The leader., 1898-03-09
puN,s COMMERCIAL REVIEW.


We while seriously Affecting stocks,
Have Not Disturbed the Industries and
the Trade of the Country at ALA een-
orally satisfactory Review.
NEW YORK. March 5.-R. q. Dun ~
Co. s weekly review Of trade says in It's
issue to-day.
Stories of the most reckless SORT
disproved promptly, and many OF them
before they are told, affected specula-
ton 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 isconfidence
that the authorities are doing what is
proper TO provide for public defense,
and business is moving on with the as
surance that it will not be seriously
disturbed.
In grain. cotton, meat, products and
petroleum the markets have been
strong. with general increases in the
demand for manufactured products.
Failures in February have been
smaller than in any other month, ex'
cept three of the previous five months,
with remarkable decrease in the fall
ures for $4,000 and over, though in
number and amount the smaller fail
ures show less change than might have
been expected, indicating that in good
times or bad large proportion is due
| to causes apart from the conditions OF
business.
The ratio of defaulted liabilities to
payments through the clearinghouse,
is but 81. II per 81 900, q lower rate than
has appeared in the first quarter of any
year except 1890 and 1884, of the past
% years. The best evidence of general
improvement is the fact that payments
through clearinghouse for the past
week have been 2S.0 per cent. larger
than in 1892 and outside New York,
with its speculative interests, l7.6 per
cent. Compared with last year the
gain has been 500 per cent. for the
week. and 49.s per cent. for February.
Production of pig iron is the greatest
ever known, some furnaces having
started in the past month, but Besse-
mer billetS are so scarce at Chicago
that some works are embarrassed, and
heavy purchases at Pittsburgh, includ-
ing one of $4,000 tons, have stitfened
so that Bessemer iron and coke at Chi
cago are stronger than since November
/, with gray forge unchanged at Pitts
burgh. Foundry at the east is slightly
lower, basic pig having been offered in
a sharp competition at about $40,
though southern makers in Alabama
and Tennessee, except two, have agreed
upon plan of sales through commits
sion.
| The demand for finished products
covers work far ahead in plates,
structural forms, sheets, in pipe (since
the advance in Dill, and in rails, with
a Chicago sale for Canadian road to
Alaska; but bar is weak with increas-
ing use of steel, and tin plates are
quoted at S2s5 against 81 for the same
guilty of foreign.
The strike in the cotton mills does
not spread, but helps to slightly better
demand for goods, while in woolens
the business is slow in some of the
finer qualities, which have been much
advanced in price. Other grades as well
as cancellations have also exceeded re-
orders, indicating less distributing
than was expected at the advanced
prices.
Wool has yielded little, the average
of 100 quotations by Coates Bros, for
domestic being O23 against 20. SO cents
February 1, and while yielding is thus
far mainly in inferior qualities, stocks
at least three years old are pressed for
sale.
Wheat has grown stronger, experts
| continuing at rate which threatens
exhaustion of the supply, if trade re
ports of farmers stocks are correct
From Atlantic ports 2,426, 240 bushels
went out, flour included, against 1,36S,
41s last year; and from Pacific port'
s64, 1913, against 479,959 bushels last
year. The price has risen one cent
but it is possible that the estimates Of
last years stocks, though 100000
bushels in excess of the government
estimates, may prove too small.
| Corn declined only of cent, with
exports of 4,74s,s43 bushels, against
4,22l ,9S5 last year.
| Failures for the week have been PSI
| in the United States against 246 last
year and 80 in Canada against SO last
year.