The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-08-20
FINE COTTON PROSPECTS DE
PRESS PRICE OF TIE STAPLE.
FAILURES LARGER THAN LAST WEEK
Buyers Appear in Increasing Numbers in the
Western Markets South Atlantic Cities
Report improvement in Trade Wheat
and Corn Shipments Smaller.

Perhaps the most interesting feature
of the general business situation att
present is the air of confidence with
which the mercantile community awaits |
the approach of the fall trade period.
While of course, based III some degree
upon favorable results already achieved
in many lines, it is unquestionably true
that the fattering crop outlook at home
and the return of peace, with the eX-
pectation of benefits to our export trade
naturally expected to accrue thcreGrom.
make for much Of the feeling thus cX-
pressed. Reflection of the growth of fall
trade is found in the steady expansion
now going on in bank clearings, the inn
proving demand at higher prices for
most makes of iron and steel, the gen
orally favorable railway earnings which, J
in default of Il large movement OF
crops to market point to large return
trade i'll manufactured gods 10 the agrl-
cultural sections, and the reports of con-
Timed activity in distrbutivc trade
West and South, with signs of moder-
ate increase i'll interest ut leading East
ern markets, which hitherto have not
shared largely in the trade Improvement.
The immense business doing Ill iron ana
steel products. at advanced prices, calls
attention to the proportionately less nota-
bic expansion of crude iron production.
Pig iron statistics, in fact, point TO ali
even smaller output for the current
month some of which curtalmcnt, OF
course, is naturally based upon mid-sum-
mcr conditions. Advance in many grades
of iron, notably Bessemer and Southern
pig.are features of the week.
The situation in cereals shows but little
change. The balance established be
tween phcnomenally reduced visible sup
plies, active milling demand at nome.
and fair export inquiry on the one hand
and the very promising crop outlook
ON the other. tends to stcadiness IN
prices. and other cereals sympathHe
with wheat. Large supplies of raw
cotton ut home and abroad. and the
prediction of Il yield this year nearly
equal to if not exceeding that grown Il
year ago, while naturally stimulating t"
business ut the South has Il depressing
effect upon the price of the raw staple.
and quotations are Il fraction lower Tor
the week and two cents Il pound lower
than a wear ago this time. Reports
as to collections the country over ar"
very cncoura cling. From winter wheat
sections especially reports are very good.
Some sloWncss is noted in payments at
the Northwest but this is expected to
disappcar when the spring wheat crop
moves.
Business failures are larger in number
than last week. aggregating 100, against
1T last week but compared with IL III
this week year ago. 2O4 Ill lS0O, 1J-
in 1898 and pol in 1894.
Buyers are appearing in increasing
numbers at leading Western markets.
Bad roads still restrict business at
New Orleans, but large fall business IS
expected. At Memphis the outlook is
for the heaviest business in the history
Eof the city, but damage by cotton worms
i'm Texas affects trade at Galveston. III
the South Atlantic cities reports are of
pcrccptiblc Improvement in trade. On
the Pacific coast, while business is quiet
in California, large crops in Oregon ana
Washington are expected to make fall
trade lively.
At the East more is doing at Balti-
more Southern buyers are increasing i'll
number and stocks are reported heavily
reduced. Business is active at Pittsburg,
iron and steel being especially so. Al
Boston and New York moderate inn
'AN''''NNA
dition of the raw staple tends to dis
courage future business in cotton goods,
but print cloths are firm. and there is
less talk Of curtailing production at Fall
River. In wool and wooden goods bust
ness is only moderate, and manufacture
crS buy for present requirements.
Wheat and corn shipments are smaller
than those of last week, but are still
ahead of last season Wheat shipments
for the week including flour. aggregate
3, 100, 93S bushels. as against 3,S2S.SOG
bushels corrected last week. and COM
pared with 5.31G.SO3 bushels i'll this week
last year, 1891 1913 bushels in the cor
responding week Of 1896 $3.50, 40 bush
els in 1895 and 3.1S2. 100 bushels in 1894.
Since July LIST this year the exports of
wheat aggregate 21,950,66G bushels,
against y .432.346 bushels last year.
Corn exports for the week aggregate B.
19G.021 bushels, against 3,517,952 bush
els last week, 1929, 035 bushels in 1897,
.. 769601 in 1896, 1,19J.23S bushels i'll
1898 and 10000 bushels i'll 1891. Since
July LIST this year tn prcetOXs shrdlu Sli
July list this year the exports of corn
aggregate 20,22S,3G5 bushels, against
1868, 1913 bushels during the same pc
Rod last year.
business IallufeS III tlo l'"ii'ii.''it w..
Canada this week number 26 against 80
last week. II in this week year ago,
30 in 1896 and Is in 1894 and 30 In
1895.
WEEKLY BANK CLEARINGS.
New York. uAg 19.-The total bank
clnarings in the United States for the
week were 81 .273, 10G.331; per cent in
crease. 11.6. Exclusive of New York
S47O.315.110; per cent increase 70.
VISIBLE COTTON SUPPLY.
New Orleans. La, August 10
Secretary Testers statement of the
worlds visible supply of cotton shows
decrease during the week just closed