The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-02-12
TRADE OUTLOOK FAVORABLE.
ADVANCE IN THE PRICE OF COTTON
HELPING THE SOUTH.

ness Failures Continue to Make a
Favorable Comparison.
New York, Feb. u.-Bradstreet's to-
morrow will say: "a number of favora-
bic circumstances and events present
themselves this week. Perhaps the most
notable of these are the renewed activity
and confidence in the iron and steel mar
kets, accompanied by prominent and even
rapid advances in several grades of crude
pig iron and steel and the advance in the
price of raw cotton long predicted, but
unrealized until the present week.
What might be regarded as a minor
feature in the business situation, though
at the same time conveying much that is
hopeful to the interest involved, is a quite
general Improvement in distributive trade
and demand in the Central West and in
the South, where spring trade is reported
opening in good shape.
Less favorable features Of the week
are the slowness of spring trade in dry
goods TO develop at New York and other
Eastern centers, except Boston, and the
mild weather in the Northwest, rendering
it likely that retailers stocks carried over
will be larger than earlier expected.
Although the advance in cotton has
been claimed to be too rapid, it has un-
doubleday impaired a much more cheerful
tone to the Southern business situation
and the situation with iron and steel has
done much to add to the confidence with
which the trade outlook for 1898 is re-
garded.
Business failures continue to make fav-
orable comparisons with previous weeks
and years, the total for the week just
ended numbering 27s. against 295 last
week. and S01 in the corresponding week
of 1887.
Exports of wheat fell slightly below
last weeks reduced total, aggregating for
the week S.419504 bushels, against 1886. 900
bushels last week, and 2,O51 900 bushels
in the corresponding week of 1897
Corn exports show a gain amounting to
4,50S0O0 bushels, against 4,104,000 bushels
last week and 1859 600 bushels in this
week a year ago.
Bank clearings continue to point to an
immense business doing in the country at
large, in total aggregating for the week
81, 1916 900 less than . per cent. smaller
than last week, 90 per cent. larger than in
the corresponding week last year, IS per
cent. larger than this week in 1896, "A per
cent. larger than in 1895, 50 per cent. larg
er than in 1894. and SO per cent larger
than in 1892
Dun & Co.'s Weekly Review of Trade
will say in it's issue tomorrow: "Busi-
ness is pushing toward spring activity
rather early. The events which have con-
trolled are the good buying of iron by the
| largest makers, the rise in cotton with
strength in goods, the great railway con-
solidation, and the Cuban instruction.
! The latter with its possibilities, operates
/ On
| ishness of local traders gave foreigners a
much desired opportunity to buy stocks
| heavily.
January railroad earnings, $SS, oil, AIT, al
ready reported, are 1876 per cent. better
1 than last year and 9.5 better than In 1892,
showing the best month in six years at
least, and February returns thus far are
! promising.
THE output of pig iron Feb. was
| 229, S2S tons weekly, the largest in the his
| tory OF the business, but the reported buy
/ ing of 10000 tors BesSemer iron by the
| Carnegie company and 100000 by another
| of the largest of the steel concerns, never
! theless means decision by the ablest man
ufacturers that the unprecedented output
| of pig Iron will soon prove too small for
the growing demand for finished products.
The Illinois Steel Company has contracted
| for a million tons of-Bessemer ore and
| producers of other ranges count upon an
advance in price. Bessemer pig rose to
$10.15, and Grey forge to 50 at Pittsburg,
with finished products generally stronger
| and in larger demand than ever at this
I season. Rail contracts already cover, 1t
| is said more than last years production,
the railroads buying earlier than usual.
Plate and sheet contracts for the season
| are unprecedented.
The rise in cotton, 5-l6c for the week
| results In part from better prospects for
manufacture here and abroad, but only
| in part. Spectators became persuaded
! that efforts for a short crop this year
would prove effective and a heavy short
interest covered. The actual movement
| shows no change in consequence but
prices of goods have a stronger tone and
foreign prospects are better. With the
better tone prevailing this manufacture
should soon feel the very demand which
other Industries are meeting
Wool sales at the three chief cities were
| only 5,SS,D0 pounds for the week and
II. 664. 900 pounds for two weeks against
z2,7 600 last year. Prices are stfll strong
In spite of the general Indifference of
manufacturers, who seem to have secur-
ed ample supplies. For the better grades
of wooden goods an advance averaging l7.5
per cent. from last year is already main
tanned.
The opening of works idle for a wear
IN spite or the heavy production already
assured is a striking feature in this. az
in the iron and other industries, and i'm
plies heavier demands for products than
are now met by the unprecedented OUTPUT
l. wheat has been strong, with spot
advancing cents and May 2%c. though
western receipts have been for two weeks
$685. rs bushels, against 3,S17. s95 last year
Atlantic exports have been 5.274 4SS bush
els -four included, against 4,o2s sos in two
weeks last year with Pacific exports large
Corn exports are also surprisingly well
sustained. 7164.762 bushels, against 7 S93' :
S55 last year and the price has advanced
a trife. 1t is yet too early for prospects,
of coming crop to influence markets
materially, and heavy operations al Chi
caso, with reported sales of a million
TERED speculative selling"
STOCK MARKET STRONG.