New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-14
MONEY AND BUSINESS.

five wears Cotton. wheat corn and pig iron
advanced with better demand. January ex-
norts nrobabIy exceeded S1OOOO0OOO the fifth
month I'm succession and probably the fifth in
which exports more than doubled imports. In
dustrics continue 10 gain, and the volume Of
payments through the principal clearing
houses Is ~ per cent greater than last year
and 10 per cent greater than in 1892 Railway
earnings in January. reported by The Finan-
cal Chronicle" were 15.6 Per cent greater
than last year. only eight roads showing any
decrease out 81 one hundred and thirty. with
over one hundred thousand miles worked. In
the United States alone "Dun's Review shows
earnings 1866 per cen. larger than last year
and % per cent larger than on the same roads
in 1892. making January relatively the best
month since that year. At the same time the
income of the Treasury continues to increase
and to strengthen the reserve.
The output of pig-iron February 1 was 229-
S23 tons weekly according to THE American
Manufacturer" an increase OF 1.Sii tons for
the month. the largest output ever shown by
either record. Yet. in spite Of n production
far exceeding the consumption in past years,
some of tho largest producers were buying
Bessemer pig I'm open market the Carnegie
Company 10000 tons. In the belief Of The
Iron Age" while n great Western steel com
pany is elsewhere reported as buying 100000
tons. and tho price at Pittsburg has risen ~
50 - to $40 10 with Grey Forge from s. 81
To so per ton Such advances and purchases
in the face OF an unprecedented output not
by reckless spectators. but by concerns them
selves producing enormously and needing vet
more for consumption is strong evidence that
known demands for finished products are even
greater than is generally understood and leads
to the belief that the consumption Of pig has
Overtaken the vastly increased production. The
progress OF the country can only be Judged by
comparisons which many forget to make The
production OF pig-ron in January, 1892. greater
than in any previous month in the history of
the country was 1888 tons weekly, and on
February | the price at Pittsburg was So -
for Bessemer. Now the weekly product is ~ 40
tons. or 22l per cent greater. and growing
while the price is 81 10 per ton, or 334 per
cent lower. though slightly rising
Cotton manufacture is not largely responsible
for the rise last week to 6k cents. many mills
remaining idle. while the demand for goods has
but moderately improved The idea became
current that measures TO reduce acreage were
going to be effective this year and speculative
buying on that basis drove large short inter-
est TO cover How much the next crop may be
reduced is a question which depends greatly
upon the peculiar state of the Industry in re-
gions where ready cash can be had for cotton
only. where small farmers have nothing else
with which TO pay for necessaries and where
great number OF farms are mortgaged on terms
requiring payment OF so many bales OF cotton
instead OF so much money. But the quantity not
yet marketed al the South seems likely to prove
greater than at this season for many years
Already 100000 bales have come into sight
S9590s9 on Friday. against SPAS $40 from the
largest crop ever grown before and receipts In
February have been 3S7.36S bales I'm eleven
DAYS. against 81 .4S3 bales in fifteen davs from
that crop. Exports have been about 1900 bales
less than In February 1895, Southern consump-
ton 1000 bales more. and takings by Northern
spinners 2O305 bales more. Spinners' stocks in
Europe were 10000 bales February l. against
10000 last year. and weekly consumption was
only 1000 bales larger.
In other manufactures well-dolng IL shown
by frequent accounts OF works resuming opera
ton after years OF ideness The demand for
woollen goods is strong and for the higher
grades Of goods recently opened It is estimated
that the advance In prices compared with last
years. averages about IL, per cent Sales Of
wool are small at present, manufacturers ap-
pearing well supplied. but no material weakness
IN price appears shipments or boots and shoes
from Boston have been larger in February thus
far than In any previous year. well "a in
January. and for two weeks have been 2lsiG
cases. or l64 per cent larger than In the same
weeks Of 1892. Some large purchases OF
boots and shoes have been made within the last
week, as far az can be ascertained Mt prices no:
averaging quite SO high those paid a year
ago Meanwhile prices OF leather are In the
main sustained, while hides at Chicago are held
at high figures. with reported scarcity OF supply
Wheat rose only a fraction for January. but
y. cents for May. while corn rose neary | cent
The exports OF wheat have been 1850 900 bush
els. flour included, in two weeks. against
o22oW~ last year. Atlantic shipments gaining |
over a million bushels and Pacific over half a |
million and considering the quantities which
nave gone abroad the continued movement IL |