Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-02-17
THE BUSINESS SITUATION.

Bradstrest's Saturday announces "a |
number Of favorable circumstances and |
events present themselves this week.
Fcrhaps the most notahle OF these are
the renewed activity and confidence IN
the iron and steel n.urket, accompanied
by prompt and even rnrld HdyanceH 10
several grades of crudo pig iron AMI
Hieel and tho advance in the price OF
raw cotton, long predicted. but IN
realizud unit tho present week. what
might be regarded as minor feature
in the business situation, though at
tho same time conveying much that is
hopeful to tho interests involved, is a
quite general improvement 10 distribu-
tive trade and demand in the Central
West and In tho South, where spring
trnno IL reported opening in good
shape. LESS favorable features of the
week arc the HlowneHs of spring trade
in dry goods to develop at New York
and other Eastern centres except Eos
ton. and the mild weather in the North
west rendering it Likely that retailers
stocks carried over will be larger than
earlier expected. Although the adj
vance in cotton has been claimed 10 lie
too rapid, it has undoubtedly impaired
much more cheerful tone to the
Southern business situation, and with
tho advance in iron and steel has done
much TO add TO the confidence with
which the trade outlook for 1893 IL re-
gartled. Bank cearngs continue 10
point to an immense business doing in
the country at large in u total aggre-
eating for the week 81, 934, 600, 000 less
than 2 per cent smaller than last week,
80 per cent larger than in the cores
ponding week last year, IS per cent
larger than this week In 1896; "a per
cent larger than in 1895; 81 per cent
larger than in 1891, and G.3 per cent
larger than this week in 1892 That the
railroads are sharing to the full in the
prosperity ruling throughout the coun-
try ia proven by the returns Of leading
companies for the month OF January.
Gond Us the showing was for the last
month Of 1857, that for January is an
even better one and with the sole ex
ception of November, 1897, that for the
month just closed, in percentage and
IN number OF gains, ranks as the best
for any month since before the panic OF
1892. The total earnings OF l2i com
panies, operating over $4,000 miles OF
road amount to Si4, l24, 600, a gam over
the same month OF 1897 OF 10 per cent,
comparing with gain of IL per cent in
December and of 81 per cent in Novem.
ber over the corresponding periods Of
the preceding year.
X. q Dun & Co. g Review for last
week says: Business is pushing
!. toward spring activity rather early.
J, Events which have controlled are good
e buying Of iron by the largest makers.
d the rise in cotton, with strength in
10 goods the great railway consolidation,
- and the Cuban inaurrection. Tho latter,
with its possibilities, operates az a
4, brake on speculation. aud foolishness
IF OF local traders gave foreigners much
10 desired opportunity to buy stock. The
II output OF pig iron February LIST was
=, 800, S:3 tons weekly, tho largest in the
le history of the business, but the reported
buying of 40, 600 tons Bessemer iron by
= the Carnegie company, and 100. 600 10y
another of tho largest steel concerns,
nevertheless means decision by the
to ablest manufacturers that the unpre.
cedented output OF pig will soon prove
y too small for the growing demand fol
3, finished products Bar contracts fol
III ours, wagons, agricultural implements
D. ana other manufactures are heavy al
ee the West structural contracts thore are
% very numerous, and at the East large,
az with 60, 600 tons estimated for New
rs York buildings alone this year, whilt
l
nI are unprecedented. January wnH ont
re Of the biggest months in Connellsvill'
y, coke output. The shipments of boot
D. and shoes from the East continue
le larger than ever, II per cent over las
81 year and "a per cent over 1892, will
~ many heavy contracts Just taken, though
p presumably at prices below makers
n' demands. The rise in cotton, 5-l6, fo
=. the wsek, results in part from bette
40 prospects, for manufacture here ant
10 abroad, but only in part Spectator
az became persuaded that efforts for
ehurt crop this year would prove of
fective, and q heavy short interes
covered. The actual movement show
ed no change of consequence, but prices o
goods have stronger tone anu foreigI
f. prospects, are better. With the bette
of tons prevailing this manufacture should
a. soon feel the heavy demand whicl
II. other industries are meeting. Whea
r- has been strong, with spot advancing
Mt cents. Commercial loans are broaden
as ing, in spite Of much heavier settle
he ments at maturity than bankers eS
10. pected, aud, as the West has growing
use for its money, recaptR from tho in
n. terror have fallen TO 81, 600, 600 for th
., week. Foreign exchange, in spite c
of of large bills against new securities an
il. products exported, IS held up by til
b, hedging OF londcrs in Europe, who hay
co renewed many of their loans, thus dc
al priving themselves of the chance q
"a. better markets here, but have guarde
u. against the future by selling bnnker1
IT, sight exchange deliverable in May a
Sl.S6.