The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-02-12
SPRING BUSINESS
OPENS LIVELY
January the Best Month 10 the Past
Six Vesrs.
FEBRUARY RETURNS ARE PROMISING
The Output of Pig Iron the Largest
in the History of tho Business.
Cotton Booms and Tin and Copper
Advance in Price, shown
by Bank CIearings Is Again Beyond
Previous Records.

New York, Feb. 11.-R. G. Dun & Co.,
in their Weekly Review of Trade to-
morrow, will say:
Business is pushing towards spring
activity rather early. Events which
have controlled are good buying by
largest makers, the rise in cotton, with
strength in goods, the great railway
consolidation and the Cuban insurrec-
tion. The latter, with its possibilities,
operates as a brake on speculation, and
foolish news of local traders gave for
eigners much desired opportunity to
buy stocks, on balance of about $4,000
shares. January earnings, $3S,017,4 All
already reported, are 1876 per cent. bet
ter than last year, and 9.5 better than
in 1892, showing the best month in six
years at least. and February returns
thus far are promising.
The output of pig iron February 1
was 1923 tons weekly, the largest in
the history of the business, but the
reported buying of 100000 tons of Bes-
semer iron by the Carnegie company
and 100000 by another of the largest
steel concerns, nevertheless means de-
cision by the ablest manufacturers that
the unprecedented output on pig iron
Will soon prove too small for the grow
ing demand for finished products. The
Illinois Steel company has contracted
for million tons of Bessemer ore and
producers of other ranges count upon
an advance In price. Bessemer pig
rose to $10.15. and Grey Forge to so at
Pittsburg, with finished products gen.
orally stronger, and in larger demand
than ever at this season. Rail con-
tracts already cover, it is said, more
than last years production, and the
| railroads are buying earlier than usual.
Bar contracts for wagons, agricultural
| implements and other manufactures
| are heavy at the west; structural con-
| tracts there are very numerous, and at
the east large, with $4,000 tons esti-
| mated for New York buildings alone
| this year, while plate and sheet con-
tracts for the season are unprece-
| dented.
January was one of the biggest
months in the Connellsville coke out
put, 623,975 tons, and furnace continued
| at the same price. Tin rose to IA cents
| in spite of heavy shipments and cop
| per to IL cents or better for lake in
spite of enormous American produc-
| ton.
RISE IN COTTON.
The rise in cotton, 5-16 cents for the
week, results in part from better pros
| poets for manufacture here and abroad
| but only in part. Spectators became
| persuaded that efforts for a short croI
| this year would prove effective and a
heavy short interest covered. The ac-
| tual movement shows no change OF
| consequence, but prices Of goods have
a stronger tone, and foreign prospects
are better. With the better tone pre-.
vailing, this manufacture should soor
feel the heavy demand which other in.
| dustries are meeting.
Wool sales at the chief cities were
| only 5,303,2 200 pounds for the week, an6
| IL 1854 600 for two weeks, against %, ,721 ;.
600 last year. Prices are still strons
in spite of the general Indifference o.
manufacturers who seem to have Sc
cured ample supplies. For the better
grades of woolen goods an advance
averaging 175 per cent. from last yeal
is readily maintained. The opening o.
works idle for years in spite of tn,
heavy production already assured, /!
a striking feature in this, as in thu
iron and other industries, and implies
heavier demands for products than ar,
now met by the unprecedented output
Wheat ihas been strong, with spot ad
vancing two cents and May 2% cents
although western receipts have beel
for two weeks 5,366.71S bushels, agains
3,317,s95 last year. but Atlantic exports
have been 5,275,43S bushels flour in
cluded, against 4,O26,596 in two week
last year with Pacific exports large
Corn exports are also surprisingly wei
sustained, 7,164.762 bushels against 7.
S23,S65 last year, and the price has ad
vanced a trihe. 1t is yet too early 70
prospects of a coming crop to inf1u
ence markets materially, and heay,
operations in Chicago, with reporte,
sales of a million bushels for export
on Thursday have deferred specula
tive selling.
Business shown by bank clearings 1
again larger than ever before, 54.7 pc
cent. larger than last year for the week
and for the month to date 44.3 per cent
larger than last year and 1876 per cent
larger than in 1892.
Failures for the week have been 90
in the United States, against 267 las
year and 43 in Canada, against 61 las
| wear.