The times., 1899-02-18

Business failures show decrease number
ing only 100 for the week, against 1873 last
week, 269 in this week a year ago, 325 in
1897. 276 in 1896, and 327 in 1895.
The New York stock market has shown
increasing activity and strength. though
the latter is largely of manpulative origin,
large speculative interests taking up va
rious parts OF the list and attracting out
side buying at the advance. Little atten-
tion is paid by Wall Street to the recent
storm or the interruption OF railroad traf-
fic.
Large amounts of American stocks con-
tinue to arrive from London, where there
is a scarcity of our securities. Exchange
is firm on decreased supplies of bills and
buying against European selling of securi-
ties, demand sterling being 4S6d4s6 IL
New York, Feb 17.-Dun's weekly re-
view of trade tomorrow will say:
Beyond question business is expanding
and in many branches it is larger, not
withstanding speculative combinations
which tend to reduce ii. All monopolies,
or attempted monopolies, stimulate busi-
ness while they coming, but tend TO
stitle it after they come, and the throng
of combinations and trusts which have
been formed or proposed have given tenn
porary but very questionable impetus 10
trade. But beyond the influence of these
there is genuine and substantial en-
largement of business due to the uneX-
ampled prosperity of growing population
The weeks output of pig iron February l
was 237, ,639 tons. The stoppage of several
furnaces for necessary repairs at time
when the demand is most pressing has
caused some fear of famine, although
quite a number of other furnaces have
started since February /, or are about to
start. The largest consumption ever re-
corded in any month is in part due TO
hasty purchases of products about to be
controlled or advanced in price by COM
bination. There are so many of these in
the iron and steel industry that the pres
ent market does not clearly indicate the
magnitude of demand and disappointment
in some branches is not improbable.
No fictitious demand has caused the
rise in grain. for the exports continue so
heavy in wheat and corn that the advance
OF 3 Lie in wheat is abundantly justified
and the rise of 3-4c in corn seems scarcely
enough for the occasion. When it is re-
membered that the exports of corn are
almost as large as the largest ever known,
there is reason for astonishment at the
continued foreign demand. 1t persists in
spite of the advance in prices here since
September l. 1t is obviously impossible
to judge how far-it- may go. Nor does
the foreign demand for cotton abate,
though the price has again been raised
three-sixteenths during the past week.
The exports have decreased some, but the
controlling fact is that remarkable
shrinkage in receipts from plantations ap-
pears to indicate smaller yield than has
hitherto been expected. There is much
more enquiry for WOOL and the manufac-
turers have a larger demand for heavy
weight goods, but they maintain that they
cannot pay prices now demanded for wool,
and most of the purchases made appear 10
have been at some concessions.
The stock market has been quietly but
steadily stronger for railroads, the aver
age advancing s1.06 per share since last
Friday, while for trusts the average has
advanced S1.3S per share. There is legiti-
mate and large buying OF securities of
transporting lines, and the tone OF specula-
tion in the industrials is for the moment
better
NO gold has been moved from England
in this direction, and exchange has been
such as TO check any movement from that
quarter, although exports OF products con-
tinue large and one considerable shipment
of gold from Australia to San Francisco is
reported. Failures for the week have been
IFS in the United States against 295 last
year and IS in Canada against 80 last
year"