The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-23
HEAVY AND STEADILY INCREAS-
ING PRODUCTION OF IRON.
DUN CONSIDERS THIS LULL DESIRABLE
Natural and Desirable That More Quiet Period
Should Give Time for Testing the Size
and Temper of the Retail Trade,
According TO Dun.

While the general trade movement is
somewhat irregular and there are furth-
er evidences of falling off in demand,
the volume of business continues of large
proportions. Speculation in wool has
ceased and demand for the staple is less
than for weeks past. Cotton goods are
dull on the weakness of raw cotton, and
jobbers report dry goods slower than
week ago. Interior merchants in the cen
trial west have not distributed fall stocks
as promptly as expected and many
otherS at western centers find that they
overestimated the consumptive demand
when securing fall goods. UnSeasonably
warm weather has interfered with the
movement of heavy goods at the west,
but rains in Kansas, Oklahoma and Ne
braska have improved the agricultural
outlook Relatively, the greatest activ-
lily in trade is reported by Kansas City
and Omaha merchants. While quaran-
tine regulations have been raised III
Texas and modified in Louisiana, bust
ness throughout most of the gulf States
remains practically at a standstill. Al
most all the larger eastern cities re-
port a decreased movement of merchan-
disc and tendency of collections to fall
away, notably Baltimore, owing to its
southern connections. The industrial
situation continues to furnish employ
ment to as many persons as at any pre-
ceding period this year and at higher
wages. Production of iron, steel. machin-
cry, stoves, car structural work, glass
and wooden goods continues heavy. Steel
mills have orders to cary them into
1898. and decline contracts for mex,
years delivery. This explains the adj
vance in the price of Bessemer pig iron,
while the foundry grades remain I'M
lchanged. The extraordinarily heavy and
steadily increasing production of iron is
starting up furnaces long out of blast.
and although consumption is heavy, it
is not improbable that production may
outrun it in the near future, which con-
stituteS an unfayorable point in the out
look
Exports of wheat flour included as
wheat from both coasts of the United
States and from Canada this week
amount to 5,552,171 bushels, against g.
.O39,000 bushels last week, 4,067 900
bushels in the week a year ago, $685.
900 bushels two years ago, 1858 900
bushels three years ago. and as COM
pared with 1897 900 bushels in the like
week of 1893. There has been sharp
decrease in the export movement of In
dian corn this week. the total amount
ing to 1,111,543 bushels, compared with
=. 224 90 bushels last week, 2,919.000
,, bushels in the week a year ago. ,343,
. 600 bushels two years ago, $1,000 bush
els three years ago and as compared
with 100000 bushels in the like week of
1898.
There were 205 business failures re-
ported throughout the United States
this week against 1876 last week. 292 iii
the week year ago, $50 two years ago.
POI in the Ike week of 1894 and 800 in
the third week of October, 1893.
There are ~ business business fail
ures reported from the Dominion of
Canada this week, a total considerably
smaller than that of last week or any
third week of October of any four pre-
ceding years.
Dun AND COMPANY'S REVIEW.
New York, Oct. Or. G. Dunn and
Company's Weekly Review of tomorrow
will say:
After the heaviest buying ever known
in many branches during September and
the first half of October, it was both
natural and desirable that a more quiet
period should give time for testing the
size and temper of retail trade and for
distributing part of the enormous guam
titles bought in textile goods, the rush of
orders went far beyond all distributive
demand in August and represented great
replenishment of stocks, and the similar
rush for goods has been correspondingly
great in other lines during the past two
months In iron and steel and in boots
ana shoes there WIS actual danger of
/ L.. a
was seen in 1895, but it has been avoid
4 ed apparently for this. season by the
solid sense of leading men who regard
time of comparative quiet as essential
to the coming and permanence of pros
perity in their lines. AS the buying for
replenishment is partly satisfied and
diminishes, there is some decrease in the
volume of transactions, though at the
same time the working force has furth-
! er increased, the wages of labor have
been in numerous cases advanced, and
the foundation laid more broadly every
week for larger buying and business
hereafter. The iron industry waits be-
cause possible production for the year
has been practically ordered, while Meth
er buyers nor sellers regard contracts at
current prices for next years business
! as quite safe. Bessemer pig is a shade
| weaker at 5000, and Grey forge at
, $3.50 at Pittsburg, while billets are hard
to get at any price, owing to the stop
page of only two works of moderate
size, so much has the current demand to
exceed production. Sales of warrant
pig iron at Philadelphia at % cents re-
duction is in fact not decline. New
business in finished products is almost
of necessity smaller, since manufacture
ing works are nearly all full for months
ahead, the plate mills at the West so full
that they could not compete at all for
three Rockefeller vessels requiring
$500 tons each. The demand for bars
is the best for long time, and con-
tracts for the East River bridge, for nu-
merous new buildings and railway
bridges, are still pending. The coke out
put has risen to 1903 tons weekly,