The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-03
WHEAT ALSO HARDENS
COTTON REACHES THE HIGHEST
POINT IN YEARS.
LITTLE WEAKENING IN PRICE OF IRON
Retail Distribution of Winter Goods Has Been
Checked by the Long Mild Spell in
January, But Spring Trade
Has Opened Well.

I New York Feb. 2.-Bradstreet's to-
morrow will say:
weather influences have played no
small part in the general trade situation
this week, and yet some of the unques.
tionable improvement in tone can hardly
be charged TO the more seasonable wealth
er experienced. Whatever the causes,
however and these have been divers, the
fact remains that a number of staples.
no less than speculative securities, have
hardened in value during the week. One
industry, that of anthracite coal, prices
i'll which have begun to droop because of
the open winter has been perceptibly
braced. The influence of colder weather,
too, is perceptible in the wheat market.
Much of the winter sown crop is unpro-
tected by snow and other influences of
strength in this market have been the
reports as to foreign crops, the Argen-
tine plague and consequent strength Of
European advices.
among products not affected by cur
rent weather conditions, however might
be mentioned the South's great starle,
cotton, which owing largely to the bet
ter foreign buying and the reported
abandonment of extremely large I'm ish
| crop estimates has reached the highest
point for a number of years.
"There is little comfort to the hopes
for lower prices in the reports from the
J iron trade this week. 1t is true that
some concessions have been made from
the high points reached on a number Of
products, but the concessions in pig iron
are claimed to have been few, and mostly
ON the product of furnaces recently put
in blast whose output had not been con-
tracted for. Inquiry at the leading iron
markets of the country fail to indicate
any widespread weakening as the con-
cessions are claimed to have been really
in the nature of establishments. The
steel situation is not over clear, and some
business is reported possible at conces-
sons of 81 to 50 q ton, where the pro-
duct has not yet been contracted ahead.
Some export business in rails to Norway
is reported this week, while from sBir-
mingham comes reports of some good
sales of pig iron, with further export
business checked by advancing freight
rates. The production of leading South
ern interests is reported sold up to July.
Iron trade authorities are slow to
predict beyond that date, but the strength
for foreign markets is regarded as guar
antee against any possible perpendicu-
lar drop in domestic quotations.
SIN distributiye trade the reports for
the month of January vary with the
branches Of trade concerned. Retail dis
tribution was undoubtedly unfavorably
affected by mild weather and stocks Of
retailers in some sections of the country
are reported large. On spring accounts,
however, the January business appears
to have been in a high degree satisfac-
tory, shipments from leading centres be-
ing much heavier than in January year
ago, whatever complaints were received
of backward business being attributed
to earlier buying having anticipated the
regular season.
"Woolen goods are holding the adj
vances recently asked and raw wool is
firm though sales are smaller than for
some weeks past, owing. it is claimed, to
domestic stocks of desirable wool being
small London auction sales witnessed
/ good prices obtained for good lots, but
considerable quantities were carried
over undisposed Of The cotton goods
situation remains apparently strong
one. Backward deliveries are still COM
planned of by converters and the jobbipg
DuSllleSS Inspiring tOtloIS - SOUu Olle'
The current demand for shoes remains
quiet. Weather conditions have been
against large distribution of winter
footwear, but Eastern manufacturers
are reported busy on new goods. Leath-
err is dull but hides are no weaker. The
strength of Sugar and coffee among
groceries is no less pronounced than of
late, raw and refined grades of the form
err having again been marked up and
small crop reports being made the basis
of further strength in coffee.
Wheat, including flour shipments for
the week, aggregate 2,724,937 bushels,
against 3,531197 bushels last week;
6,5S5,41S bushels in the, corresponding
week in 1885, 1855 035 bushels in 1898;
316S, 746 bushels in 1897, and 1907 ,354
bushels in 1896. Since July LIST this
season the exports of wheat aggregate