The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-01-15
YEAR OPENS WELL.
Except in Cotton American Manufacturers
Are PrOspering.

| New York, January AR. G. Dun &
Co., in their weekly review of trade will
say:
! The year has opened with very salts
| factory prospect. 1t is all the better that
| there is no wild excitement in the
speculative markets, and while stocks adj
vance little, grain yields little.
| No little stir in the market has been
caused by the announcement that the
| Western Union has purchased the tele-
of Mexico, and that the Manhattan COM
pany will equip it's plant to run train by
electricity. Beyond the speculative in
| f1uence of such statements, there is the
conviction that capitalists of influence are
disposed to invest largely upon belief in
future prospects. The wheat market has
been curiously languid, yielding IA of a
cent, although Atlantic exports amount
to 6,056,7 7SS for the two weeks of Janu-
ary, against 3,9S6.3i7 last year. Corn ex-
ports continue large, though not equal
| to last years, amounting to g. 1856, 6SS
bushels, against 4, 147, ,652 for the week
| last year, and the price dropped 3-4 of q
cent. Spot cotton is a 10Th lower for
middling uplands mainly because of the
stoppage of some mills by difficulty about
wages.
A most encouraging feature is the re-
port of foreign trade, the principal ex-
ports amounting to $SS 076, 4S0 for the
month Of December, against $50, l26, s65
last year, when the aggregate of all ex-
ports was s6l7, ,0u0,0U0. The increase
promises an even larger excess of exports
over imports for the month than was
expected, and in spite of a decrease of
81, 900, 900 in cotton, nearly all due to
fall in prices, and some decrease in oil
for similar reason, the increase in
| nd in, hToo t1ff
an increase which for the calendar year
is 81 900, COO New York exports in Jan
uary thus far are smaller than last year
while imports in January are also small
er. but at this season larger proportion
of the exports goes to other cities.
| The Hiron furnaces in blast January l,
report an output Of 22S, Gus tons weekly,
with an increase of 12,4sl tons, in the
unsold stock held by furnaces.
| The Pennsylvania railroad has ordered
| 100000 tons steel rails, and new rail-
road in Maine 12,0U0 tons. and other or
ders for cars. railroad supplies and plates.
| bars and structural material are I'M
usually large for the season.
| The wooden mills have been buying
wool largely and for reasons not publicly
explained. 1t is evident that large or
ders have been taken by the leadiD~ mills
and at prices which they find satisfactory
and the rush on the small mills to buy
has made most of the market during the
past week, although sales have declined
about 40 per cent compared with the
previous week. But there is decidedly
better demand for mems wear goods. and
| the makers look forward to good sea-
son. The cotton manufacturers, heavily
overloaded by excessive production, find
no increase in demand and no gain in
prices. The boot and shoe manufactur-
ers shipped more cases from the east dur
ing two weeks of January than ever be-
fore, but it is receiving few orders, al
though in brogans and women's light
gods the orders are enough to run the
| factories for some time.
Failures for the past week have been
| 349 in the United States against ass last
year, and As in Canada against AZ last
year.