The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-10-15
THE ACTIVITY IN WHEAT
SPOT COTTON SIXTEENTH Low
Err THAN A WEEK AGO.
WOOL 10 CENTS OFF FEsRuARY'S FIGURES
A Small Increase in Weekly Output Of Iron
Manufactures. Heavy Demand for
Plates, Especially for
Shin Yards.


New York, October 14.-R. G. Dun x
Company's weekly review of trade will
tomorrow say:
With actual payments through clearing
houses 1872 per cent larger than in the
anne week of 1892. it cannot be said
that business is in any sense falling
off. and vet many are complaining be-
cause the amount realized as profit is
smaller than was formerly realized in
good times. In almost every branch
of business trade is now transacted on
Il narrower margin of profit than in any
other time of fair prosperity. There
is great change and perhaps perma-
nent enc. in the percentage of profits
derived from trade and manufacture as
well as in the profits obtainable by the
tranSporterS.
Progressive civilization calls for a low
er range of profits and of prices as the
volume of business transacted Increases
in order to make possible improvement
in the condition of the working millions.
Wheat business is more active, with
prices about &c higher for spot and
Very heavy purchases have been made
within the past few days not as yet re-
Elected in the official record of shipments.
but the exports from both coasts, fioui
included. have been 4.101,170 bushels,
against 4,SS6,015 for the same week last
year. 1t is especially interesting that in
spite of the general disposition to hold
back their wheat, the Western receipts
have been for the week much larger
than last year, and for two weeks 90
100, 495 bushels, against 16.696,554 bush
els last year. While little attention is
now paid to the official reports they seem
to foreshadow larger return for the
crop than has been made in any previous
year.
The price of corn has advanced about
&c though the receipts are just now
larger than a year ago.
The price of spot cotton is a sixteenth
lower than a week ago, and the January
option has also lost few points. while
there is weaker market for goods. This
is partly due to the official admission
) that the prices of print cloths, now a
sixteenth below two cents. cannot be
sustained without selling agency, which
is now proposed.
Although the production at Fall River
is in excess of demand the difficulty in
prices is probably more largely due to
the belief that big yield of cotton
must reduce the prices of the material
While some wooden mills have started
operation during the week quite as many
have stopped. Although wool is about 10
per cent lower than it was February LIST.
the manufacturers are not buying, and
the market is remarkably dull, with sales
during the past two weeks of only g.
119, 700 pounds, at the three chief mar
kets. against "A. 331 600 pounds last year
IA, o36,3 300 in 1896 and 13,703, 800 in
1892.
The general feeling is that the price
of the material must decline before
the manufacturer can much increase it's
sales. Orders for goods have been Il
little better, and Il few mills have re-
sumed operations, but there is as yet no
such demand as is necessary to sustain
current prices of wool.
The iron manufacture again reports q
small increase in weekly output pol 1855
tons. against 213,043 a month ago, and
with the decrease in quantity of unsold
stocks on hand outside the great steel
companies, the apparent consumption for
the month of September was 9S3, $40
tons. against 9S0,503 in August There
are quite heavy eastern orders for foun-
dry iron, fully supporting prices, and at
Chicago prices of iron are strong, with
less disposition to sell Southern pig at
reduced quotations. The orders for fin
ished products include a very heavy
demand for plates, especially for ship
yards, several of considerable magnitude
for structural works, covering about 15.-
600 tons, and an unusually heavy de-
mand for bars, especially on account OF
orders for car works, although there has
been an expectation of a big break in
prices of cotton ties. In pipes Pittsburg
has been able to place orders for thirty
miles ten inch pipe. and other orders
for one hundred miles are practically
closed.
Failures for the week were 205 in the
United States, against 223 last year and
% i'll Canada, against SO last year.
WEEKLY BANK CLEARINGS.
New York, October 1.-THE total bank
clearings in the United States for the
week were $3.50, 261 ,652; per cent in
crease, 81. Exclusive of New York,
5000, 133, 400; per cent increase, 6.S.