The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-05-30
An Important Feature in the
Business Situation.
UNCERTAINTY IN POLITICS
Disposition to Postpone Till the
Future is Clear.
TIE CROP PROSPECTS BRIGHT
The Rebuilding after the St. Louis
Disaster Will Probably Affect
the Iron and Steel
Markets

New York, May 29.-R. G. Dun G.
Co.'S Weekly Review of Trade, which
issues tomorrow, will say:
Continued exports of gold, amount
ing to S3,900,000 this week are recop-
nlzed as National results for borrow
ing and importing early in the year
but caused no serious apprehension.
There is general conviction that de-
structive schemes will not succeed. al
though at present political uncertain
ties cause part of the business that
might be done to be postponed until
the future is more clear.
Markets for products are weak rath-
er than stagnant. The business done
IS small but largely governed by the
belief in large crops and insufficient
demand. Wheat has fallen &c. and re-
mcmbraDce of the advance to 81 last
February starts the sense of humor.
Though low prices bring larger At
lantlc exports than a year ago, for the
first time in many months, -four in
cluded 1,543,973 bushels for the week.
against l,433,745 last year, it remains
that for May, these exports have been
only 4,742,777 bushels, flour included.
against 6,1S3,4 ,42O last year, while west
ern receipts are for the week nearly
10 per cent larger and for four weeks
S,O4S,645 bushels, against 5,944,575 last
year Estimates vary widely, but no
body looks for a crop so short as to
exhaust the surplus in sight.
Cotton has fallen an eighth. De-
crease in manufacture of 80 per cent.
at the North and perhaps more at the
South, show the real nature of esti-
| mates based on continued manufac-
ture. Receipts still indicate crop of =
| 100000 bales last year, yield is prom
ised much greater than consumption
in any year. Except in print cloths,
| which are weak with stock of 1 ,713, 900,
| pieces in sight, nobody can tell what
quantities of goods have been accumu-
lating while mills have been waiting
| for demand.
i The iron and steel markets are weak
with lower prices. because the demand
| for finished products is entirely in
adequate, though prices of these are
| higher. Pig iron has fallen over fifty
per cent since April 1st, but the aver
age of finished products has been ad-
| vanced 3 per cent on lower quotations
for Bessemer and Grey Forge and local
coke at Chicago, with stoppage of two
| thirds of the furnaces in Virginia,
some in Pennsylvania and others in
| the Mahoning and Shennango valleys,
| result from inability of manufacturers
to sell at prices which their combina-
tions demands, billets being undersold
by open hearth, iron bars by steel nails
and nails by new concerns which are
| rapidly putting in machines.
1T is possible that rebuilding, after
the disaster at st. Louis, may affect
iron and steel markets extensively.
The minor metals are all a shade
stronger.
Failures for the week have been
239 in the United States, against 215
last, and 20 in Canada, against "a last
year.
BRADSTREET'S REPORT.
New York, May 29.-Bradstrcet's
tomorrow will say:
The improvement in the trade sit
uation is confined to the demand for
hides, leather and shoes; the tenden-
cy of prices of same to advance and
an improvement in request for dry
goods, hats and shoes from whole
salers at st. Paul, Kansas City, Omaha.
and Baltimore.
The crop outlook in South Carolina
and Kentucky is brighter because of
recent rains and a generally better
feeling exists among sugar producers
and handlers in Louisiana and Texas
because of the recent sugar bounty
decision.
General business continues quiet and
at larger financial centres less COM
mercial paper is making even at lower
rates. A between-season's trade has
begun to assert itself and from a num-
ber of points mercantile collections
are less satisfactory, in some instances,
more difficult.
The price movement is again down
ward, wheat, corn and oats as well as
pork and lard, exhibiting unexpected
shrinkages. Coffee, cotton and petro-
leum are likewise lower, and sales of
pig iron and billets by middlemen
have been made shade under nomin-
al figures. Wheat, -four, coal and print
cloths are practically unchanged,
while refined sugar and tin-plates re-
cord advances. Hides and leather are
firm at recent advances and the ten
dency is upward.
Export of wheat, (four included)
from both coasts of the United States
during the week amount to 2,O64,00O
bushels as compared with 100000
bushels last week, 2,426,00 bushels in
the week one year ago, 2,401,000 bush
els in the week two years ago and with
3,253,000 bushels three years ago.
WEEKLY BANK CLEARINGS.
New York, May 29.-Total bank
clearings at principal cities for the
week ending May 30 as telegraphed to
Bradstreet's: $917,269,35 increase,
1910. Exclusive of New York S414,-
$685. ,934, increase, 1873. Dominion of
Canada SIG 600 ZIG Decrease 101