The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-19
MARKED ACTIVITY IN THE IRON
AND STEEL TRADE.
ALASKA TRADE KEEPS VESSELS BUSY
Strength Of Cotton, Sugar and Rice and De-
mand for Iron All Favor Southern Trade
Situation Growing Foreign Trade
in Cotton Goods.

The dreadful disaster 10 the MdlHe,
much as it has affected all hearts. has
not much affected business. Only in
ing Wednesday by spectators on thin
margins, but in no other speculative
market was an affect felt, nor i'll gen
eral business. An advance of 10 per
cent in wages by some Gobebic mines is
expected to be general throughout the
lake region excepting the Mesabi dis
trict, and prices of ore from the other
ranges this year have been advanced
Is per cent. with an allotment of six
million tons outside Carnegie mines
which betokens an output much the
largest ever known.
Wheat has risen 33$s cents. and exports
continue so heavy that a material adj
vance is natural. Atlantic exports in
three weeks have been S.416.495 bushels
-four included, against 5.661,971 last
wear, and Pacific exports have been
2.476,652. against 1.474,7S2 last year.
Such shipments. with hdavy engage
nlents for the future in spite of 11.430,-
SCI bushels corn exported. against L.,
J07.214 bushels in the same weeks last
year are conclusive proof of the ur-
gency of foreign needs. Wheat receipts
hold up well though not exceeding last
years as much as exports. in three
weeks 1,T75.560 bushels, against 1884,
740 last year. The bottom fact is that
the world needs wheat which this coun-
try can only supply for about six months
to come. Cotton was held unchanged
for spot. though little lower for options
prospects of decrease in the next yield
being the main support.
The iron output February j. with re-
ports of stocks on hand not held by the
great steel companies. indicates con-
sumption at least 5000 tons per week
greater in January than the previous
maximum attained in November. 1893.
The production is at present greater than
CONSUMPTION, stocks having increased
9,016 tons weekly in Janaury outside the
steel companies, whose presumably de-
creased. Some weakness in pig would
naturally result, but while Greyforge
has declined at Pittsburg to $3.50. with
Southern iron offered at Chicago mt
concessions, no change appear in pro-
ducts. Though new business has been
somewhat disappointing the works are
UlulU1A SuDlllGu lOE UiDI1tHS III
building of steel cars, in black sheets for
thinning. in rods, wire and wire nails
increased demand and heavy business
appear though bar and pipe are weaker,
and structural orders Seasonably slow.
Minor metals have advanced, tin to
14.20 cents on considerable consuming
demand. copper to 11A for Lake on
heavy exports, and lead $50, and spelter
to 40 cents on speculation. but failure
to organize the tin pool causes weak
ness. American selling at So, and iower
at the west. In the cotton manufacture
production is restricted by strikes and
some grades are shade dearer. The
recent opening of higher grade woolens
ut advanced prices meets less demand
than was expected, with less activity in
lower grades and unexpectedly numer-
Gus cancellations in light weights, indi-
eating larger buying than consumption
has yet warranted.
Failures for the week have been 90
in the United States, against 303 last
year, and 80 in Canada, against % last
year.
BRADSTREETS REVIEW.
New York, Feb. 1S.-Bradstreefs to-
morrow will say:
Favorable features dominate the gen.
eral business situation as a whole and
few commercial conditions present them
selves which can be regarded as in any
degree disturbing. Chief among
these factors which make for continued
or growing strength in commercial lines
may be mentioned the renewed tenden-
cy toward advances in quotations Of all
staple articles and the steadiness of
prices in other lines where increases are
not at the moment reportable. Perhaps
second in the list of suspicious features
is the continuance of marked activity
i'll nearly all branches of the iron and
steel trade, more particularly in the cen
trail west where it is authoritatiyey re-
ported over 80 per cent of the pig iron
furnace capacity is in blast The fail
ure of the Southern furnace men to
reach price agreement is of course a
depressing feature in that particular
section, which, however. finds d coun-
+ert:,, ancins fac'O" in the intention TO
advance prices reported from the Bes-
sener ore producers. The volume of dis
tributive trade shows an increase nota-
bly, in dry goods and groceries. also
many widely separated points as to
warrant the conclusion that spring trade
is receiving a perceptible impetus At
the West iron and steel mills are re-
ported generally busly employed and I'M
willing to take orders for early deliv-
cry. At Chicago, 10000 tons of steel
rails have been sold in the past two
weeks The bicycle trade is reported
starting up we'll at the West, but is still
slow at the East, however, the cotton
goods situation is one of hopeful
strength The strength of cotton, sugar
and rice and the demand for iron all
favor the Southern trade situation
which is also being helped by the grow
ing foreign trade in cotton goods. The
activity in Alaskan shipments keeps
vessels busy on the Pacific coast and
freight rates are firm. California croE
prospects are not encouraging as whole
Business failures continue to decrease
aggregating only 269 for the week a
gainst 273 last week, 325 in the cores