The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-16
THE DOWNWARD
MARCH OF PRICES
Large Increase of UnsoId
Stocks in Iron.
CLOSING OF FURNACES
A Few Quotations in Cotton Goods Are
Slightly Reduced.
STAGNATION IN THE WOOL MARKET
Wheat Has Been Advanced Nearly Three Cents
With Many Accounts of Extensive In
jury to The Growing Grain in
the NorihWest
the Northwest.
(By the Associated Press.)

New York, June 15.-R. G.. Dun and
Company's weekly Review of Trade will
say tomorrow:
"A season of declining prices is never
wholly agreeable to business men whose
stocks on hand are losing part of their
value. Yet there are times when return
to tie highest prosperity in business is
not possible except through readjustment
of prices. The highest prosperity the
country had ever reached, prior to the
panic, was in 1892 with prices averaging
- quite 20 per cent of their average
IN 1860. After great depression for sew
eral years the highest point reached with
last years recovery was so per cent.
March 18th, but the gradual yielding has
already returned the general average of
+, prices to a shade less than IS per cent,
practically where it was with the highest
prosperity in 1892.
THE output of iron furnaces June LIST
was 296,376 tons weekly, an increase OF
2,526 tons, making the yield only 1858
tons less than at the highest point ever
reached February list. But the increase
of unsold stocks to 339, $50 tons, ABOUT
"a 900 tons in May, discloses larger de-
cline than was expected in the new bust
ness upon which nearly all the works
and furnaces have now to rely, and re-
ports that furnaces of considerable ca
pacity have been already closed this
month seem likely to be correct. Within
week or two the labor organizations
and the employers will be discussing
new demands for higher wages and short
er hours, and the closing of many works
for lack of orders will have much infiu-
ence about that time. Prices are grad
ually changing, anthracite No. l. to $50
and Pittsburg Grey Forge $3.50 and sales
of bars are reported there at $1.5O. At
ter the closing of furnaces and works has
more nearly adjusted present supply to
the demand, the fact that many large OPP
erations are being held back until prices
have been readjusted will have its proper
influence
Reconstruction moves slowly in cotton
goods. though few quotations are slight
ly reduced, the uncertain shifting in the
market for raw cotton having some infu
ence and the best hating of exports to
China on account of interior strife there
AS European manufacture is likely to be
affected in the same way. the present con-
ditions help those who look for lower
prices in the goods market No further
markets, although their stagnation with
irregular prices for goods beyond the
most favored staples, still indicate
downward tendency. Silk and hemp have
also gone lower, and the recent fall in
rubber helps new business.
Wheat has been advanced nearly three
cents with accounts of extensive injury
to growing grain and the exports from
Atlantic ports, flour included have been
in two weeks of June 5,937, 1877 bushels
against 1852. sol bushels last year and corn
exports 5000, 462 bushels against $751;
$50 bushels last year.
The active movements on the farms
seem to discredit many accounts Of in
jury, although receipts have been some
what smaller than last year.
Failures for the first week of June were
in amount $2,11S,S10 of which 81 092, $40
were in manufacturing and $685., $50 in
trading concerns.
Failures for the week have been 1G2 in
the United States against 1876 last year
and Il in Canada against Is last year