The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-15
BUSINESS FAILURES SHOW :
FAVORABLE FAILING OFF.
COTTON ADVANCE CHEERS THE SOUTH
The Advance Ascribed 10 Better Prospects
for Manufacture Here and Abroad
Moreover, Spectators Fear a
Short Crop this Year.

say in its issue tomorrow:
Business i pushing toward spring ac-
tivity rather early. Events which nave
controlled are buying Of iron by IN"
largest makers. the rise in cotton with
strength in goods. the great railway con
solidation and the Cuban lnSurfectton.
The latter. with its possibilities. operates
as a brake on speculation, and foolish
ness of local traders gave foreigners a
much desired opportunity to buy stocks
on balance about $1,000 shares. Janua-
" earnings. S3S,O17,417 already report
ed, are 1876 per cent better than last
wear and 30 better than in - show
ing the best month in six years 1T least.
and February returns thus far are
promising. The output Of pig drOn Feb
ruary l.. was 229,S23 tons weekly, the
largest in the history of the business but
the reported buying Of 100000 tons
BeSsemer iron by the Carnegie Company
and 100000 by another of the largest
steel concerns. means decision by the
ahlest manufacturers that the unprece-
dented output Of pig will soon prove too
small for the growing demand for finish
ed products. The Illinois Steel Compa-
nv has contracted for a million tons
Ressemer ore. and producers Of other
ranges count upon an advance in price.
Ressemer pig rose to S1O.15. and grey
forge to SO at Pittsburg. with finished
products generally stronger. and in
larger demand thar ever at this season.
Rail contracts already cover, it is said,
more than last years production, the
railways buying earlier than usual. Bar
contracts for cars. wagons. agriculture
al implements and other manufactures
are heavy at the West: structural con-
tracts there are very numerous and
at the East large. with sixty thousand
tons estimated for New York buildings
alone this year. while plate and sheet
contracts for the season are unprcea-
dentcd.
January was one OF the biggest months
in Connellsyille coke. output, 623.9Io
tons. and furnace continued at the same
price. Tin rose to IA cents in spite Of
heavy shipments and copper to II cents:
better for lake in spite of enormous Am
erican production.
The rise in cotton five s;xtoentTs for
the week. results in part from better
prospects for manufacture here and
abroad. but only in part. Spectators
became persuaded that efforts for Il short
crop this yea would prove effective and
a heavy short interest covered. The act
ual movement shows no change of con
sequence. hut prices Of goods have Il
stronger II and foreign prospects are
better. With the better tone prevail
ing. ills manufacture should soon feel
the heavy demand which other indus
tries are meeting. Wool sales at the
chief cities were only 5.303. 300 pounds
for the week. and II. 6G4. 900 for two
weeks. against 22.721 900 last year.
Prices are still strong in spite of the
general indifference Of manufacturers
who seem to have secured ample sun
lllcS. For the better grades of wooden
goods an advance averaging 10 per
cent from last year is readily maintain
eel. The opening Of works idle for
years in spite of the heavy production al
ready assured. is a Strikin. feature in
TINS rs IN the iron and other industries.
and implies heavier demands for pro
ducts than are now met by the unpreec-
denied output.
Wheat has been strong with spot adj
Vanclng two cents and May 234 cents.
though Western receipts have been
for two weeks 5,366. us bushels agains.
3.ol1.S9o last year. Atlantic exports
nave been 5.2l4,43S bushels. flour in
cInded. against 4.026,596 in two weeks
last year with Pacific exports large
Corn exports arealso Surprisingly well
sustained. l,164 162 bushels against =
S23.S6o last year, ard the price has
advanced a little. 1t is yet too early
Tor prospects of Il coming crop to intlu-
ence markets materially. and heavy ope-
ratlons 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. OH pei
cent larger than last year for the week
and for the month to date 44.3 per cent
larger than last wear and 100 Der cent
larger than in 1892.
Failures for the week have been oG-
in the United States against o67 last
year and 43 in Canada against 81 last
year.
BRADSTREET'S REVIEW.
New York, Feb. n.-Bradstreet's to-
morrow will say:
\ number of favorable circumstances
and events present themselves this
week. Perhaps the most notable of these
are the renewed activity and confidence
in the iron and steel market. accom-
panied by prompt and even RAPID ad
vances in several grades of crude pie
iron and steel and the advance in the
price OF raw cotton. long predicted bu1
unrealized until the present week. VIVA
might be regarded as q minor feature
in the business situation. though at the
same time conveying much that is hope
full to the interest involved. is Il quite
general Improvement in diStributlvt
trade and demand in the central Yves
and in the South, where spring trade
is reported opening in good shape. Les
favorable Textures Of the week are tbs
S.oWneSS Of spring trade III dry good:
10 develop 1T New York and other East
erl centres. except Boston and the mllt
weather in the Northwest rendering ]
likely that retailers stocks carried Owe
Will be larger tina expected. Although
the advance in cotton has been claimed
to he too rapid. it has undoubtedly Inn