The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-02
PRICES FALLING
To LOWER LEVEL
Remarkably Small Sales of
Wool Are Noted.
THE DECLINE IN PIG IRON
Shipments in May Smaller Than in
Any Year Since '92.
CONCESSIONS TO SELL ARE THE RULE
The Failure Of Large Cotton Firm Makes a
Dismal Showing in the Amount Of
Liabilities involved. Effect
of TransyaaI War.

Ct Transyaal War.
New York. June 1.-R. G.. Dun and
Company's Weekly Review of Trade
tomorrow will say:
"While returns of failures in May
by branches of business cannot be
given until next week it can be stated
that not over six months i'm more
than six years have shown as large
defaulted liabilities as May will show,
owing to the failure of firm prin-
cipally engaged in cotton brokerage.
The reported liabilities of this firm
exceed those of all firms failing in
every month but one last year. and
in every month but three in 1898.
Manufacturing failures in four weeks
of May were only S2.4S6.5 43, and tra-
ding failures $4,720.301, while failures
in brokerage and other commercial
lines amounted to $13.92s,S22. The
decline in cotton to &c. and the re-
duction of regular print cloths to
3lsc. at Fall River. with outside sales
at &C., indicate that speculation in
this case may have somewhat check
ed business and industry.
''The rapid progress of events in
Africa, with prospect that the war
will soon end and the gold supply
from that region will be resumed, has
naturally affected both money and
security markets on both sides of
the ocean. Needs for foreign borrow
ing may be much reduced and hin
drance to foreign investments here in
large measure removed But the de-
nands upon American machine works
,,fb 70
materially increased whenever the
restoration of industries in South At
rica begins.
''Phe most conspicuous feature of
domestic news is the steady progr.
toward lower level of prices for
the chief materials of industry. With
out excitement and with very small
sales it is believed the smallest ever
recored in May at the chief three
Eastern markets except in 1898 prices
of wool have declined so that the one
hundred quotations in Coates Broth
ers' circular wound average about
21.S4 cents against 24.72 at the high
est point February LIST. and 1916
year ago. The stagnant and hesitat-
ing condition of the goods market
though not extending TO the most
favorite staples, which were largely
sold early in the season, has
caused much irregu11rity in prices of
goods of other grades, so that some
have been cleared out by concessions
of Is to 20 per cent from the early
quotations of the season. There is
also more complaint of cancellations
and on this occasion in cotton as well
as wooden goods. With prices adjust
ed to a lower level all textile branches
might expect greater activity.
1.-The change in hides has marked
progress also. the average at Chicago
declining over three per cent for the
past week and thus far about sew
enteen per cent from the highest
point. Large supplies are mentioned
in some grades. but the weakness Of
the manufacture has been the con-
trolling feature. Orders for boots and
shoes have been reduced much mere
than shipments. because many works
had orders which are not yet ex-
hausted. ;
''Thc shipments in May have been
smaller than in any other year since
1892. They were larger by ia per
cent in 1896, by 22.S per cent in 1895
and by 27.7 per cent last year.
"rhe decline in pig iron continues
Gray Forge reaching $3.50 at Pitts
burg, No. 1. local coke. $1,000 at Chi
cago; No. 1, anthracite. and Besse-
mer $1,000 at Philadelphia, and Le-
high No. 1. $21.00 here.
Only small changes have appear
ed during the week in prices of fin
ished products, but these are toward
lower figures. There are current
statements that some of the proper
ties just taken by the steel sheet com
pany have been sold back to former
owners and that properties of the
steel hoop company will be divided
likewise. but it is not at all surprising
if a few out of SO many combinations
result in the disappointment of some
Probably a lower quotation for Bes-
semer pig may be accepted by the
association in the central region for
the latter half of the wear as the
closing of many works owing TO re-
duced demand may leave these fur
naces without full employment. The
acceptance of two large contracts for
export, one for 100000 by Southern
works. is q good sign.
Failures for the week have been
100 in the United States against AS
last year and 2Lin Canada against II
last year"