The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-05-13
LITTLE CHANGE-IN MONEY
ENORMOUS OUTPUT OF MANUFAC-
TURED IRON.
HEAVY SHIPMENTS OF BOOTS AND SHOES
Cotton a Shade Stronger. As Wlrse Reports
Were Expected than the Government
6ave Out of Wheat and Cotton
They Had Lit lff c..

They Had Lit # c..
New York, May 12.--R. G. Dun d
Company's Weekly Review of Trade
viii say:
10 speak truly of business this week
one must, free the mind of stocks.
For severe decline in manufactur-
ing stocks has created an impression
that it has some relation to p"odac-
tive industry, but it has none. There
was no change in the money market
worth mentioning and the volume OF
business shown by payments through
the principal clearing houses was 7l.o
per cent larger than in 1892, the year
of greatest prosperity hitherto, which
is more than double the gain anybody
considered possible year ago. Never
before reaching a quarter OF million
tors per week, the iron manufacturer
reports May 1st an output of 25o,059
tons weekly, which with 54,455 de-
crease in warrant and furnace
stocks, indicates consuiap-
ton of 1892 tons daily. against 81
O35 in March. 1851 in February and
four months is 37.027 tons daily
against 32,3o5 last year. An increase
of 16 per cent in the year would be
less interesting if consumption a year
ago were not far beyond anything pre-
viously realized. Yet proposed combi-
nations hinder large orders in bars
and sheets. while the structural bust
ness is as heavy as ever in small lots.
1, ~ nhn fn u
Chicago for the Drainage Canal: and
the plate business, too big for all the
works to handle. invites consolidation,
the Chicago and Philadelphia works
being behind in deliveries and Pitts
burg works troubled by demands for
1000 tons vessel plates and 1000 more
close ahead for the Government docks
at Algiers. Only pig iron advanced.
Bessemer so cents and Grey forge 25
cents and local pig so cents at Chica-
go In minor metals tin declined in
\ London. and copper is .MealSer at 10
cents for spot and f1sTs cents for fu-
fulres.. ~
Greater than IN any previous year
by 81 per cent the actual shipments
of boots and shoes from the East re-
fleet heavy business with a great adj
rose about / per cent with actual re-
ceipts of cattle in four months 100,-
600 head less than last year and over
100000 smaller than in 1s93-94. not
withstanding the gain in population.
Cotton is shade stronger at 6.25c,
with Government and other evidence
that the reports of decrease in acreage
have been somewhat exaggerated.
Mills are well employed throughout
and single sale of over a, million
ance to the market.
Nobody who has studied statistics
can tell why purchases of million
pounds Australian wool in bond for
export this week. following others IL
previous weeks, should advance prices
of wool, nor were purchases of five
million pounds territory wool by a
speculator readily expIainable. But it
is lust the time for growers to ask
all they hope TO get, and Just when
the largest manufacturers were ready
to buy only the Smaller were buying.
Prices are said to have been generally
advanced. with higher demands from
the interior holders. But it remains
question whether sales of 10,499.O0O
pounds for the week. against 5.269.550
in 1892 and only a little more in 1897
will prove profitable. The market for
wooden goods is waiting for evidences
of demand. which do not yet appear
and the delay in getting the new com.
binations into working order, caused
some hesitation.
If Government estimates were con
.sidcred reliable. one based on entirely
unknown acreage of wheat and cotton
would be everywhere resented. Thus
with official returns pointing to !;
great decrease in winter wheat pro
duction, the price dropped one cent
and cotton declined for options
though retaining the advance of six.
teenfh for spot. which was establish
ed before the Government report APP
reared. Nobody can base a sensible
estimate on statement of a condition
which takes no account OF the acreage
of winter wheat killed and abandoned
The best that can be said is that WORST
returns were expected in both mar
kets. so that the Government report
had practically no INFLUENCE.
Failures for the week have beer
165 in the United States against 24i
last year and 20 in Canada against =
1aSf Vpap