Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-27
THE BUSINESS BOOM.
THE ACTIVITY IN IRON, GRAIN, FLOUR
Provisions, Cheese, Groceries, Petroleum,
Timothy Seed, Canned Goods, ETC.,
etc.-Talks With Leading Deal
ers-What They Think
Of the Advance.
Pittsburgh Commercial Gazette Thursday.

Pittsburgh Commercial Gazette Thursday.
The universal topic of conversation
among business men, for the past few
DAYS, has been the rapid and extraordi-
nary advance in many leading products;
and the all-absorbing question is wheth-
er the enhanced prices can be generally
maintained, or whether things will 90
on M this lively rate for a while, and
recede to about the old figures. With a
view 10 getting some light on this inn
pOrtant question, a representative oil
the Commercial Gazette yesterday inter
viewed a number of leading gentleman
engaged in the various branches IN
which the activity has been developed,
and il is gratifying TO be able TO state,
that. except in the case of two or three
articles, the general belief is that the
present advance is a natural and healthy
one, and will be maintained, IN large de-
gree at least. The reason is, that prices had
been unduly depressed by the paralysis
which fell upon the iron and other lead
ing industries during the panic; and
that now, since the iron business has re-
yived, calling into activity all cognate
industries the demand for the
necessaries of life has increased with
the abilities of the working classes to
purchase, and that we have fairly enter
Ell upon an era of prosperity that must
continue for some years at least THIS
view, of course, only applies IN general
xay. and must not be understood as
covering speculative or spasmOdIc adj
yances. A single prOduct-as, Tor IN
stance. wheat-may be forced up by the
concentrated efforts OF capitalists, TO a
point beyond its normal value, and kept
there for time; but reaction is sure
To follow, and part OF the advance attrlb-
uted TO speculation will be lost, while
that due to legitimate demand will be
maintained. Ii is the opinion of the
best informed persons in the business,
that there will be reaction IN wheat,
and possibly in pig Iron, but that, on the
whole, a decided advance will be main
tanned, and that no contingency can
possibly arise to bring prices back to
panic figures.
THE IRON TRADE.
We have, from time to time, kept our
readers fully posted in regard To the
extraordinary advance in pig iron, and
very little remains 10 be said IN addition
10 what has already been reported. The
advance, within the past three months,
has been from twelve 20 fifteen dollars Il
ton, with corresponding advance in
manufactured iron. Ii must be borne
i'm mind, however, that little If any ad-
vantage has vet resulted to manufacture
ers. They have generally been run
ming on work contracted Tor months
AGO, and many OF them will have 10
close out the years bushes before they
can begin 10 realize an advance IN prices.
In some lines, as in stoves, the advance
ON the manufactured articles will scarce
lv keep pace with the increased cost OF
the raw metal, so that some time must
elapSe before prices will adjust them
selves in such q way rs 10 give each de-
partment its due share of advantage.
There are those who believe that iron
has reached too high q point, and that
IL must experience reaction. The
majority. however, think that the adj
vance is i'm consequence OF legitimate
demand, and that, should prices recede
for time, they will rally again, and
not only regain what was lost, but 20
still higher. They know that the coun-
try is bare OF ore; that nearly all the
old rails and scrap have been worked
up, and that, even with the stimulus
Of good prices, it will be year or two
before the mines and furnaces can keep
pace with the demand.
WHEAT.
Within a period of sixty days wheat
has advanced in Chicago from - cents
10 81. O7 per bushel This is one of the
most extraordinary advances ever eX-
pcrienced i'm the history OF the grain
trade, within the same period OF time.
That the advance has been too rapid 10
be maintained scarcely admits OF a
doubt. and there is danger OF 4 reaction.
A great many have been specializing IN
grain here, In a small way, and there are
from a dozen To score of heavy opera
tors who stand very good chance OF
going 10 the wall. Now is very
dangerous time To buy, and legitimate
dealers are not touching wheat al all,
except for immediate wants. They
have learned that these "boOSts, caused
by the demands of spectators, are in
furious and dangerous, and they simply
try 10 stand from under until the
speculative movement eXhanstS itself.
Dealers here assert that while the adj
vance Is not at all attributable 10 the
squeezing OF the shorts in Chicago, a
good deal Of it undoubtedly is. Al
though a reaction is anticipated, a strong
market is predicted for the balance OF
the wear, and decided advance will be
maintained over the low prices which
ruled sixty DAYS ago. The main reason
assigned for expecting better prices dur
ing the winter, is the universally admit
ted fact that there will be an unpreCe-
dented demand for wheat for export.
One OF the largest grain dealers in Baltl-
more, who has business connections
here, and who has recently travelled
through Europe, reports that there will
be a demand for every bushel that We
can spare. The question will be one Of
TRANSPORTATION, not Of price. Notwlth-
standing the large yield of wheat in this
country. il is the opinion of the most eX-
perienced dealers that the foreign de-
mand must largely enhance the prices
which prevailed before the recent
'jump." II is only the most sangulnc,
however, who believe that present prices
can be maintained for any great length
Of time. The quantity of wheat in this
city is quite limited. The millers are
running on short stocks. Corn and
oats have felt the effects of the upward
movement and have advanced-cOrn
I five cents. and oats two or three cents
| bushel, within week.
PROVISIONS.