The news & observer., 1898-05-21
WESTERN PROSPERITY
TT HAS OyERBALANCED TIMIDI-
TY OF EASTERN CAPITAL.
EXPORT OF WHEAT CONTINUES HEAVY
Output of Iron Greatest Ever Known The
Textile Works are Doing Rather
Beter--Failures for the
Week.

New York, May 2O-R G. Dun and
Companys Review of Trade will say
tomorrow:
Growing accustomed to war possi-
bilites. which are mostly far from pro-
liabilities Of eyil and finding the ma
ton moving along steadily in its in
dustries, people are grasping the idea
that it is throwing away some months
of active and profitable life to wait
unil war clouds have passed. Western
prosperity has so greatly overbalanced
timidity of eastern capita that actual
business done increases, rairOad earnings
promise better for May than a month
ago for April, and payments through
clearing houses for the week i'm
May show II gain of 36 per cent over
last year and 10 per cent over 1892,
while n month ago the increase over
last year was 1876, and compared with
1892 there was Il decrease of ID per
cent. Several large contracts kept back
for some weeks because of hOstilities
have now been placed, and instead Of
works closing or reduciLg force. returns
show the starting of some works long
idle, and increase of force or of hours
ut others. Government work occupies
many establishments. but IT counts for
little compared with other demands
The key of the situation is the pros
perity Of the West which altogether I'M
precedented marketing of bread-stulfs
has caused, with the prospect Of good
crops to come. These prospects, and
actual receipts Of wheat amounting to
J.Sb,716 bushels for the week, against
2439. l69 last year with advances also
in other grain and cattle. have pro-
duccd a demand for rails, cars. car mate
rials, fencing implements. boots and
shoes and all textile goods, which was
not anticipated from eastern indications.
Exports after wheat do not diminish. but
in three weeks from Atlantic ports flour
included. have been 1.95j.5 bushels
against 4,7TS,742 last year, and from
Pacific ports / 73S. 123 bushels against
6lO637 last year. The price of May
wheat fell AZ cents, on Saturday rose
{ cents Tuesday, and closed 80 higher
for the week.
Ia iron, Notwithstanding the greatest
output ever known. the demand has
caused some advance in Bessemer pig.
with only slight decline in the price of
Grey forge at Pittsburg, but full quo
tatlons are obtained at Chicago and
Philadelphia
The textile works are doing rather
better, even the cotton mills, in spite of
their over-production. for some Of large
Importance, have recently started again.
and print cloths are Il sixteenth higher.
Numerous woolen mills have been push
ed into activity by government orders.
and prices for a few grades of goods are
better, with n stronger tone i'm the
market generally. although some mills
of Importance have stopped as their or
ders for the season have run out. While
sales of wool are small, 6.33S. 900
pounds fo" the three we KS past against
21,963, 700 last year. the manufacturers
have ample stocks. although some are
obliged by government orders. to seek
in the market grades of wool which
they had not expected to require
Fanures for the week have been 25O
the United States against 24S last
wear. and 20 in Canada against 81 last
year.