The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-25
Bank Failures in Philadelphia
Cause No Disturbance.
COTTON GOODS DECLINED
YEAR CLOSES WITH RESULTS
NOUALLING EXPECTATIONS.
COLDER WEATHER IMPROVES DEMAND
Failures Two Less Than for Corresponding
Period Last Year Strong De-
mand for Iron.

OttO1 G0ok SuVifS w
mand for Iron.
New York, Dee. 24.-R. g. Dun anA
Oompany's weekly statement OF tra6s
tomorrow will say:
the weekly reports show a remarkable
| large holiday trade at many points, tho
| largest for five years. Moreover at this
season when wholesale business usually
sinks, the pressure of demands for i'm
mediate deliveries, which results FROM
unprecedented distribution to consum-
ers, keeps many establishments at work
that usually begin their yearly resting
spell somewhat earlier. Instead of de
: cTease;ng the demand for products show
an unexpected Increase in several impor
tant branches. Foreign trade continues
satisfactory, even in comparison with
the remarkable record of year age
when exports exceeded SILT 100000 in
December. Bank failures at PhiladeI
phia due to individual operations, cause
no disturbance and commercial failures
for the month have been less than half
iuSI years 10 lIe Sdilltt udle.
The out going flood of grain is not
checked by Chicago speculation thougk
more corn than wheat has been movs
ing. Wheat exports, flour included
have been 3,,G9S,321 bushels for the
week, against 3,504,S05 the previodS
week and 1,546, 6,443, year ago, and iH
four weeks 15.7GG,S95 bushels against
9.0395S7 last year while corn exports
for the week, 5,540, 1913 bushels against,
1,5T1. .T40 last year. have been in four
weeks 14,420,151 against S,176,073 last
year. Last years corn movement was
by far the greatest ever known, and
this years wheat movement for the
half year nearly ended has been close to
the maximum reached in 1891. Wheat
has varied little, closing three cents
higher for the week, after deliveries OF
surprising magnitude at Chicago and
corn closes nearly cent higher Cotton
has also been moving largely and has
risen sixteenth.
Cotton goods have further declined in
prices of bleached which meet active
Southern competition and the Fall River
spinners insist upon q reduction of one
! ninth in wages, other New England min
joining. Out of ION New England
works. 45 have passed dividends. ii at
EUll IAlNeT Will lei OtItIS pay liz VsfC
per cent for the last quarter. The fan
in the price of cotton when mills were
holding heavy stocks of goods placed
this industry in most embarrassing Pc
sition. Wooden mills have begun buying
dimestic wool heavily. especially Mon
! tana and territory, as if assured Of large
business for the season about to open.
/ Contracts of unknown magnitude have
been made it is said, many at previous
prices, but others at moderate ad-
vance. Wool is more firm, traders har-
ing disposed of 100000 pounds ter
ritory and 100000 other domestic at
Boston and sales at three cities reached
/ 100000 pounds.
| There is n stronger demand for iron
] and its products, Bessemer rising to SO
| and Greyforge to 50 at Pittsburg and
! the Eastern Bar Association has adj
| Vanced the price to 1.01 cent for refined
and 1.021b for common. Owing to pos
sible changes in freight rates Southerx
pig is offered % cents lower. A striking
4 feature is the unusual demand for the
season in building cars, of which 1000
i have been ordered at Chicago by one
| trunk line and rails there have advanc-
ed to $50 in new business with sales hers
Of 5000 tons for home use and 1000
for Mexico. Building contracts in unus-
ual number for the season come up and
contracts for three drainage canals at
| Chicago. The Illionis Steel Works have
! eight months business booked with more
orders Offering Pine is dull and weak,
but rods are quite active and billets
/ have advanced about 30 cents The out
put of Connellsville coke 155.121 tons. is
the largest for any week this year and
I contra 0fS fn c,rnnfu n NToboV,s,,c, F,x~
at SLIGO for half next year have been
/ made. Anthracite coal is ten cents
strong with colder weather Tin is slight
| " weaker owing to large shipments.
Failures for the week have been 29S
| IN the United States against 297 last
year and 33 in Canada against "A last
year.
BRADSTREET'S REVIEW.
New York, Dec. 24.-Bradstreet's OF
tomorrow will say:
J Quietness in wholesale lines but pro-
nounced and notable activity in retail
trade have been the salient features in
! TINS weeks trade situation. Price
! changes which are numerous. are largely
IN an upward direction and the year
| draws to close with results as whole
! fully equalling and in many instances
| surprising early expectations. Perhaps
| the most notable feature has been the
humanity with which the trade reports
! from all parts Of the country, with some
| few exceptions, point TO a very heavy
holiday trade in nearly MI cases esa1-
J Hirins faxa=s'ly with recent preceding
YEARS.
Reports are that stocks Of these goods
have been heavily reduced. Particulars
| ly prominent in reporting good retaiI
| trade in the west are Chicago, st. Louis
| and Kansas City. At the south New
| Orleans reports retailers representing 81
| harvest and December trade larger thsH
usual. Similar good reports come from
Nashville. Savannah and Memphis. but
collects. Aand business would be larger
were It not for the low price Of cotton.
~ the northwest colder weather has
| improved the Pmand for seasonable
| Continued on fifth page.)