The Saint Paul globe., 1898-09-17

Much Larger Than in 1S92--RaiI-
Vvny Returns Indicate Increased
Earnings - Iron Industry shows
Marked Improvement.
NEW YORK, Sept. 16.-R G. Dun & Co.'S
weekly review of trade will say tomorrow:
Business is passing well through the dlf-
hculdes that attend the winding up of
war, which are generally good while war is
in progress The rush of orders kept in the
background while the war lasted, by those
who thought ii shrewd not to take any
chances has lifted prices little, and caused
a larger demand for the time than can con-
tiuue buy though it has passed there is an
evidence that the consuming demand Is very
large. How large can only be judged after
some weeks of waiting. But once more it
looks If those who wait longest are likely
to pay most.
The business of the country is expanding
so that payments through clearing houses
IN the second week in September were 22.5
per cent larger than in 1892 and for two
weeks u per cent larger. From these and
railway returns and such trade reports as
are instructive, it must be concluded that
much more business is being done than in
the best of past years, though not always
with much profit
With the starting of nineteen furnaces, idle
a month ago partly not included as yet, the
weekly iron output Sept. l was 2lS049 tons,
against 2C6,IT Aug. l, and the decrease in
stocks lie, 929 tons in two months indicates
consumption but little belonw 100000 tons
per month. Structural work is the heaviest
ever known at PIttsburg, though smaller than
last year at New York. Bar mills are
crowded with the general railway demand
for automatic couplers. and orders for new
cars, 500 for one road and a larger order
for street cars to Japan, and plane mills
are everywhere crowded.
Important cotton mills have stopped and
print cloths hold 2:06c, with other cotton
goods unyielding, bieached material hinders
operations for those who have to sell goods
made from higher priced cotton.
Woolen mills represent rather better or
ders, although much machinery is idle, those
who have old wool bidding much below the
current prices, which are so far maintained
Sales for two weeks have been only 2,635, 300
lbs, against 80 629 400 last year and H.
O151O0 in the same weeks of 1892. 1t Is worthy
of notice that $50, 900 pounds Australian wool
was sold at Boston for shipment to Europe.
While the mills cannot buy at present prices
except for mixture with other wools, many
insist, just as they did eight months ago,
that the old stock must be exhausted.
Failures for the week. ia in the United
States, against 2O4 last year, and % in
Canada, against 40 last year.
NEW YORK, Sept. 16.-Bradstreet's tomor-
row will say:
Reports Of still further enlarged dstribu-
ton at most Western markets and Of slight
improvement at Eastern centers, where de-
mand has been slower to materialize, enlarged
foreign demands for breadstuffs, increased
railroad earnings not entirely due to the
swelling movement of grain to market, which
still indeed is behind last years record; bank
c!earings increased over last week, and over
ell corresponding weeks except one year ago,
when speculation was very active; rather bet
ter than expected government crop reports
and charging exports of American manu-
facturers are all features tending to make
the trade situation at present a notable one.
Crop impairment IN August, not unusual,
nor unexpected, proves to have been less than
feared, and average conditions of leading
crops, notably wheat, corn, cotton and po-
tatOes, are better N2n one year ago. Operative
in inducing the improved foreign de-
mand for wheat and -four, perhaps, has
been a tendency to shade early estimates of
the worlds wheat crop this year, some figures
being low 2,OO0 100000 blu, which, while
larger than last year, is still below that of
1894. This, with the low state of the worlds
wheat supplies and the slower than expected
movement from American farmers hands to
leading markets, has increased the premium
cash wheat. and nervous short sellers of
September delivery have covered with the re-
suit of advancing prices. The continued rise
in ocean freight rates is taken to confirm re-
ports of recent large export sales.
Wheat shipments for the week reflect an
enlarged foreign demand for flour and wheat
aggregating 3,675.291 bu, as against 3,10lO2S
bu last week 62S9, 948 bu in the corresponding
week OF year ago, 1850, 1926 bu In 1896, 2538-
600 bu in 1895 and 1881, 3S3 bu in 1894. Since
July l, this year, exports of wheat aggre-
gate 6,169,091 bu against A. col, ,7C0 bu last
year.
Corn exports for the week are considerably
smaller than last weeks heavy total aggre-
eating 2,3S1, COS bu against 3,86S 500 bu last
week, 9O1, C92 bu IN this week of 1897 1894
7S7 tu in 1896, 1850, 99S bu in 1896 and 145, 3Ol
bu in 1894. Since July /. this year, exports
OF corn aggregate 80, ,73S, ,S75 bu against "a
S77, $40 bu during the corresponding period last
year
Business failures numbered 162 against 194
last week, 169 in this week a year ago, S15
in 1896 and 21S in 1895. Canadian failures for
the week number 20, against II last week, IS
in this week year ago. Al in 1896 and 1895
and 43 IN 1894.
NEW York, Sept. 16.-Bradstreet's financial
review tomorrow will say: Prices have re-
fected the changing opinions of the speculative
market as to the prospects of a disturbance
in money. The early part Of the week the
bad bank statement Of last Saturday and the
expectation that the continued drawing of
money into the treasury would result in a
contraction of loans, caused more or less
liquidation by bulsh Spectators and gave
an opportunity for bear operators to attack
prices The failure Of interest rates to ad-
vance TO figures indicative OF a scarcity of
funds tends, however, to throw. doubts on this
view, while the decline--ef exchange, the en-
gagenent of S1,6O coo. goldaln London for i'm
port. the increase by the New York banks Of
the government deposits and the fact that
loans were being shifted from New York to
other cities, contributed TO create an easier
feeling about the money market, which, OH
Wednesday and Thursday, caused a sharp
rally in prices.
On Friday the rise continued, and was
helped by the engagement for import OF
about $1000,000 more gold. In the latter part
Of the day, however, the exceptional weak
ness Of American Sugar stock brought about
q general reaction, the attitude OF the secre-
tary Of the treasury In declining to consider
that the New York money market exhibited
symptoms of pressure indicative of serious
arrangement Of business or calling for action
by the treasury, no doubt, had a share IN
bringing the stock market to it's senses, at a
time when spectators were inclined to be-
Heve in the possibility of sharp furry IN
interest rates. This occurred and the highest
quotation for call loans has been s per cent
with the bulk of Wall street borrowings on
securities at fully 1 per cent lower.
Besides the fact that an advance Of rates
would bring gold from abroad, probably in
large amounts. II ia renoODized