The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-29

Rather Less business is Noted in
Iron and Steel.
BUILDING TRADES SHOW NEW LIFE
Leading Cereals Are IreguIarly Lower After an
Apparently Futile { ffort at Bulling
Prices. Talk of Cornerin
July Corn.
CBy the Associated Press.)

10y the ASSOCldleu II6SS.J
New York, March 2S-Bradstreet's to-
morrow will say:
Trade activities have shifted from first
to second hands this week. Wholesale
and jobbing distribution of dry goods
clothing, hats and caps, millinery and
shoes has been rather quieter, as was
only natural in view of the elimination
of the spring demand before Easter. Re-
tail distribution, favored by spring
weather, has been very active East and
West with a fair business at the South.
Among the industries new demand for iron
and steel has on the whole been less ac-
tive, but production and shipment have
gone forward at undiminished speed. The
building trades have taken decided
squirt in activity. Lumber is active at all
markets at higher prices than ruled a
year ago. The edge has rather been
taken off cotton and cotton goods prices
by the reaction in the raw material and
the talk of further labor unsettlement,
but values as a whole are steady.
aggressive strength in prices is
chiefly manifested by hog products, which
it is declared have been manipulated by
packers. A more reasonable explanation
however, is that the high prices for beef
and mutton have largely diverted con-
sumption to hog products Mlder wealth
err has relieved the strain on the coal
trade somewhat, but strike talk has pre-
vented weakness in prices.
Rather less activity in iron and steel
is noted, but no loss of price firmness
is observable. The peculiar situation of
the foundry pig iron market is shown
by the fact that prices of that grade are
81 higher per ton than Bessemer. Fin
ished iron and steel has been active, inn
plement and wagon manufacturers buying
heavily of steel bars, which are nomi-
nally 50 per ton higher Despite the fact
that tim plate mills are booked for five
months ahead, the leading interest con-
tinues to take orders at 81 per box. Tes-
timony to the activity in hardware is
well nigh unanimous. Chicago reports de-
mand active beyond all precedent. Job
bers in cutlery and builders hardware at
New York report inability to secure sup
plies fast enough. The analysis of the
cotton market, given a week ago. to the
effect that the market was on a dead
center and that the position appeared
to be overbought, was confirmed this
week by the sharp break of nearly one
third of q cent in futures and of one
fourth of cent in spots, brought about
by tired, long liquidation. A more cheer
full tone developed at the decline, how
ever, and covering in anticipation of the
holidays recovered portion of the loss.
1.-The leading cereals are irregularly
lower after an apparently futile effort
at bulling prices. Last weeks decline
brought in considerable export business in
wheat, and some revival was reported
even in corn. Steady buying and talk of
squeeze in corn were reflected sympa-
thetically in wheat. The talk of a cor
ner in July corn was aided by the small
supplies Of contract grades, but the ten
dency to take profits in anticipation of
the holidays weakened prices, which gen.
orally closed lower than a week ago
Wheat crop advices have on the whole
been very good, though isolated reports
of damage in Kansas and Oklahoma have
been received These, however, do not
agree with Bradstreet's reports of liberal
rains III the Southwest and the improved
feeling in business circles generally in
that section.
Business failures number 1873 against
lS9 in this week last year.
Failures in Canada number %, against
rs a year ago."
total. BANK CLEAR1NGS.
New York, March 2S.-Total bank
clearings for the week ended March
9th: 5000, 74S, 1876 decrease 10.5 per cent;
outside New York $40, 3247 07, increase
12.1 per cent.