The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-21
DUN'S WEEKLY
REVIEW OF TRADE
Business is Still Expanding in
Most Lines.
PRICES ARE ADVANCING
Heavy Consumption of Cotton-Failures
for Week in the United States
Have Been l45 Against
22l Last Year
PRICES ARE ADVANCING


"In most lines business continues to ex-
pand though in some there are signs that
| buying has been checked, either because
prices have outrun the views of buyers or
because recent purchases have been SO
| hzavy that nobody is left in need. Prices are
| still advancing in almost every line, sup
| ported by rising prices of materials, and
| wroks 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 expressed in
| values rises much more than prices, show
| ing a remarkable increase in quantities OF
| goods exchanged. The outbreak of war In
| South Africa has brought no such change
as many feared. In England the markets
| have treated it as an event already over
| discounted and relations with this country
| were not appreciably affected. The outgo
| of cotton is just now checked, but of other
| great staples and manufactured products
| the foreign demand Is surprisingly sus-
| tanned.
Wheat has declined 11s cent in price, in
| spite of unfayorable crop reports, and west
| ern receipts don't keep up with the I'M
| precedented movement of last year. having
been but 23.454 400 bushels against 1852 49i
| during three weeks of October last year.
| But Atlantic exports, flour included have
| been in three weeks of October l0,6,9,2l6
| bueshels against 9,6s6,226 last year and Pa
cific exports 1,5391SS against 2,29S,S13 last
year. Beyond doubt prices would rise far
and fast with such a foreign demand, II
official and other current reports of yield
were fully credited. Corn exports ana tes-
timony as to foreign needs having been an
three weeks 10, 1924 ,406 bushels against i,ooi,-
039 last year. The upward movement OF
cotton through 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 trading
interests are enlisted.
The. consumption is heavy, but might De
much larger, even with the lowest estimate
of yield, 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 $4,000 pounds for the week at
| the three central markets represent about
| twice the consumption.
| Sales of $4,000 tons of Bessemer pig and
| a reported demand for 100000 tons of bill
| lets in bare market at Pittsburg have
made quotations less intelligent than usual.
Bessemer sales at $23 for next year and
$24.50 for this year at Pittsburg are reported,
with billet sales at $50 to $40, and sales OF
sheet bars at S96 per ton.
The western market is strong and the
eastern not changed. While large orders
for bars are refused at Pittsburg by the
works which are full for many months
ahead, others just starting are seeking
such orders at $2.10, and the Chicago and
Pittsburg markets are still full of orders
for plates, although the works at Pitts
burg have nearly caught up and some of
them now taking only 2.75 cents against
2.90 last week. Some works are also taking
orders for sheets at $40, and in other direc-
lions there are signs that the enormous
production begins to be felt. There Is a
possibility of check owing to shortage
of cars at Connellsvile, which restricts de-
livery of COKE the output for the week hav-
ing been 190,29S tons, with most ovens in
operation and prices unchanged. In the
minor metals tin is very duh and declin-
broken, lake being freely offered at 1Sc.
the United States against 221 last year, and
20 in Canada against "a last year.
BRADSTREET'S REVIEW
New York, October 2.-Bradstreets to-
morrow will say:
More nearly, perhaps than ever before,
does the volume of general trade and in
dustry tax existing transportation facilities
handling the same. From nearly all parts
of the country, but particularly from the
west and south, come reports of car search
ty Some of this congestion seems to be the
result of a diversion of traffic ordinarily
carried on by water route to already crowd
ed railroads. AS an example of this might
be instanced the eastbound tonnage move
ment from Chicago last week, was exceed
ing by two and a half times that carried
| in the corresponding week year ago. The
| inability of present transportation facili-
| ties to cope with the existing situation Is,
| however, not confined to domestic trade,
but to our export department as well. A
number of lines have advanced quotations,
while the great body of staple articles man.
ifest all their old firmness.
Some weakness in wheat prices is directly
traceable to lower freight rates, because of
the partial closing of the door to relief from
growing domestic stocks. Touching the
wheat situation, however, it may be said
that while present statistics of stocks of
domestic and European are bearish, esti-
mates of the years crop continue to afford
| strength to the bulls position. An average
| of five leading European estimates points
| to worlds crop this year of not far from
! 1850 100000 bushels and falling off of $685.
| 100000 to 375,0000 900 bushels from last year
| is indicated, against which, of course, Is to
be reckoned increased supplies, visible and
| invisible. Of at least two-thirds of that
| amount. Corn is not depressed as wheat,
| mainly because of lighter receipts, but 1t Is
to be noted that current receipts of wheat
are also smaller than they were year ago.
A renewal of strength is noted in cotton
| though foreign buying is reported still in
different, domestic speculative confidence
| and good conditions in the manufactur
| goods branch furnishing an impetus this
| week Last among the leading staples to
feel the wave of prosperity, coffee has OF
late displayed marked strength and an In
| creased speculative interest Is noticeable.
Sole leather has been dealt in and is higher
on the week. In iron and steel, maintained
strength is still a feature at all markets
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