Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-01-21
WEEKLY REVIEW OF TRADE.
THE NEW YEAR REALLY OPENS
BRILLIANTLY.

THE NEW YEAR REALLY OPENS
BRILLIANTLY.
New York. January 2O-R. G. Dun
& Co.'S Weekly Review of Trade will
| say tomorrow:
A new year rarely opens brilliantly.
Too many traders have to wait for
the demand which in Winter comes
| slowly. The industries resist fairly
we'll the tendency to unlimited eXpan-
Sion. which some have to meet. Spec
ulation in products is gaining but lit
tie, While stocks in an enormous vol
ume of business results in continually
nlgher prices. The volume of payments
through clearing houses Is extraordi-
nary, 42.7 per cent. larger than last
year, 96.9 per cent. larger than in 1897,
and 5l.5 per cent larger than in 1892,
even the transactions outside of New
York showing a gain over 1892 of 44.6
per cent. Speculation at New York
therefore cannot be the main cause OF
gain. Difficulties between holders of
material and manufacturers continue
TO hinder in some industries, and in
some may prove seriously embarras-
sing, but the activity is on the whole
unsurpassed hitherto and the volume
OF traffic is beyond all expectations.
In some branches consumption Is
running beyond the producing capa-
city, but in others 1t Is hndered by
doubts about the future supplies and
prices of materials.
The wooden manufacturer ia still
waiting. with only moderate demand
for goods as yet The production Is
large, and considerably larger than In
recent years, but does not nearly ap-
proach the capacity OF the mills Sales
OF woolens for the past three weeks at
the three centres of the Eastern mar
ket has been 16.495SO0 pounds. against
22,322,91O pounds last year. and prices
OF domestic fleece are lower, with
present demand running largely to
quarter and half blood and Austria
liam cross breed. But there is not
enough change in material or in de-
mand for goods to encourage heavy
buying by manufacturers as yet. The
cotton manufacturers has a large de-
mand for goods. but raw cotton has
so rapidly advanced that possible
buyers apprehend n fall and there il
hesitation in the purchases of staples.
With receipts of cotton far ahead of
last years from the greatest crop that
ever raised. there is apprehension that
good qualities may fall short before
the year closes.
Mitch cotton remains HI the fields yet
unpicked on account of bad weather
ana is dctcriornting in quality. The
SILK manufacturer knowing many
threats of its Interference and dis
putes about duties, seems to be making
steady progress.
The iron ana steel manufacturer leads
all others in the volume of new bust
ness. While production IS much the
largest ever known. many of the works
are withdrawing all quotations or nam
ing prohlbitory prices in order to check
orders which they cannot fill for months
to come, and do not want to accept nj
current prices. The number of such
works Is rapidly increasing as the
heavy demand for materials covers
many months capacity. Bessemer Mig
is shade higher. at 5000. with sales
OF 10000 tons at Pittsburg, and there
is something like n famine in grey
forge. sales at 1915. although one sale
at 5000 in the valley is reported
While finished products are in very
great demand, especially for car build
ing and special works at the West, the
week shows no advance in prices, en-
cepting fifty cents per ton in steel rails
at the East.
These conditions favor continuance
Of the extraordinary foreign trade.
which resulted In the greatest balance
in favor of this country ever known
January this year indicates n similar
excess of exports over imports, and
while wheat exports have Increased
every month since last August. they
have been in three weeks 15O7S.O77
bushels (Aour included from both
coasts. against 1l.S99.952 bushels last
year.
Corn exports have been quite up to
last years unprecedented record.
amounting 10 $500, 800 bushels, against
9,270.lS9 for three weeks OF January
last year. although prices have declined
about half n cent. Contest between
spectators in wheat at the West and
ut the East has held prices fairly
steady, with an advance of only an
eighth for the week.
Cotton fell 10 six cents, but after
wards rose to G12, without satisfactory
reason, but because of apprehension
that supplies of good quality might fall
short.
Failures for the week have been 249
in the United States. against 374 last
year. and 80 in Canada, against %
last year