The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-03
ESPECIALLY IN WHEAT
FULL YIELD IN SPRING WHEAT
IS EXPECTED.
COTTON Rather DULL Td0UGH firm
Great Activity in Building in Many Cities
Causes increased Demand for Lumber
and Hardware. Condition Of
Shoe Trade Favorable.

Sll0e lraue aV0TdDlt,
New York. June =. --Bradstreet's to-
morrow viii say:
Holiday observance and warmer wea-
ther have worked toward Il smaller az
gregate of speculative transactions and
less pronounced activity in some lines
Of Wholesale trade this week, while ma
turally stimulating retail business at
most centres, a point which is full of in
tcrest to wholesalers in view of possible
reasSorting demand and new business
for fall account. Current bank clear
ingS reflect the former influences IN con
Siderably reduced totals for the week,
while cheerful adVices rs to trade III
May as whole are confirmed by very
large bank returns for that month, Soc
ond only in fact to the monthly totals
of January and March, the latter hold
ing the record in this respect The IA
vOrable effect of the immense current
industrial activity and conSumptWe de
maud off-Settng the smaller tonnage OF
cereals now as compared with year
ago is found in the continued good in
creaSes in gross railroad earnings. Net
felUTIlS, IL Is lIue, not uullc 81 ItldllNtlN
favorable. but it is TO be recalled that
comparisons now are with specially good
reports year ago.
In Industrial lines the deaand for and
strength of iron and steel are the most
interesting features. Heavy sales Of
the crude forms are reported this week
for fall delivery, and prices are higher
all around. from soc to 81 per ton on pig
.lV- 1ll al nf sta lu a
finished products generally Further
progress in the consolidation movement
is reportable IN this industry, number
of tube mills having pooled their inter
eSts. Fears that recent heavy price adj
vances will disastrOusly affect our eX-
port trade III manufacturing iron and
steel still lack confirmation, a feature,
in fact. being the placing of good sized
order for pig iron ut full rates for eN-
port to Germany. Reports that prices
have checked domestic industry seems
to be rather the question Of delivery
than of enhanced values. Rather more.
speculative interest has been observa-
bic III cereals, particularly wheat. this
week. sharp advance occurred early
on reiterated reports of insect damage
to the winter wheat crop and less favor
able adyiceS from Russia and other
countries, but Il reactiOn occurred later
ON, thus pointing to the speculative posi-
tion having temporarily been over
bought. Heavier shipments from North
western points are taken to indicate
confidence i'm Il full yield of spring
wheat Cotton has been rather <.ulI.
though firm. the strength of manufac-
tured goods acting as IA balance to rather
better crop advices, though it is 10 be
noted that too much rain is complained
of in some sections and too little noiS-
ture is reported in others. Advices
from many cities Of great activity in
building find confirmation in the con-
tinued heavy demand fer lumber, build
ing hardware and other materials.
PrceS on the former staple are firmly
held. and the only indicated changes are
in an upward direction. Advices from
the shoe trade are favorable and leath-
er and hides are firm. The wool trade
is IN an interesting position just at pres
ent. because manufacturers are still
backward in placing orders, and the re-
cent speculative buying has not reduced
domestic stocks materially. The reverse
Is true. however, Of stocks of foreign
wool, which have been depleted by re-
cent re-eXports Of Australian sorts Re
fined sugar is in especially good demand.
and the advance Of the fruit season fore
Il large business in the near fu-
ture
Business failures are down to low
summer minimum. numbering ONLY 100
against 15S last week. 17S i'm this week
q year ago, 1872 in 1897, 23G in 1896 and
1890.
At Eastern markets lumber is very
generally active at wholesale, but scar
city OF material. and in some cases the
higher prices demanded are reported to
have checked operations at Philadelphia.
Wool is steady at Boston. holding adj
vances made earlier, and cotton goods
are quiet but strong. The same is true
ut New York. where confidence and
are features noted in many
lines OF business. Business i'm lumber
mt Pittsblrg passes all records. and all
the iron and steel mills are on double
time. Features at the West are the
of iron at Chicago. where l0O.-
U0 tons of pig iron have been sold in
two weeks, and lumber prices are at the
1892 level st. Louis reports a salts.
Factory volume of jolJbing trade i'm Nav.
cattle active at good prices and a sat
sfactory summer business in dry goods
foreshadowed. Metals are strong and
active at Cleveland while Kansas City
reports generally good trade and colrr-
ions, hut agricultural implements rather
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