The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-19
THE BUSINESS OUTLOOK
DEMAND FOR IRON AND STEEL.
IMPROVES.
THE PRICES ARE SOME STRONGER
Reports From the Various Cities This Week
Show Very General Progress and a
Continuing Large Distribution
Through Retail Trade.
Through Retail Trade.

Through Retail Trade.
New York. June 1S.-R. G. Dun and
Company's weekly review of trade to-
morrow will say:
The retarding influence of cold and IN
seasonable weather has passed.
The gain in business in spite of 1t
which was seen a week ago, has become
clearer to all. As no genuine improve
ment ever begins with an uplifting of
prices before the producing force has
become fairly employed, this does not,
and the buying of 1000 bales Australian
wool by one Boston house, and 100000
tons pig iron by Wall street operator,
and advancing prices for stocks, are only
proof that the actual conditions are un-
derstood by some capable men. There
is evidence of gradually enlarging busi-
ness in every important department,
more establishments having been set at
work and more hands employed, and
while prudence still hinders speculative
excesses, the progress toward better
things is unchecked. Reports from the
various cities this week show very
general progress and a continuing large
distribution through retail trade.
The proof is clearer, as it should be,
in the industrial than in the trading field.
Contracts providing for consumption of
seven million tons iron ore have already
been made, two million within the past
fortnight, it is believed, though last years
contracts only terminated about two
months ago. Bessemer ore is selling low
er by 20 to 80 cents than at the outset,
Biwabik at 225 against 200, but the
heavy demand puts additional mines at
work. The speculative purchase of 1OO,-
600 tons southern pig at 5.75 clears the
deck for larger business at better fig
ures, and sales at Chica go-150, 900 tons
have been the largest for eighteen
months. Reaction after the sudden pur-
chase Of $4,000 tons Bessemer at Pitts
burg leaves the price $50 per ton, but
the heavy orders for bars there and for
$4,000 at Chicago, mainly for implement
makers, with orders for many new build
ings at the west, one of magnitude at
Philadelphia and several at New York,
the larger demand for plates and sheets,
the order for % miles of pipe and the
purcha ses of steel rails which have start
ed the new Joliet works with good or
ders are far more important than the
speculation in materials.
Coke production has increased $500
tons, nearly 21a per cent, without change
in price. Tin is stronger at 1875 cents
and the copper output in May, larger than
in any other month this year, has not
yet lowered quotations, while lead is
stronger.
The demand for print cloths, for the
first time in many months, has exceeded
the weeks production, and the price
has risen a shade, while prints and other
grades of cotton goods are in slightly
better demand. There is a more wide
ly distributed business in woolens than
was expected. Clothiers are buying and
as they come late, are in haste. Some
but the bulk of the purchases of wool
eastern mills have been in the market
has again been by speculative houses
at Boston, where almost ten million
pounds were sold against 6,551 300 at
New York and Philadelphia. Western
operators still pay more than eastern
prices warrant.
In produce markets the year draws
toward "a close with slightly stronger
prices for corn, owing to heavy foreign
buying and in cotton owing to better
foreign demand, Notwithstanding more
encouraging crop reports. Nobody can
count bales in June, but the outlook is
so far favorable that few make large
ventures against the yield exceeding nine
million bales. Wheat was hoisted nearly
two cents, but fell about as much, clos
ing a quarter higher for the week in
spite of reduced western receipts and
Atlantic exports.
In two weeks of June, Atlantic exports
Of wheat and flour have been equal to
4,977 ,653 bushels, against 6,21O,S23 last
year.
Failures for the week have been 1913
in the United States, against 276 last
year and 36 in Canada, against % last
year.
BRADSTREET'S REVIEW.
New York, June 1S.-Bradstreet's to-
morrow will say:
There are encouraging features in the
general trade situation this week, the
most conspicuous of which is increased
orders for staple goods for fall delivery
in a few lines, notably clothing, which,
at Chicago, Baltimore and few other
centres, promise to exceed the movement
of q year ago. The more cheerful feel
ing among manufacturers of iron and
steel is based in part upon expectations
of q revival in demand. The repeatedly
announced improvement in iron and steel
this week rests, in addition to this, upon