The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-08-13
Dun ( CO.'S REVIEW
Rarely Has the Financial
Outlook Been Brighter.
SECURITIES STRONGER
MONEY MARKETS SHOW NO
MONEY MARKETS SHOW NO
SIGN OF POSSIBLE DIS
TURBANCE
NO HARMFUL SPECULATION IN STOCKS
Crop Prospects on The Whole More frcourag-
ing. Orders Unusual in Size and Num-
Der Placed S nee Spain Ask
ed for Peace.

ed for Peace.
New York. Aug. Pr. g. Dun ana
Company's weekly review of the trade
will say tomorrow:
Prospects of peace have had curious
influence on business contracts, not quite
cXplainabe on common sense grounds.
Nobody really feared disaster, or eXhaus-
ti6n of national resources and nobody
feared that anybody else was afraid Of
either. Yet orders unusual in number
and size have been placed since Spain
asked for peace In some industries the
gains have been large for about two
weeks, while in some textile manufac-
lures it has only begun to appear this
week, but it involves Il considerable m
crease in the working force. Crop pros
poets are on the whole more cncourag-
ing, for the governments latest report
as TO corn is much larger than the COM
mCrcil estimates, and its cotton return
promises Il heavy yield, while allowance
is made for its habitual error in its wheat
return. Money market shows no sign #
possible disturbance, securities are
stronger, and there is no harmful specu-
lation in stocks or products. Rarely has
the financial outlook been more nearly
unclouded.
While wheat is four cents higher
for the week, there is more or
less doubt than Il week ago that it will
rule lower during the coming year.
The general holding back of grain by
farmers and consequent heavy shrinkagc
in Western receipts have reduced the
visible supply below all past records,
but everybody understands that ut this
date many times that quantity is almost
within Il days run of Chicago. The
more effective change is the decrease in
exports which have been only 3,231 ,S19
bushels, flour included. from both
coasts, against 3.S32.974 last year show
ing but Il slight increase of half a
million bushels for two weeks. compared
with last year. The price of corn has
declined Il shade for cash. and the
Government report promising almost p
900, 000. 900 bushels against $4,000, 900
bushels promised by commercial ac-
counts, has more weight because the
official returns as to corn have not been
systematically misleading and every
where discredited.
a slight furry in cotton lifted the
price II sixteenth on Tuesday, buts>it
dropped again the next day with the
official forcshadowing of Il 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 concerns lnye
been buying. one taking 10000 tons, adj
vancing the price at Pitsbup- from S14.5U
to S15.25, which was ut last refused
Bcssemer pig is steady and other pig
there, and ut Eastern and Western
markets generally has been advanced by
Eastern makers to SIS per ton, the
makers of structural beams have
advanced the price ST per ton and makers
of merchant pipe have advanced the
price ) 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 10000 car
aXles at Chicago, 10000 tons structural
work there and big orders at Pittsburg
and Philadelphia for cast pipe, and g.
600 tons elsewhere.
Eastern works now appear to be
crowded TO their utmost capacity, as the
Western have been for some weeks. In
the minor metals there Is heavy buy
ing. Textile works have been sleeping
but are awakening. The demand for
wooden goods is now much better, al
though not yet extensive enough to war
rant paying the prices asked for new
wool, and nearly all of the buying has
been of old stock. The aggregate sales
ut the three chief markets have been
only J,432.70 pounds for the week,
about third of the sales in the same
week of 1897. while in 1892 for the
corresponding week sales were I,164,60O
pounds.
The demand for cotton goods is Il
little better as to staples and fairly
good for print cloths. prints and ging-
hams, and yet probably does not suffice
to cover the current output.
For the week failures have been 1876
III the United States, against 80 last
year and IS in Canada, against IS last