The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-13
HEAVY BANK ClEARINGS
REACTION IN PRICE OF COTTON
MAY END THE DECLINE.
ALREADY PRICE OF YARNS IMPROVES
The Enormous Output Of The Iron Furnices In
dcates the Larger Consumption Wooden
Mills Have OroetS Ahead Europe
Wants All the Spare Wheat.

Wants All the Spare Wheat.
| New York, Nov. 12.-Bradstreets to-
morrow will say:
One of the most significant features
the continued heavy weekly totals OF
bank clearngs, that for six business
days ending November II, amounting TO
81 ,347 100000, an increase OF 10 per
cent over the preceding week and l3
per cent compared with the second week
of November, 1896, when business be-
gan to revive sharply in speculative lines
Railroad gross earnings show smaller
gains as comparisons begin to be made
with more nearly normal conditions over
year ago. Total October earnings of
| l2s companies, operating 100000 miles
of road, aggregate sos, 464 ,339, gain of
! 100000 over September and . per
cent over October year ago. Tbs gain
compares with gains of Ii per cent in
September and 12.5 per cent in August
over corresponding periods in 1885. The
4 ac:fic, Southwestern and Central West
ern roads make the best showing. Other
favorable fea lures are the continued
frmness Of and activity in WOOL. iron and
steel. The heavy output Of iron and
moderate reduction of stocks last week
suggests the improba bility of the ad-
vance in prices of iron and steel next
year, which so many have hoped for.
The slight reaction in the price of cot
ton, in view of the extreme depression
to which that staple had beel subjected,
attracts attention as the possible Ee
ginning of the end of the prolonged de-
cline. Already there is an improvement
in the price OF and demand for cotton
yarns.
The unfavorable influences in price
movements this week are declines for
cotton and print cloths, the latter touch
ing the lowest price on record. Wheat,
lard and lead are also lower, and Wire
nails have been shaded. There IS a
long list of staples for which prices are
practically unchanged. The more I'M
portance advances are confined TO In
dian corn, oats, hoops and turpentina.
| Colder weather in the central west
and northwest has stimulated demand
for winter goods, particularly clothing.
Exports of wheat flour included as
wheaU from both coasts Of the United
States and from Montreal this week
amount to 5.44J,542 bushels, compared
with 100000 bushels last week, 4,6G4,-
| 600 bushels in lne week year ago, 3D..
30, 900 bushels two years ago, $780,
1000 bushels three years ago, and as con-
trasted with 2,645.000 bushels in the like
week of 1898. Exports of Indian corn
this week amount to 2.651, 546 bushels,
against 2,199000 bushels last week, 81
7S2, 900 bushels in the week Il year ago.
/ ,921 900 bushels two years ago, $4,000
bushels three years ago, and as contrast
ed with $4,000 bushels in the Ike week
of 1893.
| There is an increased number of bust
ness failures, the total throughout the
United States this week being 273, COM
|pared with 223 last week, 25S in the
week one year ago, 90 two years ago,
$50 three years ago, and $40 in the Sec
lond week of November, 1885, The larg-
er portion of this weeks increase over
last week is in New England and the
ISouthern States.
There are 33 business failures report
led throughout the Canadian Dominion
this week, compared with "a last week.
Al in the week one year ago, and 45
two years ago.
| DUN AND COMPANY'S REPORT.
New York, Nov. pr. G. Dun and
Company's Weekly Review of Trade will
say in it's issue of tomorrow:
Colder and more stormy weather, so
long needed to accelerate distribution of
winter goods, has materially helped in
some quarters, and the resulting inn
provement in retail trade Is mentioned in
nearly every northern dispatch this week
80 that orders to fill stocks have been
encouraging, and in some branches the
multitude Of demands for immediate de-
livery show that the distribution to con-
sumers has already gone much beyond
the expectations of dealers. But this
| is not yet the general rule and with
many complaints of delayed trade from
other quarters there still remains the
extensive shrinkage caused by fever
guarantees at the South. 1t is, there
fore, the more surprising that the vol
ume Of all payments through clearing
houses continues about as large as in
1892 and 1871 per cent larger than last
year. Railroad earnings also nearly
equal those of 1892 for the first week
of November and half the mileage in the
United States shows earnings in Octo-
| Der Of $50, 354 ,496, or 80 per cent larger
than last year, and ID per cent larger
| than in 1892. Speculative markets feel
disappointment because prices do not rise
farther and faster, but it is fortunate
for producers and dealers that the ex-
perience of some past years in that re-
spect has not been repeated. There is
nothing to cause general reaction. The
purchasing power Of the people is graz
dually increasing and after the dull
| which follows extensive retlenishment
of stocks, trade should give ample evil
dence of that increase.
| The output of iron furnaces Novem-
| Der first was 213, 150 tons weekly
| against POOLED October first, a gain of
6.1 per cent, and unsold stocks decreas-
ed 1880 tons in October. indicating a
larger consumption in manufactures than
ever before, even when the output of
pig was pushed by swiftly advancing
prices to highest point. 217.GS2 tons,
Novemhar I 1S0I Prices of iron pr,,-