The record-union., 1898-02-12
REVIEW OF TRADE
CONDITIONS.
Business Pushing Toward Spring
Activity Rather Early.
Good Buying Of Iron aid a Rise in Cotton
the Controlling Events.
Business Shown by Bank C1earings
the Past Week Larger Than
Ever Before-Failures Continue
to Make Favorable Comparisons
With Previous Weeks and
Years.

ears
NEW YORK, Feb. 11.-R. C. Dun &
Co Weekly Review of Trade" will
say in it's issue Of Tomorrow:
Business is pushing toward spring
activity rather early. Events which
have controlled are good buying of iron
by the largest makers, the rise in cot
ton with strength in goods, the great
railway consultations and the Cuban
insurrection. The latter, with its pos
sibilities, operates as a brake on spec
ulation, and foolshness Of local trad
ers gave foreigners much desired OPP
portunity to buy stocks on balance,
about 1900 shares. January earn
ings, S:S, OF All already reported, are
1876 per cent. better than last year and
90 better than in 1897. showing the
best month in six years al least. and
February returns thus far are prom
ising.
The output of pig iron in February
was 229 S93 tons weekly, the largest
in the history of the business, but the
reported buying of 10000 tons besse-
mer iron by the Carnegie Company and
100000 by another of the largest steel
concerns, nevertheless, means decision
by the ahlest manufacturers that the
unprecedented output of pig will soon
prove too small for the growing de-
mands for finished products. The H.
inois Steel Company has contracted for
a million tons of Bessemer ore, and pro-
ducers of other ranges count upon an
advance in prices Bessemer pig rose
10 $40 II and grey forge to 50 at Pitts
burg. with finished products generally
strong and large demand at this sea-
son.
Rail contracts already cover, it is
said, more than last years production,
the railways buying earlier than usual.
Bar contracts for cars, wagons, agri-
cultural implements and other manu-
features are heavy at the West, struc-
tural contracts there are very numer-
Gus and at the East large, With 10000
tons estimated for New York buildings
alone this year, while plate and sheet
contracts for the season are unprece-
dented.
January was one of the biggest
months in Cinnellsville in years, the
coke output being 653, 103 tons. and
furnace continued at The same price. Tin
rose to 14c, in spite of heavy ship
ments, and copper to lie or better, in
spite of enormous American produc-
ton.
The rise in cotton, 5-16 Of a cent for
week, results in part better prospects
for manufacture here and abroad but
only in part. The actual movement
shows no change of consequence, but
prices of goods have a stronger tone.
With the better tone prevailing. this
manufacture should soon feel the heavy
demand which other industries are
meeting.
Woods sales at the chief cities were
only 5,303, 200 pounds for the week and
I .664 500 for two weeks, against D.
721 900 last year. Prices are still
strong, in spite of the general indiffer-
ence Of manufacturers. who seem to
have secured ample supplies.
For the better grades of woolen goods
an advance averaging 1870 per cent.
advance from last year is readily main
tanned The opening Of works idle for
a year. in spite of the heavy produc-
ton already assured, is a striking feat
ure IN this. as in the iron and other
industries, and implies heavier demands
for products than are now met by the
unprecedented output.
Wheat has been strong. with spot ad-
vancing cents and May 2$4, though
Western receipts have been for two
weeks ;, $40 IFS bushels. against 3,31I,-
97J last year. but Atlantic exports
have been 5.274 ,43S bushels, flour in
cluded. against 4O26, ,596 in two weeks
last year with Pacific exports large.
Corn exports are also surprisingly Well
sustained, 1,164, 162 bushels, against q
S23. $50 last year, and the price has ad-
vanced a trifle. 1t is yet too early for
prospects of a coming crop to influence
markets materially. and heavy opera
tions at Chicago. with reported sales Of
a million bushels for export on Thurs
day, have deferred speculative selling.
Business shown by bank clearings is
again larger than ever before, al
larger than last year for the week and
for the month to date, 4i.3 per cenr.
larger than last year and 1876 per cent.
larger than in 1S92.
Failures for the week have been 239
in the United States. against 26I last
year, and 43 in Canada, against 81 last
year.
NEW YORK, Feb. 11.-Bradstreet's
tomorrow will say:
A number of favorable circumstances
and events present themselves this
week Perhaps the most notable of
these are the renewed activity and con-
fidence in the iron and steel market,
accompanied by prompt and even rapid
advances in several grades of pig-iron
and steel, and the advance in the price
of raw cotton.
What might be regarded as minor
feature in the business situation,
though at the same time containing
much that is hopeful to the interest
involved, is a quite general improve
ment 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 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 longer than earlier
expected
Although the advance in cotton has
been claimed to be too rapid. it has
undoubtedly impaired a much more
cheerful tone to the Southern business
situation and with the advance in iron
and steel has done much to add to the