The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-24

HIDES COME FROM INDIA
NEW IRON. ZINC AND COPPER
MINES OPEN.
MANY NEW IRON FURNACES START UP
And { I'm and Company Think That This
Yielding Of Prices, While tMay Hurt
Some Spectators, is Best
For the Country.

New York, Feb. Or. G. Dun and
Comrany's weekly review OF Trade, to-
morrow will say:
prices of materials are yielding. If
not the best news possible for some spec
n-ators, it is the best that could come
for the country. since industries could
not long prosper without reaction from
the extreme prices caused by actual or
supposed scarcity of materials last year.
Some help comes from new iron fur
naces that have opened or approach
completion; some from the famine in
India which sends hither shiploads OF
hides, some from the much increased
rocks of sheep which have Weathered
the winter, and some from the opening
Of new iron, zinc or copper mines. HE
causes are many, but the revision OF quo
tati0ns gives promise Of greater activity
in all the chief industries.
""The great iron industry has been
embarrassed by prices for pig and billets
which were no longer sustained by the
gradually yielding prices of products.
Considerable transactions are now report
ed ut Philadelphia ST to $3.50 per ton
below recent quotations. AT Pittsburg
10000 tons Bpssemer have been sold
and $4,000 tons billets, both iron and
steel being reported 81 per ton lower.
The new furnaces supplying foundry
iron have been competing sharply at the
East. and small sales of Bessemer have
Eeen made for Pittsburg delivery at 30
TO G5 cents below previous quotations.
SheetS are strengthened there by the
new combinations though it does not
Io,. fl1iSs
aGdition Of 100000 tons yearly and its
sales to the hoop and tin plate COM
anies, the National Steel has secured
large and rich mines III Minnesota.
pilates are still weak as most consum-
ers are provided far ahead. but a Pacific
order covers 2.000 tons, and the Chicago
and Northwestern has placed orders at
the East for 5000 tons bridge work Rail
mills are full but have taken a small
contract for export. and better bust
reSs enables tin plate works which have
Teen idle to resume.
Cheaper hides and leather enable boot
and shoe makers to take contracts for
split goods at 2kc less than prices recenr~
~ asked and some large sales have
resulted, giving part of the shops work
for some time. Others are getting very
few orders and sone are stopping or eX-
pected to stop i'll two weeks. The yield
ing in split leather began early this
month. and in hemlock sole week ear
lier and has reached one cent per pound
while this week union backs and kip and
glove grain upper leather are cheaper
Hides at Chicago have again yielded
making three per cent fall in a month,
ard rs per cent since December 18Th.
Supplies accumulate. and on wharves AT
Jersey City 250.000 hides were landed
from India. Shipments of boots and
shoes from the East have been i'll three
weeks 2S,193 cases, against 243,379 in
1893, the largest previous year.
AT last it is admitted that wool quo
tatons so long held are fully three cents
Per secured pound higher than prices in
large actual sales last week and since.
the decline covering grades between one
quarter blood and lower, which is in
demand and scarce and fine fleece graded
NIX or above. The explanations are
many; the fact is that when mills made
enormous sales of heavy weight goods
ana then bought no wool, the fable thar
their stocks were exhausted ceased 10
have force. In fine medium territory,
selling at IS cents secured, and other
wool down to the low grades, the fail
is general, and English markets are also
weaker Goods of fine grades have been
opened with much less advance in price
than was made in cheaper grades, but
cancellations continue numerous.
Prices of ccttonS are still advancing,
the Fall River Committee having raised
al its goods an eigth, and i'll spite of
heavy port receipts spot cotton advanced
to 9.06 cents.
Failures in three weeks have been
$7.241 $50. against $7.129, $50 last year
and 81, 203,439 in 1893, but in the pre-
yious years they exceeded $4,000, 600
Manufacturing were $2856,536 againsl
S3,643,S64 last year, and trading vert
H3,S22,930, against S3237.472 last year
Failures for the week have been in the
United States POI, against 191 last year.
and 30 in Canada. against 40 last year,
TOTAL BANK CLEARINGS.
New York. Feb. 23.--The total bank