Daily press. [volume] (Newport News, Va.) 1896-current, 1898-02-12
WEEKLY TRADE REVIEW.
Business Pushing Toward Spring Ac-
tivity Rather Early
(By TelegraphD

in Its issue tomorrow:
Business Is pushing toward spring
activity rather cary. Events which havy.
controlled are good. They are the buy
ing of iron by the largest makers, the
rise in cotton with strength in goods.
the, great railway consolidation and the
Cuban Instruction
The latter. with it's possibilities. acts
as brake on speculation and foolish
ness of local traders and gave foreign
ers much desired opportunity to buy
stocks on balance about $4,000 shares
January Earnings, SIS, 017 All. already
reported. a GO 1856 per cent. better than
.ast year and 80 better than 1897.
showing the btst month in six years at
least, and february returns THUS far
are promising. The output of pig iron
February l was 229,S23 tons weekly. the
largest in the history OF the business.
but tbs reported buying of 10000 tons
B, ssemer iron 10y the Carnegie Company
and 100000 by another, of the largest
steel concerns, means decision by the
aoiest manufacturers that the unprece-
q nted output of steel will prove too
small for the increasing demand for
the finished product generally stronger
Company nas contracted for million
tons Besssmer ore, and producers %
otir-r ranges count upon an advance
in price. BSssemer pig rose to S1O.15
and grey forge to 50 at Pittsburg, with
the flnlsha.A prod.ct gem rally stronger
and in larger demand than EVER at this
season. Rail contracts already cover il
is said, more than last years pro nc.
tH5n, the railways buying earlier than
usual Bar contracts for cals, wagons.
agricultural implements and other man
ufactures an, heavy at the West. Struc-
tufal IRON contracts there are very nu-
marcus and at the East large, with
10000 tons estimated for, New York
buildings alone this year. While piaus
ana sheet contracts for the season are
unpreceds nted.
January was one of the bigs1 st
months in CDnnellsville colse output
tE5,9io tonS-and furnace continued AT
the same price. Tin rose to sc.lrtse en-
cents in split, of heavy shipments and
copper to eleven cents or better. for
ioke, IN spite of the enormous Ameri-
can production.
Ine riS'l in cotton-fve-si entbs
Tor the Week-ieSultS in part from bet
ter prospects of manufacture here anri
abroad. but only in part. Spectators
o@canle PERSUADED that the efforts fer a
short crop this year would prove effect
I'VE ana a heavy short interests cover
a. The actual movement shows no
Grange of consequence but prices of
goods have a stronger tone. and Foreign
prospects are Better. With the b tier
tone prevailing this manufacture shou.d
soon lee! the heavy demand which other
industries are ns citing
w vol SdleS dl TIE cHlet cities We're
only o,3O3.200 pounds for the week, and
1l,664.f00 for two weeks, against p, 72I.-
ooo last year. Prices are still strong in
spiu' CT the indiffei ence of the marufac-
urers who seem to have secured am
pie suppliss. For the better graGt4s of
v. goods an advance averaging
l'.o per cent. from asst year is rea iily
maintained. The opening of works idl,=
fo; years, in tpit,-, eff the heavy produc
tion ALREADY = ssured, is a striking fee
ture in this as in the iron and other in
dustrles. and imtliss heavier demands
for products than are now met by this
unprecedented. output
Wheat has been strong, With spot ad-
Nancing &c and May 3-4c, though
Western receipts have been for two
weeks 5.366.7lS bush.ls, against 3.317,-
$40 last year. Atlantic exports have
o@en 43S bushels, flour included
against $4.026,596 in two weeks last wear
with Pacific exports latgs.
Corn exports are also surprisingly
vel SUSTAINED, 1854, 1862 Bushels against
''Sz3.Soo last year, and the price has
advanced trifle. 1t is yet too early
Huence markets materially. and heavy
operations in Chicago. with reported
sales of million bushels for export on
Thursday, have d'terrSl specula tive
selling
1Busines shown by bank clearinrs "a
81
cant. larger than last " ar for the week
and for the month To date ~ 3 per cent
larger than last year, and l6 per cent
larger than in 1892
Failures for the week lave been 295
in the United States. against PCT last
year, and 43 in Canada, against 81 last
year.
NEW YORK, Feb. n.-Bradstreet.s
tomorrow will say:
number of Favorable circumstance
es and events present themselves this
week Perhaps the most notable of
these are the renewed activity and com
fldence in the iron and steel markets.
accompanied by prompt and even ad-
"ances in several grades of crude pig
ron and steel and the advance in the
price OF raw cotton, long predicted but
unrealized until the present week
What might be regarded as minor
feature in the business situation,
though at the same time convey
ing much that is hopeful to the inter
est involved. is quite a 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 favora BILE features
Of the week are the slowness of spring
trade in dry goods to develop at New
York and other eastern centres. except
Boston, and the mild weather in the
]
tailers stocks carried over will be larg-
er than expected. Although the adj
vance in cotton has been claimed to be
too rapid, it has undoubtedly i'm
parted "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 confidence with
which the trade outlook for 1898 is re-
sarded. Business failures continue to
| make favorable comparisons with pre-
vious weeks and years, the total of the
week just ended being 27S, against 397
! last week, 30l in the corresponding
| week Of 1897. 3S1 in the week of 1896.
| 296 in 1895 and 2SS in 1894
Canadian failures for the week num-
Der 81. against ~ last week, but com
pare with 81 in this week a year ago,
and 10 in the corresponding week of
| 1896
| Wheat exports fan slightly below
| last weeks reduced total, aSgrasating
! for the week 3.419,504 bushels, against
1865 .QG0 bushels last week, 2,C5l 600
lbushels in the corresponding week Of
| 1897, 2,91S. 100 in 1896. 2,572,o bushels in
1885 and 2,055,000 bushels III 1894.