The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-18
SOME PRICES ARE STEADY
COTTON PLANTERS REALIZING
FOR CHRISTMAS.
INCREASED ACTIVITY AMONG JOBBERS
Enlarged Enquiry at Higher Prices For Steel
and CORRESPONDENCE Heavy Business
in Pig Iron--Business Failures
Show a Falling Off.

Co.'s weekly review Oh lTluS VIII ody
In its issue of tomorrow:
Close to the annual holiday and halt,
the business of the year is surprisingly
large. Payments through banks are
again % per cent. larger than in 1872,
heretofore the year of greatest proSperI-
ty; the production of iron and woolens
and boots and shoes is larger than ever
before. exports eclipse all past records,
and failures for two weeks have been
the smallest for corresponding weeks i'll
five years. The Treasury receipts show
a steady increase for the first half of
December over previous months, both
in customs and internal revenue, and
heavy payments to the government on
Union Pacific account caused bat slight
stringency in the money markets, win
preparation for large cancellation OF
bonds. The most we;ghty news of 1hH
week is, the rise of merchandise exports
in November to $116,630, 800, the excess
of exports in four months being $229,-
212.4O1, while in half of December ex-
ports are nearly as large, and imports
$2,500,000 smaller than last year when
the excess of exports was $5S,366. Prob
ably all records are surpassed by exports
for this year, which have ben S9I4,60O,-
600 in eleven months, and the excess
over imports in five months has proba-
bly, exceeded $3.50, 100000.
The output of pig iron on December
1. was the greatest ever known, 226,024
tons. against 213.519 November l, and
217,3O6 in November, 1895, the high
est point heretofore. Unsold stocks also
decreased in November 29,652 tons, in
dicating consumption of about 230,0O0
weekly during the month. Bessemer
declined in the face of such production
10 cents and Grey Forge % cents at
Pittsburg. The demand was on the
whole greater, and unusual structural
contracts for the season were placed,
with sales of 10000 tons steel rails at
New York, and the largest orders ever
booked by the Illinois Steel Company,
it is said, and unexpectedly heavy bust
ness in places. Much buying also re-
suited from expectation of the wire con-
solidation, including 25,0O0 tons Besse-
mer. and 10000 tons billets at Pittsburg.
No reaction comes in copper, and eX-
ports for the month are estimated at
10000 tons, and tin plates slightly
stronger. Coke production was 154,92o
tons with contracts making for tie COM
ing year at $50, and anthracite coal
was weaker at $3.75 here.
Wheat is just now the backbone of
foreign relations, and Atlantic exports
in two weeks have been, flour included,
7,SS0,942 bushels, against 5,413,67 last
year, while receipts rose to 12,0G0, 122
bushels, against $685., 1872 last year.
The price gained a fraction in spite Of
the speculative decline in Chicago. Corn
exports continue to exceed last years,
in two weeks G,326,S94 bushels, against
5,074,626 last year, which is a particuu-
larly significant feature. The price rose
but a fraction and receipts in two weeks
were S,023 001 bushels, against 5,449,-
1S1 last year.
The cotton manufacture is in diff
Guilty. due to production last year far
in excess of demand and to partial
transfer of the demand to southern mills.
While domestic and export sales have
been large, they are behind in produc-
ton, exceeding that of the best previ-
Gus years, northern and southern in
cluded, and the effort to Strengthen
things by a reduction of wages, presuma-
IDLY involves a strike and reduction Of
output. Goods are generally weak and
the prices are now the lowest ever
known, the reduction in bleached goods,
prints and wide sheetings having caused
considerable increase in the demand.
The demand for woollen goods is in
creasing and some mills are in the mark
ct providing for a greater production,
though most are still waiting, and the
wool market is remarkably dull, sales at
the three principal points being 3,307,-
100 pounds, against is, 100,1 100 last year,
17,179,1 40 in 1895, and 16,304,1 in
1892. While prices are said to be held
IL. F,,a -,
hunting for bargains and foreign wool
In considerable quantity is coming this
way.
Failures for the week have been 800
in the United States, against 387 last
year, and IS in Canada, against Al last
year.