The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-03-18
A COMPARISON WITH '92
THE ENOIlMuUS PAYMENTS
THROUGH CLEARING HOUSES.
THE COLO SUPPLY IS IN RsAslNG
In the Steel and Iron BUSINESS Beated BUYERS
Have to Offvr Manufacturers Fancy
Prices TO Get Their Orders
Accepted at all.
Accepted at all.


New York, March 17.-R. G. Dun X
Co.'S weekly review of trade will saw
tomorrow:
In business, this year cannot be COM
pared with any other. 1t can be said
that payments through the principal
clearing houses for the past week have
been o1.4 per cent greater than in 1892.
and 45.9 per cent greater than in 1898.
but that eXaggerates the gain in some
branches of the business. while in 9th
ers it falls far short of the gain. Thus
the February exports of manufactured
products have about doubled since 1892.
Omitting New York clearings, where
speculation in stocks is most active.
payments through the other principal
clearing houses for the same week show
increase of 1916 per cent over 1892, and
81 1 per cent over last year. But with
out regard to such details all realize that
the volume of business in all branches is
the greatest ever known.
The national prosperity rests ON more
solid foundations. The exports of
breadstuffS, provisions. cotton and oil
in February showed decrease of So
100000, but other exports, mainly man
ufactured. We're $3.50. 406,943 in value
against S31 ,275,396 last year and were
sufficiently large to cover sixty per cent
of the entire imports. The merchan
disc exports exceeded imports for the
month 1924, III, the gold supply is
increasing, and there appears no occa-
sion for monetary disturbances. The
treasury recorded its first payment of
S5o.00O,000 for the Central Pacific Rail
road. having previously received 500.
100000 for the Union Pacific and over
S6.000,000 for the Kansas Pacifs.
Swiftly rising quotations for iron and
its products would misiead If il were rot
kept i'll mind that more than nine .ten'hs
of the iron manufacturing capacity IS
engaged. and will be until ,IuI2 or later.
in the execution or orders taken months
ago ut low prices. If million IONS Of
products 20 out this month. 100000 IT
such prices as SIS 10 $50 f1r steel rails.
at which the entire output of the Illinois
Steel Company for this year was sold
some time ago. it hardly indicates the
true character of the iron business that
less than 100000 tons are going out at
such prices as $50 to SIS per ton for
steel rails made here for small lots this
week. Belated buyers now have to pay
fancy prices to get orders accepted AT
all. Withdrawal or postponement of
business because of high prices begins
to be a significant feature. and much for
eign business is evidently lost. though
there are still sales for export, $500
tons of pipe for South America. and 3,
600 tons bridge material for Burmah.
The Connelsville Coke Works. with an
output of 161 .240 tons weekly. and many
operating Sundays to catch up with or
ders. have advanced prices 15c. only.
Wool sales at the three chief markets
have been only 1905. 600 pounds, of
which 2.7G1 900 were domestic, against
5.0TS200 in the same week of 1892, of
which 3.J07 200 were domestic; but
prices are soft and some dealers are said
to have yielded as much as . to 3 cents
per pound clean. because nobody can
guess what effect the new combinations
may have. Prices are largely nominal,
and yet there is Il somewhat better de-
mand for goods. Nor has the strong de-
mand for cotton goods been helped by
the weaker market for cotton, which
has fallen to 6.37c in spite of a volume
Of reports about the bad condition of
the late picked product The price of
held, but yet depends on the price of
cotton.
The market which has lost most is that
which has least statistical reason to
lose. because no estimate of wheat in
farmers hands March 1st would pro-
vide more than about last years exports
and domestic demand to July LIST. The
actual exports, flour included. from
both coasts during the past two weeks
have been 7,95693S bushels, against
1867. 1922 bushels last year. But such
exports imply foreign demand which is
not unlikely to exceed last years, and
the corn exports are also little larger
than last year. The Western receipts
for the week have been 5000 bush
els. against 2,J57 500 bushels last year.
Failures for the week have been lS9
in the United States. against 20S last
year, and 80 in Canada, against - last
year