The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-02-05
rBE BUSINESS OUTLOOK.

From Bradstreet's Estate of Trade."1
Bank clearings for January reflect the
immense volume of commercial. financial
and speculative business settled through
the banks of the country during that
month in a total for Y cities having COM
parsons lor four years past larger than
any previous monthly total of which there
is any record. They are also notable Tor
showing a larger number of gains over
the preceding year. than any month Tor
MANY wears past. The total clearings at
those Y cities aggregate &,9f4,Wo,OW, q
gain of one-sixth of l per cent. over De-
cember. 1897, of 1871 per cent. over Janu-
airy last year, of 81 per cent. over Janu-
airy, 1895, and of nearly As per cent. over
January, 1894, which marked the smallest,
total for ten years past. The next largest
monthly total hitherto reported is that of
December, 1892, which saw the top of the
boom just preceding the panic of 1888; but
the total for January slightly exceeds
even that total. The percentage of gain
in January was, with two exceptions, the
heaviest reported in any month for at
least five years. Large speculative and
investment business in stocks and bonds
at New York is reflected in the gain of
AZ per cent. in the clearings at that city
over a year ago, while in the rest of the
country clearingS gained only about one
half that proportion. The Middle States
cities show the heaviest gam folloWea
by the northwestern and the far-weStern
groups. the latter's clearings indicating
some effects of the Klondike boom. Clear
ings for the first week OF Fepruary are
also very large, aggregatlng $l,4s0,U o0,0 OU,
3.8 per cent. larger than last week, 40.6
per cent. larger than a year ago and 5.5
per cent. larger than the corresponding
week in 1888.
Speculative realizing of profits affects
prices in the New York stock market to
some extent and professional interests
nave worked for reactions. At conces-
sions. however. buying develops and the
markets undertone is firm. Bonds are
very active at advancing quotations.
Union Pacific new securities, after scoring
considerable gains, reacted on the belief
that the government will bid in the ran
sas Pacific division. Coal stocks are up
announcement of the Vanderbilt plan for
the merger of New York Central ana
Lake Shore had a stimulating effect on
as regards those stocks. Foreign exchange
is higher on investment buying and inter-
national operations, favored by the fact
that money is relatively easier here than
in London. Demand stirling is AS.
Owing to a less than average decrease
in wheat stocks at home, and also. in
part. to a small gain when there is uSu-
ally a falling off in European stocks, the
decrease in the approximate worlds
stocks of that cereal during the month
just closed was only about onethird mat
occurring a year ago and considerably
smaller than the decrease usual IN that
month. The result is that the total sup
ply in the United States. Canada, Europe
and afioat therefor on February /. this
year, was 129, 123, 900 bushels, against 1872
asa, 600 bushels on January l, and 12S,629,-
900 bushels on February l a year ago. me
available worlds stocks of wheat on Feb
ruary /. 1898, were therefore larger than
they were at the same time in 1897.
(From r. G.. Dun & Cos Weekly Re-
The iron and steel manufacture is
steadily gaining in consumption of pig
iron. although the production of the ma
terial is still in excess OF lmmedlate ae-
cline in prices at Pittsburg or Chleago-
Even the southern producers are able to
get a fair price at Chicago anu at tne
East, and anthracite pig is unchanged.
| The demand for finished products has
been very heavy, and includes for struc-
| tural work 5000 tons for the State Cap
itol building in Pennsylvania, 4.000 tons
for the Court House at Denver. 5000 tons
for elevated railways at chicago, and
numerous small buildings in various
parts of the country. The demand for
car building has been very heavy, both
| at the East and West. and the plate de-
mand greatly increased at the East on
! account of orders from Shipyards-
There is a better demand for cotton
goods. since the general %stoppage of
works at the East, but there is no in
dication as yet of material gain as re-
| spects unsold stocks OF hand. In wool
len goods the demand is altogether more
satisfactory. an advance of about 20 per
| cent being paid on most grades of the
finer woollens and worsteds. and nearly
all the mills are active. The sales of
wool at the three chief markets were
C.36l.4O0 lbs, of which 1913, coo were do
mestic, against 1865, 100 last year, of
which S.493. 400 were domestic.
The stock market has been fairly
| strong and the average of prices for
railway stocks is about SIS cents per share
| higher than a week ago, with the aver
age for Trust stocks about At cents per
| share higher. Railway earnings show an
Increase for the month Of January. as