The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-24
IRON AND STEEL STRONG
THOUGH PREDICTIONS ARE FOR
A DECLINE.
LOWER CROP QUOTATIONS ARE DUE
To the Improved Prospects. Railroads and
lndustriaIs Much as Usual. Corn and
Wheat Export Are Some

New York, June 23.-Bradstreet's to-
morrow will say:
LESS than the average effect of ap-
preaching midsummer influence is dis
cernable in current trade reports.
Prices. too, show a strength unusual at
this period, and particularly in view of
recent steady advances. This is notably
manifest. of course, in the iron and steel
industry, where the tendency of values
is still upward, though the advances re-
ported are not uniform at all markets,
pointing to individual instances of bust
ness done at best possible prices. Where
prompt delivery can be guaranteed fancy
quotations are in many cases obtainable,
and testimony to the scarcity of sup
plies is universal.
IAN unprecedented weekly output Of
coke is coincident with statements that
the usual summer shutdown in iron and
its allied industries will be ignored, and
claims from Pittsburg of the placing of
record breaking contracts for steel rails
for export to Russia, not, however. for
immediate delivery. Predictions of $50
for Bessemer are well within sight of
realization and warnings of OVERRIDING
the situation are more numerous.
Hopes of improvement in the WOODEN
goods industry have materialized in an
active demand at leading markets for
the manufactured product. and stimuli
taneously from several markets come re-
ports of abnormally small stocks of
light weight goods in dealers hands.
Wool is more active and firmer in sym
pathy Herewith, and sales are larger,
though mostly on speculative account. A
feature is heavy sales of high grade do
nestle woods to foreign buyers, but
whether this wool will go abroad de-
ponds upon next weeks London sales.
Improved crop reports are responsible
chiefly for lower quotations of products
declining in price this week.
Wheat has been affected by glowing
reports from spring wheat sections, but
more especially by continued enormous
deliveries of old crop supplies, pointing
to the 1893 spring wheat yield, and
therefore, the aggregate yield of the
country having been heavily underesti-
mated. At the decline, however, good
buying on export account has developed.
Cotton crop prospects have continued
to improve, and the raw product is low
er ON the week. with slight shading
claimed also in print cloths, although
cotton goods, as whole, are in an ex-
ceptionally strong position.
Raw sugar is lower on unanimous
reports of improving crop prospects the
world over, but refined sugar is in
heavy domestic demand and firm.
''In industrial lines generally there is
little more than the usual friction as to
wages, the most serious disturbance Of
all being the Colorado Smelling works
strike, which is one partly of hours
worked. The usual summer shutdown
of glass factories is now complete.
RAILROAD reports point to an excep-
tionally large traffic doing and earnings
reports continue favorable. particularly
in the Northwest, but passenger and
freight rate cuts are increasing.
Lumber retains all of its early activi-
ty and strength alike as regards move
ment and prices.
Wheat, including -four, shipments for
the week aggregate 3,746,71S bushels,
against 2,799.471 bushels last week;
3,799,47O bushels in the corresponding
week of 1898; 2, 156, 246 bushels in 1897;
1885,, 631 bushels in 1896, and 1916, 4O2
bushels in 1895. Since July LIST this
season, the exports of wheat aggregate
221, 1882 bushels, against 229,O12,3O3
bushels last year.
"Corn exports for the week aggregate
1872, 432 bushels, against 3,2S5,3O1
bushels last week; 3,9O2,321 bushels in
this week, year ago; 22S1 ,S61 bushels
in 1897; 1,736,697 bushels in 1896. and
SS4,26 bushels in 1895. Since July 1st
this season, corn exports aggregate
1866 29S, 15S bushels, against 1914, 7O6,347
bushels during the same period year
ago.
Business failures probably reflect the
semi-annual settlements, numbering for
the week 1919, as against $50 last week;
22O in this week year ago, 215 in 1897,
as against $50 last week; 22O in this
week a year ago; 215 in 1897; 21S in
1896, and 215 in 1895.
Business failures in Canada for the
week number 10, against % last week;
10 in this week year ago, IL in 1897,
10 in 1896, and 2S in 1885"