The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-29

than they realize. They reckon by values,
but these are much lower than in any
previous year of prosperity and leave
little margin for profits. In quantity, there
is almost as much business being done
as during the years of greatest prosper
ity, and though the increase in popula-
ton would call for material expansion,
the comparison is not discouraging. The
recovery is slow, hesitating and gradual,
but more has been done on the whole in
May than in April, while returns of
April showed the volume of business only
10 per cent. smaller than that of the
best year heretofore. Yet hesitation Is
doing its work every week. and multi
tudes are waiting, because of POSSIBLE
ties at Washington, who ought to be
filling the demand for labor and the prod
ucts of labor.
Events have proved that the crop of
wheat going out is much larger than any
of the markets expected, and western
receipts for the week were 30 per cent.
larger than last year, while Atlantic ex-
ports have been for four weeks 6.315, 329
bushels, flour included, against 1888, III
last year At this season actual receipts
count rather than predictions, and the
an extraordinary quantity of wheat and
flour, and yet has so much to spare that
the May option has declined nearly Il
cent for the week. Besides the outgO of
corn, largely taking the place of wheat
in foreign consumption, it is far beyond
precedent or expectations and for four
weeks has been 9,360091 against 6OO1,-
9S5 last year. With liberal interior sup
Cotton is unchanged although at this
season exports are insignificant
Manufacturers have especial cause of
delay owing to the possible competition
with foreign goods largely imported. but
there has been no setback in prices. al
though cotton goods are dull without
large demand, and print cloths are at
the bottom price. 1t is evident that pro-
duction far beyond the consuming de-
mand has forced the industry into a
waiting attitude The wooden mills are
producing more than they have done for
years, though much less than they could
or would like to produce, and manufac-
turers are doing almost nothing in the
wool market, though speculation has
kept the sales large, in four weeks of May
2S,SOo,o00 pounds against 20, 1J9,350 in
tnc corresponding weeks OF 1857. 1Dere
is some weakness observable with west
ern holders and eastern prices begin to
feel the weight of enormous imports, al
though holders still calculate on a rise
as soon as new duties take effect.
The iron manufacture gains in spite
of the closing of some furnaces. The
production of pig iron exceeds consump-
ton and is somewhat decreasing, while
the consumption has gradually gained,
this week, in part because of several
structural contracts, including 1000 tons
for this city and in part because the
agricultural implement works have made
larger demands, and also because of the
proposed leasing of nearly all the rod
mills in the country. which has caused
some buying. Pig iron shows no change
in price, but it is noteworthy that an
advance Of % centes i'll the British price
of American pig is considered relief as
lessening the urgency to sell Southern
pig i'll Northern markets. Cotton ties at
30 cents per bundle have quite shut out
foreign competition. Tin and copper are
stronger, but the tin plate makers have
agreed upon an advance and yet the
best grade seems as before at $50 against
$50 for the foreign. ...,....
Failures for the week have been pa
in the United States, the smallest in any
week since September, 1895, against $50
last year and % in Canada against 20
In st wear