The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-04
Bank Clearings Indicate the Live
Iiest February On Record.
WAGES ARE ADVANCING
TEN PER CENT INCREASE FOR
100000 HANDS.
Failures Show Larger Liabilities
Than the Month of January-De-
cline In the Prices of Wool-Rapid
Advance In Iron and Steel Pro-
ducts-Demand Unchecked.

New York, March 3.-R. G. Dun'S
weekly review of trade will say tomor-
row: The business for the past month
was the greatest ever done in February.
Clearing house exchanges were about
81, O0O,O0O,OO0, against $685., 559,S44 last
year, and 54.2 larger than in 49, In
all the years of weekly commercial re-
porting there had been no other week
in which the reports from all parts of
the country have been on the whole so
good as they are this week.
Moreover, during the past week there
has been a general advance in wages,
immediate or prospective. AT most
points the advance of 10 per cent or
more was entirely voluntary. 1t has
averaged to 10 per cent in tinplate
works and about 10 per cent in other
cases and as it affects much over 100,-
900 hand it will add greatly to the pur-
chasing power of the wage earnerS.
The returns of failures in February,
while showing larger liabilities than in
January, are highly encouraging. A
rather unusual number of large fail
ures in scattered branches of manu-
facture has swelled the aggregate, in
Guiding one concern for S1,000,000 in
electrical apparatus, but in nearly all
branches, the statement indicates a
remarkably healthy condition in spite
of these failures, while in trading the
defaulted liabilities are smaller than in
January or any previous winter month
for six years.
In prices the striking feature has
been the rapid advance in iron and
steel products, resulting from a demand
greater than the works in the country
can supply. All the works of import
ance have been crowded with orders
running to July and later. Belated
buyers have given life to concerns long
inactive and as these can add but little
to the output the markets have been
entirely controlled by the buying de-
mand. All sorts of prices have been
paid, some for early delivery and
some for delivery after July, but 1880
is quoted for Bessemer pig at Pitts
burg; $12.50 for gray forge and at the
east SLABS is quoted for anthracite No.
l. Prices of finished products have also
been advanced 81 per ton for eastern
and western bars, plates and structural
form and SO for wire nails The demand
has not yet been checked and some
heavy orders have been taken at all
points, even at the highest prices
named, but the export business is like
ly to be stopped for the present.
! Holders of wheat have been looking
for the report of the agricultural de-
partment on stocks held by farmers
March /, but commercial reports indi-
cate that such are the largest ever
| held at this date. They have to sup
port them the western receipts, which
have been larger than for past years
| in February, for four weeks IL, 571 900
bushels, against 10,0046O0 bushels last
year, while Atlantic exports have beer
| for four weeks 1929, 1855, against $685.
636 last year. The Pacific exports have
| been 605,13z bushels for the week
against 64,993 last year, and from other
ports 1889 bushels have been shipped
| during the past week. Rarely, if ever
has there been as great a demand fol
! grain as at this season, but the price
although corn has advanced IL cent fol
spot the receipts have fallen. The
| textile industries are making progress
There has been a strong increase ir
| the demand for cotton goods, resulting
| in further advances in the prices fol
some, while in wooden goods a slight
| advance notwithstanding q decline il
the prices of wool during February
! The decline has not been general il
wool, nor has the advance in goods
The heavyweight season has been dis
! appointing and the manufacturers are
willing to get on for the time as beSt
they can, in the hope that larger de-
mand will come from the clothiers {
little later.
Failures for the week have been il
the United States 1856, against 191 las
year, and forty-seven in Canada
! against thirty-two last year.