The news & observer., 1897-04-24
Fear OF General War Agitatsd
Our Market.
WHEAT RISES SIX CENTS
FAILURES FALL OFF SOME. FROM.
LAST WEEK.
The natura! Stimulus to Cotson From
the Mississippi Flood HAS Been Off
set by the Increased Acre
age in Other Parts.


New York, April 23.-R.. G.. Dua and
Company's Weekly Review of trade to-
morrow will say:
If either Turkey or Greece had been
wholly buried in the sea, markets might
have been affected less than by the out
break of war in Europe. Like fire in
the heart of a crowded city it raised the
question if general confagration may
spring out of it. To this possibility and
not to the direct influence of either Tur-
key or Greece upon the worlds money
or produce markets was due the excite.
ment in grain and stocks. AS the un-
known is magnifed, American markets
were much more frighty than European,
where the possibilities have been dis
cussed and partly discounted for months.
But the uncertainty remains and will af-
feet the movement of money and staples
until it disappears, creating large de-
mand for American products at higher
prices, causing hasty speculative selling
of securities at times, but also more con-
tinuous buying by foreign investors, and
not improbably influencing the attitude
foreign powers on questions important
to this country. Wheat rose six cents
from Thursday to Monday and has re-
tanned most of the rise. Since Russia
and the Danubian states will be likely to
ship wheat scantily, especial needs and
much higher prices being possible there,
a larger share of the requirements Of
Western Europe may naturally be drawn
from this country and the chance of Il
war between the great powers has the
more influence because supplies held are
not large. While western receipts de
not yet increase, and in three weeks
have been but 5,641 900 bushels against
1888, 1919 last year, Atlantic exports be-
gin to gain slightly, amounting to l.
190,329 bushels, -four included against
1,0S5, 764 last year, and for three weeks
have been 3,5SS,17 bushels against
8, 3,453,679 last year. But the great in
crease is still in corn, of which the price
has scarcely advanced. though ATLANTIC
exports were 4,1S9, 146 bushels for the
week, and for three weeks 10,221, 151
bushels against 2,624,732 last year. AL
ready the reports for the crop years have
| been 33,000,000 bushels larger than At
lantic exports of wheat and -four, and
may soon exceed the total exports of
wheat and flour from both coasts. Cot
| though the government estimates that
| the floods districts yielded nearly 100000
bales for increased acreage in other sec
tions is generally reported. The past
week, like others of late, has witnessed
the starting of operations by several iron
| works, especially in black sheets for tin
ming and yet prices of pig iron and un-
| finished products are lower, demand not
yet equaling the supply. Bessemer pig
has sold as low as $905 at Pittsburg and
Grey forge at $3.50 in Birmingham.
Steel billets fall to $1425 at Pittsburg,
and Angles are strong, and a few more
structural orders are pending. Eastern
works also have orders for $4,000 tons of
rails. Complaint and proof that the de-
mand for products is deficient blinds
many to the fact that the actual work in
progress, largely en- the heavy orders for
beams, billets, rails and sheet bars, taken
when the pools broke up, is Oh greater
volume than for long time. Large
sales of copper are reported at 111a cents
with production 1928 tons in March.
The end of stipulated curtailment has
been reached by some cotton mills and
nearly by all, and since the auction sale
some bleached goods have been slightly
advanced, but actual buying does not in
crease and print cloths do not improve
Sales of wool have been largely of for
eign, reports being swelled by arrivals
of quantities sold some time ago and i'm
ports at Boston for the week were 3D..
600 bales. For the three chief cities
sales were "a, ,O36, 800 pounds; in three
weeks, 20,271,3O0 being foregoing,
against 15,906,10O in 1892, including
1874, 900 foreign. But manufacturers
are doing scarcely anything and orders
for goods improve very little, though for
somewhat better grades of goods.
Failures for the week have been 21S
in the United States against 23S last
year and 21 in Canada against A last
year.
BRADSTREETS REVIEW.
New York, April 23-Bradstreet's to-
morrow will say:
''The change in conditions underlying
general trade, while slight this week, has
been in the direction Of improvement.
The depression in iron and steel continues
and Bessemer pig and steel billets have
reacted another 25 cents ton. The out
look favOrs an increase in labor disturb
ances to resist mid summer wages reduc-
tions. The bituminOns coal mining indus
try is worse off than the anthracite, with
rumors of strikes, which promise to have
an unfavora BILE influence ON other than
the iron and steel industries. Trade in
wool is quieter. There is less life in the
wholesale dry goods trade, and little re-
lief has been experienced, notwithstand-
ing the large auction sale of cotton goods
last week, buyers continuing to supply
immediate needs only.
The tendency toward more settled