The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-18
LARGE WHEAT EXPORTS
EXCEPT 1891, THEY HAVE BEEN
HEAVIEST ON RECORD.
NET GOLD GAIN IN AUGUST OF So, 400, 900
Iron Industry Shows Increasing Demandi Tex
tile Mills More Fully Employed; Failures
204 Against 3l7 Last Year--The
End of the Coal Strike.

New York, Sept. 17.-R. G. Dun and
Company's Weekly Review OF Trade will
say in its issue tomorrow:
The end of the bitumunOus coal strike
and the return to work at advanced
| wages, adds to the purchasing power of
the people. The anthracite strike affects
not a fifth as many workmen. The
starting of many mines and works, en-
ormous exports of wheat and corn, the
| favorable news as to these crops and
| cotton, the fall in sterling exchange,
and the report showing that gold inn
ports began in August, exceeding ex-
ports by S2,39O,5S7, while merchandise
exports exceeded imports by $40, 1853, 753,
| have all contributed to forward the inn
provement in business. The replenish-
ment of stocks can not be half finished,
though some who could see no sign of
Improvement a few weeks ago, are now
finding it so vast and rapid that they
fear reaction. But consumers as well
as dealers, have also to supply them
selves after years of enforced economy,
and while their power to purchase is
increasing every day, and their actual
buying at retail, reasons for apprehen-
sion are not urgent.
The wheat market has declined over
FIVE cents on account OF crop reports,
which promise larger prosperity, and
corn and cotton are both a little lower
for like reasons. Yet estimates of the
highest financial authorities regarding
81, II
smaller, but larger than before, while
better prospects in Argentina. Australia
and India hold out no promise of large
European supplies, or Of any until winter
is over. Atlantic exports of wheat, flour
included, are more than double last
years each week, and in two weeks,
S,S20,313 bushels against 4, 101,121 last
year, and of corn 1895 1868 bushels
against 1887, 500 last year. From the
Pacific coast wheat is also moving
largely, % cargoes from San Francisco
this month and over 54S,9S5 bushels in
seven days from Portland. Corn de-
clined over three cents with the growing
belief that the yield will surpass esti-
mates. Cotton was depressed from ~
TO cents with favorable news Of yield,
although the mills are now consuming
with great rapidity.
The stock market had another of its
reactions on Monday, but on Tuesday
was higher than ever. The microscopic
reactions thus far have been significant.
After the average of sixty active stocks
had risen 81 per share, it fell SO cents
in two days of reaction in June, and
then rose again. After rising So more
it fell II cents August 9th, then rose
another dollar, and had a serious reac-
ton Of 60 cents on the 18th, but was
higher than ever within a week. August
24th and 25th it fell % cents but i'll
then rose SO more. September 18th its
reaction averaged % cents and it has
since advanced $1.07
The iron industry again shows in
creasing demand, and an average of
prices nearly l per cent higher, due to
purchasing by consumers. Buying of
100000 tons of Bessemer pig at Pitts
burg has advanced the price to $40;
Grey Forge is hard to find there at
1915, and billets sell at $3.50. With |
the output increased to 122,431 tons
weekly, Connellsville coke advances to
81 40 for furnace.
Textile mills are more fully employed
than at any other time for years,
though new buying has diminished in
amount while the number of orders re-
ceived is still large, the amount is |
smaller. The demand is still very good
for the season and prices are firm
throughout with some further advances.
Actual buying of wool by mills is in
creasing at all markets with the belief
that foreign supplies is short.
Failures for the week have been 204
in the United States against 317 last
year. and 40 in Canada against 80
last year.