The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-13
BUSINESS VARIES
WITH THE SECTION
Of a Mid Summer Character
at the East.
ACTIVE IN NORTHWEST
Unfavorably Affected by the Drouth
in the Southwest.
THE SPECULATION IN GRAIN RAMPANT
This IS Due to Reports Of Heavy Damage to The
Crops in the Missouri Valley. Frmer
and Better Feeling in Iron
and Steel.
(By the Associated Press.)

by the Associated PresS.)
New York, July -Bradstreet's to-
morrow will say:
Varying commercial and industrial
conditions make it difficult to strike in a
sentence the keynote of general trade
for the week. In the East business ap-
pears to be of a mid summer character,
while in the Southwest conditions have
been adversely affected by drouth and
hot weather reports which superinduced
q tendency on the part of many to can
eel orders previously given. In the North
west on the contrary, business seems to
be quite active as the result of crop
conditions, and credit is reported being
freely granted; but in the middle West
the tenor of trade is apparently steady,
while in the South ordinary conditions
are noted. But for the week the more
important development seems to have
been the rampant speculation in corn and
oats, due to reports of exceedingly heavy
damage in the Missouri Valley belt, the
nervousness of the stock market and a
somewhat troubled railway rate situation,
together with a more favorable feeling in
labor circles
The corn crops reports to the Agricul-
tural Department point to reduction of
400 900 acres, or per cent from the
area planted last year with a lowered
condition as compared with July a year
ago, and as a result the statisticians are
figuring on a crop of only zoos, 003, 600
bushels, which may be regarded as some
what above the probable yield if &C
count be taken of the decline in condition,
as compared with the average for the
season last year. For the wheat crop
as whole total of 704, 100000 bushels
is figured out also, seemingly an esti-
mate which may have to be revised in
the direction of a reduction. The wheat
remaining in farmers" hands is estimated
at 81 900, 900 bushels, which is less by 20,
000,0 900 bushels than of July LIST year
ago. The oat crop shows decline in
condition for the month of June and as
compared with July 1st last year, while
barley shows a slight gain for the month
but considerable advance as compared
with July 1st last year.
There is firmer and better feeling in
the iron and steel market, though new
business booked is of small volume. Steel
rail mills are now accepting orders for
delivery in 1902 at s2S per ton, and the
position is regarded as being rather
strong. A late-in- tne-week report indi-
Gated that an order for 10000 to 10000
tons of steel bars had been placed with
the Carnegie and Jones and Laughln peo-
pie by the agricultural implement men,
who were holding out with the hope that
the price would be lower. Blast furnace
statistics indicate decline in the weekly
capacity from SOC, 991 tons on June 10 to
$685. 1893 tons on July 1, but consumption
seems to have almost balanced output, as
stocks declined from 333, S13 tons on June
/ 20 327,7G1 tons on July 1. Structural ma
terial is active. Tin, after soaring on
speculative manipulation broke toward
the end of the week as the result of a
virtual coup by the leading bull interest.
Labor troubles, SO far as surface indica-
tions go, are approaching an amicable
adjustment, though one conference has
ended without much result
I'm the wool trade the situation shows
improvement. but no speculation appears
Some mills that have secured fall orders
are covering by buying raw wool, the
bulk of the demand for which is for
terri 9 medium and fine offerings OF
staple lots are scarce. New woods are
being picked up, and values are hard
ening, while fleeced woods are quiet, and
some Australian woods have appeared on
the market and are selling at firm prices
Carpet woods, are inactive. Gross railway
earnings for the month of June as re-
ported to Bradstreet aggregate 500, $40,
Alb, as compared with $50, 107 621 for juno
of last year, an increase of 6.S per cent
in favor of the month in the current
year.
Leather is active on demand ex-
port, and so are hides and skins In shoes
fair line of business for prompt ship
ment is reported, but forwardings are be-
low those of last week owing to the holt
days, amounting as they do to S2,7S1
cases. against 101 ISL cases last week,
and S4,119 for the week i'll 1900. Ship
ments for the year to date amount to
2,543, 063 cases, against 1870 456 cases in
1900.
Neither dry goods nor cotton goods
are as active as last week, the holidays
affecting business, but the undertone is
strong, and the cost of production is more
of a factor in determining prices of
goods.
Corn and oats as was to be expect
ted showed the heaviest gains for the
week in cereals, though wheat, which
was weak at the outset, was firm toward
the close on heavy buying orders and
in sympathy with corn.
"In cotton the market was irregular
Texas conditions played an important
part in bringing about price changes
which were lower in the week.
Wheat, including flour, shipments fol-
the week aggregating 5,061, 149 bushels
against 3,TS7, 639 bushels last week, 2,S29,-
$40 in the corresponding week of 1900
3,263.slS in 1899 and 2,916,627 in 1898. Corr
exports for week aggregate 2,S00,73S bush
els, against 2,240,933 last week, 4,022 .O6s
bushels in this week year ago, 1858.
729 in 1899 and 2S22, t2S in $685.
Business failures in the United States
for the week were 1919 as against IA,
last week, 221 this week year ago. IL
in 1899, 23S in 1898 and 227 in 1897. Cana
dian failures for the week number %, as
against IS last week and rs last yeal
and 81 in 1922
COMPARATIVE COTTON STATEMENT
New York July 1o.--FOr the week end