The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-08-16

Business Increased by Prospects Of
Peaee-No Sign Of Disturbance Of the
Money Market-Iron IN q Boom-T ex
tile Manfactures Awakening.

~AoACy On u GX
tile Manfactures Awakening.
New York, August 1z.-R. G. Dun &
Co.'S Weekly Review Of Trade will say
tomorrow:
Prospects Of peace have had a curious
influence on business contracts. not
quite explainabIe on common sense
grounds Nobody really feared disas-
ter, or exhaustion OF national resources
and nobody feared that anybody else
was afraid OF either. Yet orders I'M
usual in numbe and size nave been
placed since Spain asked for peace. In
some industries the gains have been
large for about two weeks. while in
some textile manufactures 1t has only
begun TO appear this week, but ii in
wolves a considerable increase in the
working force.
Crop prospects are on the whole
more encouraging, for the govern
ent latest report as TO corn is much
larger h the commercial estimates,
and its cotton returns promise a
heavy yield, while allowance is mad
for its habituaI error in its wheat re-
turn.
Money markets show no sign OF pos
sible disturbance; securities are strong
er, and there is no harmful speculation
in stocks or products. Rarely has the
financial outlook been more nearly un-
clouded.
While wheat is 4 cents higher for the
week. there is less doubt than a week
ago that it will rule lower during the
coming year. The general holding
back of grain by farmers, and conse-
Quent heavy s~hrinkage in western re-
ceipts, have reduced the visible supply
hoJ@ -@-S
understands that at this date many
times that quantity is almost within
a days run of Chicago. The more eff
fective change is the decrease in ex-
ports, which have been only 1927, SIG
bushels, flour included, from both coasts
against 3,S32,974 last year, showing
but the slight increase of 500, 900, BUSH
els for two weeks, compared with last
year.
The price Of corn has declined a
shade for cash, and the government re-
port promising almost 1000, 900, 900 BUSH
els, against 1926, 600, 900 bushels promis-
ed by commercial accounts, a more
weight because the official returns as
to corn have not been systematically
misleading and everywhere discredited.
A Sigh furry in cotton lifted the
price a sixteenth on Tuesday, but it
dropped again the next day with the
official f~OreshadOwing of a large yield.
The iron and steel trade fully sup
ports differences drawn from recent
events. The demand for steel is SO
heavy that some of the biggest on
Germs have been buying, one taking
$1,000 tons, advancing the price at
Pittsburg from S14.5O to s15.25, which
was at last refused. Bessemer pig is
steady and other pig there and at east
err and western markets generally, but
rails have been advanced by eastern
makers to SIS per tor. The makers of
structural beams have advanced the
price 81 per ton and k of mer-
chant pipe have advanced the price
5 per cent, while plate makers are
crowded to the point of refusing orders,
both east and west, and bars are
stronger. with many mills engaged for
weeks ahead. illustrating the demand
are reports Of orders for 80, 1000 car
axles at Chicago, 5000 ons of structu-
raj work there and big orders at Phila-
delphia. for cast pipe and 5000 tons
now appear to be crowded to
their utmost capacity, as the western
have been for some weeks. In the min
or metals there is heavy buying.
Textile works have been sleeping, but
are awakening. The demand for wool
en- goods is now much better, although
not yet extensive enough to warrant
paying tIEc prices dSheu LUZ ne" "OOi,
and nearly all of the buying has been
of old stock. The aggregate sales at
the three chief markets "a been only
5,432, 700 pounds for the week, about
a third of the sales in the same week
of 1897, while in 1892 for the CORE
spending week sales were 7,164,600
pounds.
The demand for cotton goods is a lit
tie better as to staples, and fairly good
for print cloths, prints and ginghams,
and yet probably does not suffice to
the current output.
For the week failures have been 1876
in the United States. against 239 last
year, and IS in Canada, against SO last