The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-12-17
IRON AND STEEL BOOM
PRODUCTION AND DEMAND
NEVER BEFORE EQUALLED.
PRICE SITUATION IN OTHER LINES GOOD
Increased Interest in Cotton at The Advanced
Prices Holiday Trade is Extremely
Active. Export Trade Larg-
IS Ever Known.
IS Ever Known.


morrow will say:
Likening the general business of the
country to that of water course, it may
be authoritatively stated that nearly all
the channels of seasonable trade are
at the present time running full and
in some lines of business the stream
is virtually out of the banks. This is
particularly the case in iron and steel,
where production and consumption de-
mand are alike going on 1T an unprece-
dented rate, at time. too. when it is
usual to look for quietnesS and even
dulness in this industry. Nothing like
the present activity in this branch of
trade has been seen for many years
past. if. indeed, it has ever been eQualed.
Advices from the leading centres of
iron production are of an exceptionally
eager demand for the crude and manu-
featured products and of advancing
prices the only anxiety expressed being
that by buyers desiring early delivery
Probably never before in the country s
history has it been possible for an Amer
lean steel company TO refuse profitable
order for rails for foreign account on
the plea that its mills were already fully
occupied so far ahead as to preclude its
trying for the business. Higher prices
for pig iron, steel billets. soft steel and
all sorts of car material are reported.
while the production of raw material is
at its maximum. Snip building, too,
contributes its portion of activity to the
iron trade by its urgent calls for ma
terial.
In other lines of business the situa-
ION as regards prices is a favorable one,
notable among the advances reported
being nearly all the cereals, cotton, cof-
fee, lumber, copper, lead and variety
of other less prominent staples. Fol
lowing the slight recession shown in
wheat values of last week an improved
demand for export has again developed
which is evidence of the fact that stories
of keen competition from Argentina and
Russia have been more or less discount
ed, the United States remaining as for
some time past the principal source of
supply of the world. Increased interest
is being taken in cotton at the advanced
price. and the situation of the manufac-
tured product has been strengthened by
skillful management Of the print cloth
situation, which in turn has induced a
more liberal demand for kindred pro-
ducts for the spring trade.
Seasonable quietness is reported in the
lumber trade, but prices retain all their
old strength. and an active demand is
looked for with the turn of the year.
Holiday trade is reported extremely ac-
tive at most markets. The country's eX-
port trade is of the largest volume ever
known, that for November surprising
the total for December year ago, with
the indications favoring total trade
for the calendar year at least ene-sixth
larger than a year ago, and our sales
abroad aggregating two dollars for every
dollars worth we buy.
Wheat including -four, shipments for
the week aggregate 6,076,625 bushels,
Portland, Maine, not received. against
6S6S,952 bushels last week. 4,604.3
bushels in the corresponding week Of
1897; 2,056,943 bushels in 1895 and g.
-554, 1873 III 1894. Since July 1st this
year the exports of wheat aggregate 109.-
403.719 bushels, against 11S,S09 097
bushels last year. Corn exports for the
week aggregate 3.251 1886 bushels
against 4,3SS535 bushels last week: H.
129,S1S bushels in this week year ago:
2.S14, $50 bushels in 1896, 2057 ,970 bush
els in 1895 and 65S,066 bushels in 1894.
Since July LIST this year corn exports
aggregate 72.27S, 700 bushels, against H.
3s1, 443 bushels during the same period
last year.
Business failures are about nominal.
numbering 233 for the week, against 237
last week. 2S3 in this week q year ago,
359 in 1896, $50 in 1895 and 500 in
1894.
In Canada 81 this week, against %
last week and 43 last year.
WEEKLY BANK CLEARINGS.
New York, Dec. 1G.-The total bank
clearings in the United States for the
week were 81, 691, 765, POS, per cent in
crease 23.4.
Exclusive Of New York $61O,296, 295;
per cent increase 14.9.
HESTER'S COTTON STATEMENT
New Orleans, La, Dec &c. Secretary
Testers statement of the worlds supply
of cotton shows an increase for the week
lust closed of 1920 bales. against IN
increase of 215,S53 last year. The totaI
visible is 1907 0S bales, against 4,70J,
43S Dales last week and 4072,062 bales
last year OF this the total of Aineri
can cotton is 4,677,76S bales, against
4,4S6. 43S bales last week and 3,841 .0S1
bales last year and of all other kinds
including Egypt, Brazil, India, etc, 30
600 bales, against $4,000 bales last
week and 231 900 bales last year.
Secretary Hester's weekly statement
shows a decrease in the movement into
sight compared with the seven days
ending this date last year in round flg
ures 10000 GALES, an increase over the
same days year before last of 45,00t
bales. The total movement for thu
JOY days from September 1st to date
is 6,6S4, S94 bales against 6.3S3.31S bales
last year and 5,634,6S5 bales year before
last. The movement since Septembe
LIST shows receipts at all Unitet
States ports 5,100,696 bales. against 4,
S14,l2 bales last year and interior stock
in excess of those held at the close o
the commercial year 596.9S9 bales
against 565.214 bales last year. South
ern mill takings 1856 bales, agains
42S.S62 bales last year. Foreign OK