The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-04-12
BANKING CONSERVATISM HAS
NOT CAUSED FAILURES.
EXPORTS OF COTTON EXTRAORDINARY
The Wheat Outgo Counts for Much and Con-
tinues Heavy--Disasters in Trade Make
the Best Showing for
i've Years.

tomorrow:
When everybody is asking whether it
is TO be war or peace, the state Of bust
ness Is not easy to judge. Since nobody
can judge just how wise bankers may
he in an emergency, there is some UNI
certainty, but thus far scarcely any
StOppage whatever of manufacturing
concerns appears. nor any indication that
the producing force is likely to be d.
minished. nor is any such symptom to
he seen Ill business reports. Evidence
of exiting condition is not confusing or
tism has not caused failures. which CON
tinue smaller thar for many years as in
March, nor has it caused %stoppage of
any manufacturing concerns, nor les
Scned the volume Of business reported
by railroads in tonnage, or clearingS at
principal points.
The wheat outgo counts for much and
continues, Atlantic exports having been
2,24O.1l2 for the week, against 1.521.-i
I'D last year, and Pacific 1.226,514 bush
els. against 441.5S5 last year. Since
corn exports continue 3,4S3, ) bushels, !
against 3.323.271 last year. the strength
of the demand is not to be attributed
10 speculative agencies. 1t is fortunate
that western receipts of wheat do not
fall short of the extraordinary gain.
but are still 1901. 300. against 1.1S0.11O
last year. so that the stories of the near
ly exhausted supplies of what are
fables for children. The prices rose
steadily, and closed two cents higher
for wheat, with corn l cent higher. At
In. same time the port of cotton are
extraordinary. though just now defer
red by the caution which causes larger
shipments by rail to New York instead
Of outside from Gulf ports. For -four
weeks it has averaged nearly $500
600 per week greater than in 1893. from
the largest crop ever grown. i'll spite
of the fall i'll price. which has not
changed during the week.
Cndc such conditions heavy Industrial
demands for Il great force of operatives
have been effective. The truth is that
every great industry meets enormous
over-production compared with CORE
spending demands in any other year.
however prosperous. and yet nearly all
are keeping almost their whole force
employed. and some are increasing force.
Sales of wool arc insignificant. and prices
have declined > cents for finer grades.
and over l cent in the average for
all quotations. only because SPECTATORS
wholly underestimated stocks held by
manufacturers. In the iron and steel in
duStry, with demands greater than ever
before from general sources, urgent or
derS from the government enlarge work.
but do not advance prices.
Disasters in trade shown this week by
separate branches ot bushes for the
,,,.tI ~ I,,Lb .n1 ,I., ,1,n Cat .,.,,,
or OF 1888. make the best report that
has been possible for five years. 1t is
interesting to note that nearly all
branches of business show surprising
movement. Meanwhile banks are eX
tremoly cautious. and commercial loans
are but 10 per cent. of their aggregate.
The belief that quick expansion in all
branches would follow greater liberality
and patriotism by the banks is not
wholly unfOunded. and the heavy re
ceiptS Of gold from Europe count for
little. compared with the greater or less
liberality in loans by banks. Distur-
bance does not yet appear. however, and
failures for the week have been 232 in
the United States, against 252 last year.
and b i'll Canada, against SO last year.
RRADSTREETS REVIEW.
New 10TH. ApEll o. IduSiIttl > u
morrow will say:
\ sensible qu.eting OF demand for
staple goods is perceptible in the various
detailed trade reports coming to hand
this week. At the east the drift OF
matters affecting our foreign relations
has been such as to- discourage new bus
mess, but this tendency has been consid-
crahly acccntuated by untimely cold
weather. which has checked the usual
Easter demand to q considerable extent.
REPORTS from the west are that the heavy
rush Of spring business Is about over
and that orders coming in now are OF a
tilling-in character. Here again reports
Of unreasonable weather are met with.
! fairly good business is reported at
the South. but a slight cheek to our
export trade is reported, growing on!
of the raising of freight and insurance
rates consequent on the disturbed Tor
eign outlook. Frost is reported to have
done considerable damage to the peach
and other fruit crops Of the South and
10 carly planted tobacco. A fairly sat
iSfactory trade is reported at the North
west. Lake navigation Is now open, ana
anticipat;onS are that a prosperous year ;
business will be done.
Rather less activity is noted in most
Of the countries great staples. Cotton
goods have moved fairly we'll. gingham~
especially beng in excellent demand,
and except for low grade cottons, nota-
hIY print cloths. which have made Il
new low price record Of two cents per
ward this week. Athe situation is as
favorable as could be expected. Woo is
dull, rejecting uncertainty rs TO future
business and unsatisfactory margins OF
profits.
The iron trade continues TO report
n large volume OF business being done
hut it is becoming evident that this
j. chiefly upon orders previously booked
\ feature Of trade at leading Cite,
this week is the active business in bicy