The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-21
WHEAT VALUES DECLINE
IN MOST LINES BUSINESS CON
TINUES TO EXPAND.
PRICES OF GOODS HERE RISE VERY HIGH
There is Some Doubt as TO Whe her They Can
be Maintained. Farmers are 10 Some
Extent Holding Back Their
Cotton.

Cotton,
New York, Oct. 20.-R. G. Dun &
Coz weekly review of trade will say to-
morrow:
''In most lines business continues to
expand, though in some instances trade
shows that buying has been checked.
either because prices have outrun the
views of buyers, or because recent pur-
chases have been so heavy that nobody
is left in need. Prices are still advanc-
ing, in almost every line supported by
rising prices of materials, and works
everywhere are still crowded to their
utmost capacity, while at many points it
is found hard to get enough competent
hands. But the volume of business ex-
pressed in values rises much more than
prices, showing a remarkable increase in
quantities of goods exchanged.
THE outbreak of war in South Africa
has brought no such changes as many
feared. In England the markets have
treated it as an event already over-dis-
counted, and relations with this coun-
try were not appreciably affected.
1.-THE outgo of cotton is just now
checked, but of other great staples and
manufactured products the foreign de-
mand is surprisingly sustained.
wheat has declined HE in price in
spite of unfavorable crop reports, and
Western receipts do not keep up with
the unprecedented movement of last
year, having been but 33, 1874 400 bushels
against 30392, 494 bushels during three
weeks of October last year. But Allan
4 70 cd hou in
three weeks of October 10679,216 BUSH
els, against 9,6S6,226 bushels last year,
and Pacific exports 1,539, 1SS bushels,
against 2,29S,312 bushels last year.
Beyond doubt prices would rise far
and fast with such a foreign demand, if
official and other current reports of
yield were fully credited.
Corn exports add testimony as to
foreign needs, having been in three
weeks 10924, 406 bushels, against 1902
039 bushels last year. 1A
''The upward movement Of cotton,
three sixteenths for the week, has now
come to depend largely upon a great
speculation, for farmers by the thousands
are now holding back cotton to some eX-
tent while important banking and trad
ing interests are enlisted. The consump-
ton is heavy, but might be much larger,
even with the lowest estimate of yields
without exhausting the visible and mill
supplies.
Prices of goods have risen so far that
there is some doubt whether they can be
maintained. Wool has also enlisted a
powerful speculative interest and sales of
II .293, 900 pounds for the week at the
three chief markets represent about
twice the consumption. But it is stated
that manufacturers, exclusive of the
American WOODEN Company have been
buying quite freely, and while goods for
mems wear outside of worsteds were
not particularly active, there has been
excellent business in dress goods.
''Sales of $4,000 tons Bessemer pig
and reported demand for 100000 tons
billets in bare market at Pittsburg,
have made quotations less intelligent
than usual. Bessemer sales at $23 for
next year, and $3.50 for this year at
Pittsburg, are reported, with billets
sales at $50 to $40, and sales of sheet
bars at $50 per ton. The Western mark
et is strong, and the Eastern not chang
ed While large orders for bars are re-
fused at Pittsburg by the works, which
are IHIl lOE many HIOiluo dhtdd, Vlh1hS
just starting are seeking such orders at
lie, and the Chicago and Pittsburg
markets are still full of orders for plates,
although the works at Pittsburg have
nearly caught up, and some of them are
now taking only 2.75c., against 2.90e
last week. Some works are also taking
orders for sheets at $40, and in other
directions there are signs that the enor-
nous production begins to be felt. There
is possibility of check owing to "a short
age of cars at Connellsville, which re-
stricts delivery of coke, the output for
the week having been 190,29S tons, with
more ovens in operation and prices I'M
changed. In the minor metals TIN IS
very dull and declining at 31c and the
copper market has been broken, lake
being freely offered at 1Sc.
Failures for the week have been 40
in the United States, against ~ last
year. and 20 in Canada, against a last