The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-11
THEN WILL BUSINESS CROWD
THE WORKS.
DECEMBER WHEAT'S SUDDEN RISE
Was Based on Ayowed Contracts, But Is Not
Stated on What the Drop Yesterday
Was Based--A Cock and
Bull Report.


nual message and reports, has not dis
couraged business, as some predicted,
but all speculative markets are stronger
than a week ago.
The productive industries, even in the
season usually about the dullest of the
year as to new orders, meet a definite
improvement in demand for important
products, presumably the fruit of pre-
vailing conviction that new business will
begin to crowd the works after the new
year starts. The outward movement of
wheat and other products continues so
heavy that foreign exchange has fallen
q of q cent and instead of exports of
gold, which have marked December i'll
recent years, imports would come If gold
were wanted. Securities are advancing
with reason in the increased earnings of
railways, $47,0S5,S 01 for November on
reporting roads in the United States,
16.S per cent. larger than last year and
SO larger than in 1892. A striking
comparison for five years shows that in
each of the last three months earnings
have been greater than in any previous
year. with a larger increase in Novem-
Der than in October or September.
The sudden rise in December wheat
at Chicago to 100 would do harm, were
it not based on avowed contracts to ship
some millions of bushels to Europe. That
fact and the continued foreign demand
in spite of such contracts, has helped
rise of ~ cents here. Western re-
ceipts for the week were 5,19S, I'll bush
els, against 1861 ,374 last year, and At
lantic exports, including flour, 1912, 49,
against 2,975,65 last year, and so great
is the foreign shortage that the outgo of
corn last year, far greater than ever be-
fore, is again exceeded 3,313,0S6 for the
week .agail ;, 900, 40 a year ago, with
the price nearly l cent higher for the
week. The report that Western sup
plies are running low is discredited by
receipts from farms.
Cotton is Lice stronger, in spite of
estimates ranging from 10, 100000 to H.,
100000 bales by well known authorities.
A strike in English mills is no longer
threatened, and the possibility of one at
Fall River has little weight.
The demand for woollen goods has
clearly improved, and more wool has
just been purchased abroad and is being
imported, the sales in the domestic mar
ket having been for the past week only
100000 pounds at Boston, and, in two
weeks, 11,050,z. pounds at the three
markets. While some grades have been
sold largely at prices lower than a month
ago. quotations are. generally maintained.
There is more demand for iron and
steel products in preparation for rail-
way work. bridges and buildings next
year, and on contracts for export, in
Guiding one for a government bridge in
Holland and others for bridges in Ja-
pan, with large shipments of various pro-
ducts to England and other countries
Foreign contracts for 10000 tons of
rails are pendng-15,000 for Mexico. In
and about New York, bridge and build
ing contracts cali for ., 900 tons, and
Chicago works are figuring on numerous
contracts for 5000 railway cars. The
formation of the American Steel and
Wire Company is expected to strengthen
prices and cause some buying. While
Bessemer at so and grey forge at 1915
are slightly lower at Pittsburg, prices
are stronger at Chicago and in all quar-
ters heavy business is expected after the.
new year sale of lake copper, said
to be 100000 pounds, at IL cents, so
strengthens the demand that 1887 Is
bid, while future contracts for tin plates
have been made at $3.50 per 100 pounds.
Connellsyille coke production is 151,-
100 tons weekly, against 1896 in No
vember, and no advance is now expected
above $3.50 for furnace coke early next
year. Anthracite coal is weaker and
sells here at 1915 to $685. for stove.
Failures in the first week in December
We're but $2.617 ,240. Failures for the
week have been 312 in the United States,
against $50 last year, and 20 in Canada,
against 43 last year.
BRADSTREET'S REVIEW.
New York, Dec. 10.-Bradstreets to-
morrow will say:
Mild weather throughout most of the
country has interfered to some extent
with the distribution Of inter weight
clothing and other seasonable goods
and trade from first hands is quieter
even than last week. Jobbers and re-
| tailers, however, report a steadily in
creasng and in some sections very ac
tive business in holiday goods, groceries
and kindred products Reports from the
South continue, as a whole, very good
| with specially favorable ACCOUNTS from
| New Orleans, Atlanta, Nashville ant
| the central South, Collections, are, a,
a rule, generally very satisfactory, il
| spite of the low price Of cotton Fa
vorable reports come from Chicago
| Kansas City, st. Louis and st. Paul il
the central west and northwest, while
the Pacific coast notes a heavy increase
in trade, present and contingent. based
upon enlarged Alaskan demand. SaL
| Francisco reports the wheat crop inn
| proved by recent rains, with conserva
! tive estimates pointing to a yield OF
$4,000 tons. General export trade OIL
the coast is very heavy.
The price situation is one Of sustain
ed and even aggressive strength. Whea
is higher, partly or improved Statistical
| position, but largely in sympathy will
the Chicago squeeze" which has ad
vanced prices Is cents per bushel il
that market within a week. All Other
cereals have sympathized with wheat
and coffee, copper, cotton, dairy pro
| ducts, leaf tobacco and raw sugar are