The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-05-16

No Material Change in Money Markets.
Volume of Business
creased Production and consumption
OF Iroa-Government Cotton aud
wheat Crop Reports D~tseredtted.

Co.'S weekly review OF trade will say:
To speak truly of business this week
one must free the mind OF stocks. For
a severe decline in manufacturing
stocks has created an impression that
it has some relation TO productive IN
dustry, but il has none. There was no
change in the money market worth
mentioning and the volume OF business
shown by payments through the prin-
cipal clearing houses was Il per cent.
larger than in 1892, the year OF greatest
prosperity hitherto, which is more than
double the gain any body considered
possible a yea ago.
Never before reaching $50, 900 tons per
week, The Iron Manufactures reports
May lst an output OF $50. 059 tons week
ly, which, with "a, ASS decreases in war
rant and furnace stocks. indicates a
consumption of 1882 tons daily.
against 81, 035 in March, SASH in Feb
ruary and g 1884 in January. The aver
age for four months is 37,027 tons daily.
against 32,305 last year. An increase
of 16 per cent. in the year would be less
interesting IL consumption "A year ago
were not far beyond anything previous
ly realized. Yet proposed combinations
hinder large orders IN bars and sheets.
ALL Ah1 SNl pbCAllAEH 30 1G
heavy as ever in small lots, with big
contracts about to come at Chicago for
the drainage canal; and the plate bust
ness, too big for all the works TO han
die, invites consolidation. the Chicago
and Philadelphia works being benin
in deliveries. and Pittsburg work
troubled by demands for 1900 tons D.
vessel plates and 1000 more close ahead
for the government docks at Algiers.
Only pig iron advanced bessenger 90
cents n grey forge 25 cents, and local
pig so cents at Chicago.
In minor metals tin declined in Lon
don and copper Is weaker at 10 cents FOR
spot and 1Sh for futures.<
Greater than in any previous year
by 81 per cent, the actual shipments Of
boots and shoes from the east reflect n
heavy business with a general advance
in prices. Hides at Chicago rose about
j per cent, with actual receipts Of cattle
in four months 100, 600 head less than
last year and over 200, 600 smaller than
in 1884. Notwithstanding the gain in
population.
Cotton is a shade stronger at 6.2J
cents. with government and other evil
dence that the reports OF decrease In
acreage ave been somewhat
ated. Mills are well employed through
out and a single sale OF over 1000, 900
pieces Of print cloths give great assur-
ance to the market
ANODpuy WHO mas SIuUlE1 BIdIlSllCH
can tell why purchases OF ! 600, 900 Aus
tralian wool in bond for export this
week, following others in previous
weeks, should prices Of wool.
nor were purchases OF 1000, 900 pounds
of territory wool by a s%peculator read
lily explainable; but ii Is just the time
for growers to ask all they can hope to
get, n just when the largest manu-
facturers were ready to buy. only the
smaller were buying. Prices are said
to have been generally advanced, with
higher emand from the interior hold
ers. But II remains a question whether
Gales OF O,499,0 900 pounds for the week,
against 5,269, $50 in 1892 and only a lit
tie more in 1897 will prove profitable.
The market for wooden goods Is wai;-
ing for evidences OF demand, which dos
not yet appear and the delay in gettIr =
the new combinations into working on j
der causes some hesitation.
If government estimates were
considered reliatle. n based on
entirely unknown acreage Of
wheat and cotton would be ev-
resented. Thus, with off,
ciai returns pointing to a great de-
crease in winter wheat production, the
price dropped / cent, and cotton de
clined for options. though retaining the
advance of a sixteenth for spot, which
was established before the government
report appeared. Nobody can base a
sensible estimate on a statement of a
condition which takes no account of H.
acreage of winter wheat killed and
~bandoned The best that can be said
is that worse returns were expected in
DOTH markets, so that the market re-
port had practically no influence.
Failures for the week have hean Is,
in the United States against 246 las
year.