The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-26
RECORD
FOREIGN WHEAT DEMAND CON
TINUES ACTIVE.
COTTON SITUATION ONE or FIRMNESS
Demand for Iron and Steel at the West Con-
Inues Large and Prices Firm.-A Very
Large Drop in the Number
of Failures.

New York, Feb. Ok u. Dun ant
Company's Weekly Review of Trade
will say in it's issue of tomorrow:
Foreign possibilities have much affect
ed speculation and caused. hesitation i'll
some large business operations, posi-
bly, accounting in part for n check i'll the
rapid advance of wheat, but industrial
production continues larger than ever,
few more works being added to the
renewed evidences that the volume of
business is larger than in February of
any previous year. Nor is there any
symptom of senseless craze based on
rising prices. The legitimate export and
domestic demand presses closer to The
capacity of works, and though there is
no frighty advances in any line, ana il
all narrOwness of profit is Il matter of
complaint; new business for this dull
season is unprecedented.
Wheat continued its progress upward
until 1875 was reached on Monday, but
declined 3A cents later, as if there were
fear that Spain would somehow stop
British vessels from taking wheat across
the waters Any yielding based on for
eign possibilities deserves little notice,
but the price has advanced about 10
occasion to shake off weak followers and
tie opportunity for reaction was invit-
ing. There is no abating of foreign de-
mahd. Atlantic exports were 1865
bushels, flour included, for the week
against 1.326,444 last year, and Pacific
exports 1.57G.376 against 136.464 last
year In view of current excitement
these figures are more important tlan
the aggregate for four weeks. 10,496012
bushels against 6.5SS, 415 last year from
Atlantic ports and 4,053,02S against l.
Gil, 246 from Pacific ports.
Corn exports for the week were 1t.5
per cent less than last year. but the
cash price declined but sliglty. The
spot price of cotton was no. affected.
1t rs not the season for much i'm
proyement in textile manufacture, hut
the cotton branch has gained by the
closing of the strike ~ one Fall River
mill mi by the addition of some works
at the South. The wooden manufacture
meets many cancellations. especially in
goods sold early without definite price,
but is doing more than ever at this sea-
son, though new business in the higher
grades of w0rsteds, and woDlens is not
particularly encouraging. Sales Of wool
are slow, with weakness in clothing.
amounting to about two cents decline
from the highest point, indicating that
mills have at present abundant stocks.
but some are selling foreign wool in
order to take supplies of other qualities.
In goods of medium and low grades the
demand continues large. The silk manu-
facture shows a remarkable increase,
during the last six months, having i'm
ported raw material far in excess Of
consumption in any previous year and
at a rate of 120 per cent above the
imports in the last census year.
The iron manufacture has more de-
mand for products and slightly better
prices for Bessemer Spig, which has al
vanced to $1040 at Pittsburg, with grey
forge unchanged there. local coke strong
at Chicago i'll spite of some Southern
weakness and eastern Anthracite really
unchanged, though quotations are n
shade lower. No finished products have
changed in price, and all are strong in
demand excepting bar, which Il cOmbina-
ton has failed to advance. Some large
contracts are reported, especially in car
and bridge building, ship and structural
work. and the demand for sheets is
heavy. Minor metals change but little,
tin weakening Il shade to IA cents with
large receipts.
Failures for the week have been 233
in the United States against DOG last
year and 30 in Canada against 90 last
year.