 10 decrease,
only 26q for the week. against -5 lasl
week. 3lj in the corresponding week of
1890. 276 in 1896. 327 in $3.50 and 2@ in 1884,
OF the total number of concerns falling
thirty-one per cent. had 10 capital NOT exc
ceedlng 5000. and uinetv-hve per cent
had capital below $4,000.
PRICES FIRM.
AS above inumafel the price situation
Is one Of great strength. Compared with
n week ago. not one article or staple in
use is reported lower although some low
grades of wool would have 10 Doe shaded
n free sales were desired. This Us owins
20 the absence of manufacturers from the
market during the past few weeks.
Prices Of nearly AN kinds of erain. but
notably wheat. corn and -four. and of
most metals and particularly steel biiIets
copper. lead and Tin have advanced. The
agreement by the Bcsscmer ore producer
will probably result IN an advance on the
coming seasons output.
Cereal exports tend 10 increase. EX-
ports OF wheat (four included ior The