The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-12
IRON IS THE FEATURE.
GENERAL IMPROVEMENT IN THE
DISTRIB TRADE.
Effects Of the Advance In Cotfon-slight
Fall In Wheat Exports but Increase
in Corn-Bank Clearings.


by prompt and even rapid advances In
several grades of crude pig iron and steel
and the advance i'm the price of raw cot
ton. long predicted, but unrealized until
the present week.
What might be regarded as n minor
feature in the business. although at the
same time conveying much that Is nope
full TO the interest involved. Is quite
general improvement I'm distributive trade
and demand in the central West ana III
the South. where spring trade Is report
cd opening I'm 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 centres, ex-
cept Boston. and the mild weather in
the extreme West rendering it likely that
retailers stocks carried over viii be
larger than expected
ADVANCE IN COTTON
Although the advance I'm cotton has.
been claimed to be too rapid. II has I'M
doubtedly impaired n much more cheer
ful tone to the Southern business situa-
ton. and with the advance in iron and
steel has done much TO add TO the conf
dence with which the trade outlook for
1898 is regarded. Business failures con-
tinue TO make favorable comparisons
with previous weeks and years, the total
for the week just ended being Z'6.
against 295 last week. 30l in the cores
ponding week OF ~. ISL in Ihe week OF
SO. 2e6 in '9j. and 2sS in 81.
Canadian failures for the week num-
Der 81 against ~ last week. but COM
pare with 81 in this week year ago,
and 20 in the corresponding week of
1896.
Wheat exports falls slightly below last
weeks reduced total. aggregating for
the week 439l,50i bushels against $685.
600 bushels last week. 205l. 900 bushels IN
the corresponding week of 1897. 21lS.o00
bushels I'm 1896. 2572,0c0 bushels In 1895
ard 2005M0 I'm 1894.
Corn exports show q gain amounting
as they do TO 450S,000 bushels against
100000 bushels last week, 4.l09,Op0 in 1891,
$4,000 in 1896 and $4,000 bushels In 1898.
Bank clearings continue TO point TO an
immense business doing in tho country
at large. in total aggregating for the
week sl,f34 100000 less than two per cent.
smaller than last week. % per cent.
larger than in the corresponding week
last year. IS per cent. larger than this
week in 1886 "a per cent. larger than
in 1895. 50 per cent. larger than in 1894
and Go per cent larger than this week
in 1892.
II. G.. Dun & Co.
NEW YORK, Feb n.-R. G. Dun &
Cos Weekly Review of Trade will say
in its issue tomorrow:
Business is pushing toward spring ac-
tivity rather early. Events which nave
controlled are good buying of iron by the
largest makers, the rise in cotton with
strength In goods the great railway
ton.
The latter. with it's possibilities. oper-
ates as a brake on speculation and fool
ishness of local traders gave foreigners
much desired opportunity to buy
stocks on balance about 5000 shares.
January earnings s3S0l7,4l7 already re-
ported. are 1916 per cent better than last
year and 9.5 better than in 1892. show
ing the best month in six years at least
and February returns thus far are
promising.
The output Of pig iron February LIST
was 229.S23 tons weekly the largest in
the history Of the business but the re-
ported buying OF 10000 tons Bessemer
iron by the Carnegie Company and 10000
by another Of the largest steel concerns
means decision by the ablest manufac-
turers that the unprecedented output
OF pig will soon prove 10 small for the
growing demand for finished products.
The Illinois Steel Company has con-
lfdtltu LOT Il IlllllpU loNH Dtr0tiltI ore
and producers of other ranges count upon
an advance in price, Bessemer pig rose
to $lO.15. and Gray Forge TO 81 at Pitts
burg, with finished products generally
stronger and in larger demand than ever
at this season.
RAIL AND BAR CONTRACTS.
Rail contracts already amount. It is
said. 10 more than last years produc-
ton. the railways buying earlier than
usual. Bar contracts for cars. wagons,
agricultural implements and other manu-
features are heavy at the West. Con-
structural contracts are very numerous
and at the East large. with sixty thou
sand tons estimated for New York build
ings alone, while sheet and plate con-
tracts for the season are unprecedented.
January was one OF the biggest months
in Connellsville coke output-5233i5 tons
and furnace continued at the same price
Tin rose to fourteen cents in spite OF
heavy shipments, and copper 10 eleven
cents or better for the lake. in spite Of
enormous American production.
The rise in cotton-nve siNteenths Tor
the week-results in part from better
prospects for manufacture mere ana
abroad. but only in part Spectators
became persuaded that efforts for a snort
crop this year would prove effective and
a heavy short interest covered. The ac-
tual movement shows no change OF con-
sequence. but prices or goods nave
stronger tone and foreign prospects are
better With the better tone prevailing
This manufacture should soon feel the
heavy demand which other industries are
meeting. II.
Wool sales at the chief cities were only
r 2o3 900 pounds for the week and lloot'oVO
for the two weeks. against 2. III oVV iaS.
wear. Prices are stu strong III spite Vi
the general indifference or manulaVl
rers. who seem TO have secured anip amp,
supplies. For the better grades .. -
len goods an advance averaslns 10 H.
cent from last year IS reaully mann
tanned. -...,>,c
The onening or works idle for years IN
snite of the heavy production already
assured. IS striking feature IN this as IN
the iron and other industries, ana I'M
rI,es heavier demands for products tnan
are now met by the unprecedented out
put. .,,h srot a..
,.,rced two cents and May 81 cents
though Western receipts nave oeen iol
two weeks $780,. rs bushels against S,"l|'
SOS last year Atlantic exports nave oeen
3 ga. 4sS bushels. -four included. against
A o9e 5a6 in two weeks last year. with
Pacific exports large.
CORN exports are also surprisingly wei
sustained. 7.i6i762 bushels against 'sZ5'-
S,;5 last year and the price mas auNahceu
a tribe II Is yet too early for prospects
of a coming crop 10 influence markets
materially and heavy operations at mi
cago. with reported sales OF a miilon
bushels for export on Thursday, have de-