The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-01
BUSINESS IN DRY GOODS
Demand and Prices Better at Years
Opening Than Now.
CONDITIONS IN IRON AND STEEL SOUND
n 1899 Speculation Wss Rife, Prices Unreason-
ably Inflated. Closing Of Many Furnaces
and Reduction in Prices Result in
a More Normal Business.
a More Normal Business.
(By the Associated Press.)

New York, Dec. 31.--Dun's Review in
it's summary, reviewing the business OF
the year Just closed, will say regarding
the leading markets.:
Conditions in iron and steel during
1900 were much more sound than in the
preceding year when speculation was rife
and prices inflated far beyond the bounds
of reason.
Statistics Of the weekly capacity of
furnaces in blast show that the highest
point on record was reached February
1st, while there was little diminution du-
ring the next few months. But with the
collapse of speculation during the spring
and realization of the fact that opera
tions had been overdone, there came
steady reduction in output. From 296
furnaces in blast on February 1st there
followed a continual shutting down until
but 201 were in operation on November
LIST. and the weekly production decreased
S2,710 tons. Even at this rapid rate of
declining output stocks accumulated with
startling rapidity and on October 1st the
top was reached at 670531 tons. Business
conditions were satisfactory, however
and demand expanded while exports of
prices reached level that made COM
petition possible with British and German
producers. In two months, ending De-
cember LIST, furnace stocks of pig iron de-
creased 113. 1856 tons. and the tone was SO
much improved that many idle furnaces
resumed.
Manufactured articles have moved
along similar lines. Quotations of iron
and steel products at the beginning of
the year were little below the level pre-
yaling thirteen years previous and the
fall was almost uninterrupted until Octo-
Der when the average was but 1888 per
cent. of the figure prevailing January 1st,
1887.
1.-The year 1900 opened with favorable
conditions prevailing in nearly every
branch of the dry goods trade. The home
demand continued good for the first three
months and then fell away until by June
the market had lapsed into pronounced
dullness and from a steady upward course
in prices began to gradually decline again.
The arrest of buying was remarkable In
wooden goods stocks. began to accumulate
again and their course UP to the close OF
the year has shown pronounced weakness
in both mems wear fabrics and dress
goods, with the result that the gain in
prices made last year and in the early
part of this has been lost in many direc-
tions and where any retained at all is OF
limited extent.
"A sudden demand from China for
heavy brown cOttons in May, the first
purchase made for that market in several
months, was unfortunately checked by the
outbreak of the Boxer rising, and since
then there has been an entire suspension
of buying for that country. In September
another stimulus was given to cotton
goods by the rapid advance in raw ma
terial which followed the Galveston dis
aster and short crop predictions. Prices
resumed their upward course and the
market ruled strong again until the end
of October when there was another lull
in the demand. Stocks had, however
been well cleaned IN as a rule, and al
though some of the staple lines have
eased off slightly, a fairly steady tone
has since prevailed.
1.-The prosperous condition of the cotton
goods trade last year and the early part
of this year has had a marked effect upon
the cotton industry in the South, reviving
the boom in mill building which previous
depression had checked A number OF
new mills have been added and many
more are in course of erection. 1t is
probable that when the years statistics
are compiled they will show the addition
of nearly 100000 spindles to the produc-
tive capacity of the South.
After advancing from 1901 cents as
the average of one hundred grades of
wool reported by Coates and Brothers on
May 1st to 24.70 in December 1899, it was
only natural that the year 1900 should
witness severe reaction and return to a
more normal level. The decline was
gradual, and the year closed about % per