Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1880-04-29
Why Prices Have TumbIed.


wheat, pork, lard and many other
products. Except in the specnla-
tive markets, this decline has been
such as to do much more good than
harm, and the losses of spectators
tor rise are more than balanced
\ by the increased activity in legiti-
mate business. The reduction in
prices of iron will doubtless proYe
especially beneficial, for sensible
manufacturers and dealers have
seen for more than a month that
control of the home market could
not be retained without material
concessions, and the effect of the
unnatural advance of prices since
January 1st has been to give great
encouragement and fat profits to
foreign makers. 1t is stated that
none Of the Pittsburg mills are
running to fnll capacity, and the
Western Iron Association voted
during the week to reduce card
rates for bar iron from 81 to $3.50,
which corresponds closely with the
enforced decline in the prices of
No. ] foundry pig iron from S41
TO about $33. The rnsh Of foreign
! importations has at last compelled
the manufacturers to make re-
duction which, for their own in
tercsts, wonId have been made
more wisely long ago. The decline
in the price Of steel rails from $S5
per ton in February to about $40
has been equally necessary to the
prosperity OF the manufacture, and
II further concession is recessary
to secure the market to American
producers there should be no delay
in making it. The value of imports
of iron and steel in the month of
january alone was about $3,OOO,-
900, and in February and March it
was probably as large, while the
entire amount for the first quarter
of last year was only about S2,OOO,-
900.
The rapid decline in the price of
cotton, which has now continued
with little interruption for abont a
month, has distressed some spccn-
lators, bnt is encouraging to the
manufacturer. 1t was reported
that some leading holders were
forced to realize during last week,
and the stock on hanG--Ht this port
2S1,417 bales, against 191,474 at
the same date last year, and at all
the ports, exterior and interior,
961, ,Sl4 4 bales, against $50, ,554 last
ycar-has become hard to carry in
the tace of a close money market.
This accumulation of stock is i'm
part due to the fact exports have
been checked by the plantations
have been 437,S72 bales larger
than they were last year to date:
the exports since September 1,
have been 24,166 bales smaller.
The American stinnels have taken
a much larger amount than they did
last year, out have supplied their
wants more largely by the over
land movement, which is said to
have been larger by 1l3,493 bales
than it was lest year to date. The
price February 18Th was about 13
IS cents, and March 18th about 13
25 cents per pound, bnt on Satur-
day it was - 25, and it is the pre-
vailing impression that still lower
prices are to be expected before the
extraordinary crop of 1879 fluids n
market.
The price Of wheat has declined
but little during the past week
having fallen in all about 90 cents
per bushel since January 1st, when
No. 2 red winter wheat sold at
S1.56a here. notwithstanding
elaborate statistical demonstrations,
SO often rcpublished, that the es-
timated surplus in this country is
less than the probable demands OF
Europe, the holders have not ven
tured to hold up prices beyond the
point at which free purchases for
export occur, perhaps concluding
that it might not be safe to risk too
much upon the entire accuracy ol
more estimates rs to Quantitic,
produced or required for consump-
ton. With SO large crop as wa.
undoubtedly produced in this coun
try last year, it is not strange tha
, holders begin to hesitate when the,
see that 140, 100000 bushels hav,
already been exported, and tina
the rail shipments from Western
ports still amount TO 2,165,55
Z bushels per week, with the season
, of navigation close at hand. TIN
:. fall in tho price of corn, also, fro,l
62x cents per busI,el January 1st
to 50 cents April 9th, has been ac-
. ceierated by shipmcnt of 3,215, 80!
: bushels by rail in the single weel
, ending April Sd, aud the fall il
4 oats has also been about 10 cert
,,e, hushcl In MACS ,,orL tbo dr.,