Evening journal., 1898-03-05

AiANOf All OlNE AMI tNADE DI--
FAULTS ARE SMALLER.
Duns Review has This to say about
trade conditions:
While the nation stands ready to
support President Mckinley, as it was
ready to support President Cleveland,
in any just controversy, it is gratified
by the calmness and justice shown in
waiting until facts determine
whether there is ground for complaint.
Stories OF the most reckless sort, dis
proved promptly, and many of them
before they are told, affected specula-
tion in stocks much last week. and at
times this week, but they have not dis
turbed the industries and the trade of |
the country at all. There is confidence |
that the authorities are doing what is /
proper to provide for public defence, |
and business is moving on with the as
surance that it will not be seriously |
disturbed. The nation looks for peace |
| but knows that its sources of prosper |
ity are quite beyond the reach of any |
attack that is possible. In grain, cot |
ton, meat products and petroleum,
markets have been stronger, with grad
ual increase in the demand for manu-
factured products
| IallQlN No III I0DIudII HdN0 Uttu
smaller than in any other month, ex-
cept three Of the previous fifty-two
months, with remarkable decrease in
the failures for 100000 and over,
though in number and amount the
smaller failures show less change than
might have been expected, indicating
that in good times or bad a large pro-
| portion is due to causes apart from
the general condition Of business. The
ratio Of defauted liabilities to pay
ments through clearing houses is but
$l7l per 81 900, lower rate than has
appeared in the first quarter Of any
year. except 1880 and 1881. of the past
twenty-three years. The evidence of
general safety and eolvenoy is gratify-
ing, while in most branches of manu-
iacture and trade defaults are smaller
than in February for four years past.
The best evidence of general i'm
provement is the fact that payments
through clearing houses for the past
week have been $50 per cent. larger
than in 1892, and outside New York
with its speculative interests, 17.6 per
cent Compared with last year. the
gain has been 56.2 per cent. for the
week, and 49.S per cent. for February.
This startling expansion in the volume
of actual business is not due to advance
! | in prices. Wheat is not now higher
o | ticns showing a gain onr3-hd41a nhm
I | than in 1892, while cotton has been
a | lower and iron and all manufactured
/. products. In spite Of much reduction
: In rates, railroad earnings in February
are 3.S per cent. larger than in 1892
- nearly all important sections showing
o gain, while east-bound tonnage from
y | Chicago for four weeks has been 400.
h 955 tons, 151s per cent. larger than last
year, and 3.4 per cent larger thar
W 1892.
's Production of pig iron is the greatest
~ ever known, some furnaces having
n started in the past month, but Besse-
Il mer billets are so scarce at Chicago
that some works are embarrassed. ans
% heavy purchases at Pittsburg, includ.
y J Ing enc of $4,000 tons. have stiffeneC
i the price so that Bessemer pig and lOca.
ID coke at Chicago are stronger thar
since November 1st, with Grey Forge
unchanged at Pittsburg. Foundry at tn,
East Is slightly lower, basic pig havinf
r. been Ohered in sharp competition a.
ID / about $40, though Southern makers II
W Alabama and Tennessee, excepting two
- have agreed upon plan of sale,
through commission. The deman,
Tor finished products covers work IA.
III ahead in plates, structural forms
sheets, in pipe since the advance in oil
or and in rails, with a Chicago sale for
y canada road to Alaska. but bar is weal
Win increasing use CT steel. and iii
m plates are quoted at $2.S5 against s
Tor the same guilty of foreign. III,
Is stronger at l4.2 cents, and Lake con
= per at 11.S7 cents.
Ihe moderate concessions made ID
| nn0f and Chrn
p. ing less than 2 per cent. as qllotation
given this week show. were largely 4
- contracts for payment within thirt
days after delivery, thus getting rid {
- grave danger to the trade. They hav
SS secured orders far larger than at thl
to time in any previous year whilesalesi
tie February were IL per cent, larger tina
Ne last year and 2S per cent. larger tina
ay | 1892. Leather has yielded slightly
~ and also hides, both being yet relative
Dor, ly higher than boots and shoes. I'll
strike in cotton mills does not sprea,
but helps to a slightly better deman
- for some goods. while in woolens tl
business is slow in some of the fin,
''on qualities, which have been much az
of vanced in prices, and In these an
ar other grades as well cancellations hay
cis often exceeded recorders, indicatlr
less distribution than was expected
Z. the advanced prices. Wool has yieldC
ny a little, the average Of 100 quotation
est by Coates Brothers for domestic b
70 ing 20.2S cents against 20.S3 cents Fe'
A ruary I, and while yielding is TIN
90 far mainly in inferior qualities, stool
- at least three years old are pressed f
sale.
Wheat has grown stronger, eXpOr
yer continuing at a rate which threatel
by exhaustion Of supply, if trade repor
~ of farmers stocks are correct. Fro
Atlantic p0rts2, ,426 240 bushels wentcl
set. -four included, against 1854 la
year, and from Pacific ports S64 50
against 479. .959 bushels last year. n
price has risen one cent, but it is DO
slble that the estimates Of last veal
stocks, though fifty million bushels
excess of the government estimate
may prove too small. Corn has d