The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-12
THE ADVANCE IN COTTON
PRICE ONE QUARTER OF A CENT
HIGHER ON THE WEEK.
IULY'S OulPUf OF Pig LARGEST KNOWN
Despite This Stocks Of Iron Show Decrease,
and Current Production is Easily at
The Rate Of 100000
Tons a Year


New York, Aug. -Bradstreet's will
tomorrow say:
Crop reports and probabilities have con-
stituted an important contribution to
general trade and business adyices this
week, Among the unquestionably favor
able features have been the reports re-
garding the corn crop; Government estl-
mates pointing TO yield of probably =
300 .o0,l0uQ bushels, heavy increase
over last year and almost within touch
of the record total of 1896. Spring wheat
indications apparently bear out earlier
trade advices in showing a decrease IN
condition during July. The reduction
of %. 1000 bushels in the probable
outcome estimates, however, still allows
i total wheat crop of $50, 000,0 900
bushels, considerably smaller, it rs true,
than last years, but with the exception
of 1898 and 1891, the heaviest recorded.
Cotton crop deterioration is indicated
by the Government report, and prices are
lac. higher ON the week on a decline
of nearly 4 points over July and of near
|y II points as compared with year
ago. Visible supplies of cotton are near
ly 100000 bales larger than at this time
a year ago and are nearly double what
they were in 1897, but against this is
to be cited the generally profitable bust
ness in manufacturing Tines the world
over and the belief that good spinning
grades may be scarce.
The iron and steel situation is partic-
ularly interesting at present. Though
not specially active at Eastern markets,
Western advices are of heavy demand,
scarce supplies of material, high prices
and increasing volume of business book
ed for next year. The July production OF
pig iron was the largest ever known, but,
in spite of this, stocks showed a decrease,
and current production is easily at the
rate of 100000 tons year. The
annual railroad car famine is appar-
entity at hand, reports of insufficient
TRANSPORTATION facilities being particular
ly prominent in the coke and coal in
dustrics.
Hides, leather. boots and shoes are
sympathetically strong, and at a con-
yention Of shoe manufacturers at Phila-
delphia this week practical agreement
to advance prices of the finished product
was reached.
Wool is firm on steady manufacturing
demand, particularly for the finer grades
of the domestic arrd advices from the
manufacturing industry are generally
favorable.
Lumber is firm, as is also Sugar, for
which an unprecedented demand is look
ed for during the current canning season.
4 he outlook I'M the canned goods trade
generally is reported as a very good one.
business failures for the week III the
United States number 156 as compared
with 1876 last week, 157 year ago and
214 in 1897.
In Canada, failures for the week NUM-
Der q against 26 last week, So a year
ago and 81, in 1897.
Wheat. including -four, shipments for
the week aggregate 3,616,1 54 bushels.
against Hill ,614 bushels last week, 81
92S.tG6 bushels in the corresponding
week of 1898: 4.460,519 bushels in 1897
2.f35,2l6 bushels in 1896 and 1874
bushels in 1895. Since July 1st this sea
son the exports of wheat aggregate -
125, 060 bushels, against 1854, 12S bush
els last year and 16,115,543 bushels III
1S9T-'SS.
Corn exports for the week aggregate
5.950.361 bushels, against 5,027, FOG
bushels last week, 3.517.952 bushels in
this week a year ago, 3,275.652 bushels
in 1897; 1867 $50 bushels in 1896 and
944,546 bushels in 1895. Since July 1st.
this season. corn exports aggregate o.
995,564 bushels against 11.O32,344 bush
els during the same period year ago
and Is, 736,S5S bushels in 1S97-'SS.
FURRY on COTTON CHANGE.
New York, Aug. 1.-THE New York
Cotton Exchange was the scene of the
widest excitement today. Recent re-
ports Of serious damage to the crop, par
ticularly of Texas had been disregarded
by the shorts who continued to sell ON
the theory that there was no speculative
competition for cotton while the surplus
would be something like 100000 from
the old crop and that the movement OF
new cotton, whatever the actual yield
might ultimately prove to be, would fall
immediately upon spinners of this coun-
try and Europe 1t was known that thu
consumption of cotton at home and
abroad was proceeding upon unprece-
dented lines, but over and against this
ii was assumed that the crop damage re-
ports had been overdrawn, and that the
WELD of new cotton would be a sufficient
offset to the activity in spinning cir
cles Tn this way a very heavy short
interest accumulated.
Latterly however, the market has beer
headed Wall street parties commenced
to absorb the cotton offered by the over
confident bears. Gradually the ranks
of buyers commenced to fill up from 9th
er directions and prices took an upward
turn, until, within a few days an adj
vance of more than one half cent haf
been established This is an unusual
advance for these times.
rIs,n aytoudad IN tho I'm o.
lish and Southern markets, which als'
advanced rapidly. No less than clever
official cables were read ON change to
day one after another, in rapid success
sion, and all adding to the excitement
by reporting additional advances while
the Southern markets and dry goods mar
ket caught the fever and marked III
prices.
Before the session ended, however, prql
dent holders undertook to secure profits
which caused partial reaction.