The news & observer., 1897-02-06
The Restriction of the Production of
Cotton Goods Has Not Strength
ened the Market or Advanced
Prices Yet--Wheat Exports.


Prices Yet--Wheat Exports.
New York, Feb. 5.-R. G. Dun e. Co.'s
Weekly Review of Trade tomorrow will
say:
mo important changes in business ap-
pears, but the number of manufacturing
| establishments starting much exceeds the
number of those stopping during the
week aud so much that the curtailment
of working time in many cotton mills
probably does not lessen the aggregate
productive force or amount of wages paid.
There is distinct increase in orders for
wOolen goods, some gain in the silk manu-
facture, waiting condition with gain i'm
one branch of boots and shoes and indica-
tiOns Of better things coming in the iron
and steel manufacture. All symptoms
are favorable in the money market and
large sale of securities in connection with
the Northern Pacific and Oregon Naviga-
tion interests to European purchasers
viii put off still farther the possibility
of gold exports. 1t is also cheering evil
denee of confidence among European in
vestors
'"TO many it is the most perplexing fea-
ture of current events that wheat does
not rise much, though it has advanced
/ Oh cents for the week.
Cotton fell to 7Ac., after agreement
to close Fall River and other print cloth
works became known, but recovered the
quotations of a week ago, 7.31 without
further news. Spinners' takings have
been so small this year those Of Northern
mills about 400, 900 less than in 1S94'95,
that the admitted narr0wness of demand
for goods has at present considerable
weight.
prices of Bessemer pig and grey forge
at pittsburg have slightly advanced with
much more hopeful feeling, notwith-
standing the comparative narrowness of
the demand for finished products and in
plates and wire, and wire nails, there
is much more business with good pros
poets. Billets are quoted at $15.25, with
scarcely any demand at present, and rods
at S21, while No. 27 black sheets are
quoted at only two cents. Reports that
$4,000 tons of steel plate and sheet bars
have been exported to England, are only
indica tons of the temporary excess of
supply over demand in this country and
are not supposed to have realized any
profit. But ON the whole the demand
for iron and steel products is slowly gain
ing and a considerable proportion Of the
works is fully employed, though the gain
is not yet enough for those who have
taken large stocks of material or products
ON speculation.
Failures for the week have been 81
in the United States, against 323 last
year, and 63 in Canada, against 90 last
year"
BRADSTREET'S REVIEW.
New York, Feb. g. Bradstreet's to-
morrow will say:
General trade which was retarded by
unfavorable weather a week ago, has re-
covered somewhat at Chattanooga, Mem
phis, Birmingham and New Orleans.
While the cold weather cut into stocks of
heavy goods, it delayed the sale of spring
goods. Other relatively favorable trade
reports are from st. Paul, Chicago, Min
neapolis and St. Louis. At most centers
jobbers report business quiet or unchang-
ed, with no prospect of immediate inn
provement.
The restriction of the production of cot
ton goods has not strengthened the mar
ket or advanced prices yet The heavy
increase in sales of wool, 100000
pounds at Boston alone since January l,
against 24,000,000 pounds last year, is
based largely on the expectation of a
higher duty ON wool.
One Of the most satisfactory industrial
features is the lack of demand for iron
and steel, prices of which in the central
Western States have gotten below NOM
inal quotations.
Exports of wheat (1our included as
wheat from both coasts Of the United
States and from st. John, N. B., this
week amount to 3,16S,746 bushels, as
compared with 2,515,O00 bushels last
week, 2,907, 900 bushels in the week a
year ago, 100000 bushels in the week
two years ago, 2,67S,000 bushels three
years ago, and as contrasted with 3,931,-
600 in the like week week of 1898. Ex-
ports Of Indian corn this week show
marked increase, amounting to 3,659,960
bushels, as compared with 3,011 900
bushels last week, 3,222,000 bushels in
the week a year ago, 927 900 bushels in
the week two years ago, ], ,424 900 bushels
three years ago, and as contrasted with
hoIc 81, l,n SI~o .,FT